The latest set of purchasing managers' indices showed that global manufacturing looked good in most major zones, apart from China.
In China, the official PMI slipped to 50.3 in February, down from 51.3 in January. Forecasts from economists had expected 51.2 in February, so this slowdown was surprising. Indeed, it puts China just above the growth threshold of 50.
However, it can be partly explained by a slowdown in manufacturing in the run-up to and during the Chinese New Year festival as demand fell.
But worryingly for China, new orders from the export market also fell . . .
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