China's purchasing managers' index for November continues to contract

Beijing

CHINA'S official purchasing managers' index (PMI) dipped to a three-year low in November, which became its fourth consecutive month of contraction; the PMI is at its lowest since August 2012, pointing to continued weaknesses in its economy despite a slew of supporting measures.

The official PMI came in at 49.6 last month; the reading published by Caixin and Markit was 48.6 - slightly higher than October's 48.3, but still in contraction territory.

It is not unusual for the two readings to diverge. The Caixin/Markit PMI is more geared towards private firms, which have less access to fundi…