Caixin PMI points to stabilising China economy in Sept

Beijing

A CLOSELY-WATCHED purchasing managers' index (PMI) in China stabilised in September, suggesting that the slowdown in the world's second-largest economy is bottoming out.

The Caixin PMI, which tracks the manufacturing sector and is derived from a survey of 430 private-sector industrial companies, came in at 50.1, in line with market expectations. This was slightly higher than the August figure of 50 and the second strongest reading in 19 months.

Readings above 50.0 signal an expansion of the manufacturing sector on the previous month, a…