China’s HSBC Final PMI Drops to 48.9

The latest gauge of China’s manufacturing activity showed the country’s vast factory sector remained in contraction for the month of April.

The HSBC final Purchasing Managers’ Index (PMI) fell to 48.9, its fastest drop in a year, down from the preliminary reading of 49.2 and weakening from the 49.6 print in March. A reading below 50 indicates contraction.

The figures follow Friday’s official print which showed PMI in April unchanged at 50.1 from the previous month. The official PMI tends to track the bigger manufacturers while the HSBC gauge surveys the small and medium-sized firms.