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AUD/USD, USD/CNH: PMIs suggest China’s economy is nearing stall speed
Chinese economic activity is nearing stall speed with the government’s purchasing managers indexes (PMIs) falling further in November, surprising markets to the downside for a second consecutive month. But as is so often the case when China’s economy is underperforming, the result will only add to speculation that policymakers need to deliver more meaningful stimulus measures. Manufacturing activity contracted at a faster pace than October, declining to 49.4 from 49.5, below the 49.7 level expected. Non-manufacturing recorded the weakest expansion this year, slowing to 50.2. That was down from 50.6 and a big miss ... (full story)