China’s manufacturing activity rose to an 18-month high in July, according to a private survey Thursday, as the government’s stimulus measures worked their magic, consolidating a recovery in the world’s second biggest economy.
The HSBC flash Purchasing Managers’ Index (PMI) came in at 52.0, better than a Reuters poll of 51.0 and following the 50.7 final reading in June, marking a second straight month of expansion.
A reading 50 and above indicates expansion and a sub-50 figure points to a contraction. Australian dollar jumped to a fresh new two-week high of $0.9469 on the news, while Shanghai stocks were up nearly 1 percent.
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