Chinese manufacturing improves further in October

| November 1, 2010 | 0 Comments
Chinese manufacturing improves further in October

Manufacturing activity in China continued to improve in October, two separate surveys showed today.

Firstly, a survey released by the China Federation of Logistics and Purchasing (CFLP) showed the manufacturing activity index rose to 54.7 in October from 53.8 in September.

The reading beat forecasts of a level of 52.9.

A separate survey from HSBC bank also confirmed manufacturing output unexpectedly grew.

The HSBC report said the surveys “suggests strong growth momentum in domestic demand.”

Both surveys suggest manufacturing activity is picking up with the indices remaining just above the crucial 50 level, which indicates expansion.

Following the news, stock markets were up, the Shanghai Composite index closed up 2.5%, while Hong Kong’s Hang Seng edged 2% higher.

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