Chinese manufacturing slumps to 9-month low

China's factories continued to struggle in August, as a key manufacturing reading fell to a nine-month low.

HSBC's initial purchasing manager's Index for Chinese manufacturing fell to 47.8 from 49.3 in July, the bank said Thursday. Any reading below 50 indicates that factory activity is shrinking rather than growing.

"Chinese producers are still struggling with strong global headwinds," said Hongbin Qu, chief Chinese economist at HSBC.

China, the world's second-largest economy behind the United States, has been hit particularly hard by the recession in much of Europe. The European sovereign debt crisis has prompted steep austerity measures in many countries. Weak conditions have zapped demand in the eurozone, the largest market for Chinese exports.

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- Posted: 2012-08-23 12:19:31

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