China's factories show accelerated growth

China's manufacturing industry showed further signs of improvement in November, according to a key early indicator.

HSBC said its initial Chinese purchasing managers' index, or PMI, rose to a 13-month high of 50.4 in November from 49.5 last month. The reading ticked above the benchmark of 50, meaning that manufacturing is now in a state of accelerated expansion. The bank's final reading for the month will be released Dec. 1.

"This confirms that the economic recovery continues to gain momentum towards the year end," Hongbin Qu, an economist at HSBC, said in a statement.

"However, it is still the early stage of recovery and global economic growth remains fragile," Qu said. "This calls for a continuation of policy easing to strengthen the recovery."

Read Full Article from CNNMoney

- Posted: 2012-11-22 14:58:39

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