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China PMI Contracts for Fourth Month

China’s manufacturing activity contracted for a fourth straight month in April, a private survey showed on Wednesday, but the reading showed an improvement from March.

The flash Markit/HSBC Purchasing Managers’ Index (PMI) came in at 48.3, better than the final reading of 48 in March.

China’s central bank on Tuesday said it will cut the reserve requirement ratio (RRR) – the minimum amount of deposits the lenders must hold – for rural banks, the latest in a series of measures to help combat a slowing economy.

CNBC [1]

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