A Chinese manufacturing index rose to a six-month high in September, signaling that a rebound in the world’s second-largest economy is gaining steam.
The preliminary reading of 51.2 for a Purchasing Managers’ Index released today by HSBC Holdings Plc and Markit Economics compared with a 50.9 median estimate from 14 economists surveyed by Bloomberg News. The gauge was at 50.1 in August.
Asian stocks and the Australian dollar rose on optimism that China’s growth is picking up, boosting Premier Li Keqiang’s odds of meeting the year’s 7.5 percent expansion goal. The government’s broadest measure of credit rose more than forecast in August, indicating that leaders are committed to achieving targets even at the cost of adding financial risks.
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