A Chinese manufacturing gauge fell more than analysts estimated in August as a credit slowdown and property slump add to risks the world’s second-largest economy will miss its growth target this year.
The preliminary Purchasing Managers’ Index (MXAP) from HSBC Holdings Plc and Markit Economics was at 50.3, trailing all 22 estimates in a Bloomberg News survey of economists that had a median projection of 51.5. The measure dropped from July’s final reading of 51.7 and, if confirmed on Sept. 1, will be a three-month low. Numbers above 50 indicate expansion.
Stocks in China fell, the Australian dollar extended its decline and the yuan weakened the most since July. After a slump in credit expansion and slowing growth in investment spending in July, today’s report adds to pressure on the government to do more to support expansion that economists project will this year be the weakest since 1990.
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