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China Manufacturing Gauge Drops as Risks to Growth Target Mount
A gauge of China’s manufacturing fell, suggesting the central government will have to step up stimulus to meet its expansion target of 7.5 percent this year. The Purchasing Managers’ Index was at 51.1 for August, the National Bureau of Statistics and China Federation of Logistics and Purchasing said today in Beijing, missing the median 51.2 estimate in a Bloomberg News survey and compared with 51.7 in July. Readings above 50 indicate expansion. The report follows a fall in the preliminary reading of a private manufacturing gauge for August and weaker-than-expected credit, production and investment data for July, ... (full story)