HSBC's China PMI for Sept lower than flash estimate
Despite a pick-up in export orders, domestic demand remains unchanged
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HSBC's final China purchasing managers' index came in substantially lower than the forecast published a week ago.
September PMI was 50.2 points, a touch higher than the August figure and lower by nearly one point compared to the flash PMI released earlier. A reading above 50 indicates expanding activity and one below signals contraction.
Though the index expanded for a second consecutive month after hitting an 11-month low last July, many analysts have warned that the much-trumpeted rebound might not continue into next year as China still needs to reform major sectors of the economy and move to a more sustainable growth model.
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