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Chinese Factory Gauge Suggests Economy Stabilized on PBOC Moves
A Chinese manufacturing gauge beat economists’ estimates in April, suggesting growth is stabilizing after the government spurred infrastructure investment and eased monetary policy. The official manufacturing Purchasing Managers’ Index was at 50.1 in April, according to the statistics bureau and the China Federation of Logistics and Purchasing in Beijing. That compared with a 50.0 median estimate of economists surveyed by Bloomberg News. Numbers above 50 signal expansion. Policy makers cut interest rates and reduced banks’ reserve requirement ratios twice in the past six months to prevent a deeper slowdown. ... (full story)