The pace of activity in China’s vast manufacturing sector slowed in August, government data released Monday showed.
The official purchasing managers’ index (PMI) came in at 51.1 in August, a tad below expectations for a reading of 51.2 and down from a 27-month high of 51.7 in July. It remains above the 50-mark which separates expansion from contraction. The final reading of HSBC’s flash manufacturing PMI for August is due later Monday. The flash reading came in at a three-month low of 50.3.
There was little reaction in Asian stock markets outside of Australia. Sydney shares widened their gains to 0.5 percent, hitting a more than one-week high, while the Australian dollar barely moved. The figures follow a slew of disappointing economic data – from manufacturing to credit growth – over the past month despite a burst of government stimulus measures to support the economy.