Jun. 21, 2012 (China Knowledge) - The preliminary HSBC China manufacturing purchasing managers' index (PMI), a preliminary gauge of China's manufacturing sector, dropped to 48.1 in June this year, 0.3 points lower than the final reading of 48.4 in May and reflecting the lowest level in seven months, according to data released by HSBC Holdings PLC<0005
The continued decline in the HSBC PMI heightened concerns over a significant slowdown in the Chinese economy.
The reading stayed below 50 for the eighth consecutive month. A reading below 50 indicates contraction from the previous month, while a reading above 50 suggests expansion.
The new export order index hit three-year low of 45.9 in Jun.
HSBC is due to release the final reading of PMI for June on Jul. 2.