China manufacturing contraction slows
Data from China's National Bureau of Statistics showed a slowdown in the contraction of the manufacturing sector in August, as the Purchasing Managers' Index (PMI) rose to 49.8 points from 49.2 in July, indicating a decrease in the severity of contraction. The services sector PMI remained steady at 49 points, and the composite PMI for manufacturing and services increased to 49.5 points. The manufacturing sector in China remains in a state of contraction, though its decline has eased.
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