Activity Log China’s industrial weakest performance in three years, in a sign of the continued slowdown in growth in the second largest world economies, amid market turmoil, because of Europe’s sovereign debt crisis.
The decline in PMI industrial government, which is supervised by the General Federation of Logistics and Purchasing to the level of 49 points in November, compared with 50.4 in October, less than analysts’ average forecast at 49.9 points, to be the first time down the index below 50 points since March 2009 .
The index of new orders down to the level of 47.8 points and dropped production index by 1.4 points to the level of 50.9 points, and separately, the index of purchasing managers published by the “HSBC” down to the level of 47.7 in November from 51 points in Octoberto be the lowest level since March of 2009 as well.
This comes at a time in which he disclosed the People’s Bank of China on Wednesday a resolution calling for an easing of monetary policy, which allowed the reduction of reserve requirements for banks half a percentage point for the first time three years ago in a bid to strengthen the credit and support growth amid global economic environment, because of uncertainty.
The decision coincided with the direction the U.S. Federal Reserve Bank of coordination with five other global central banks to support the dollar swap lines, which were cut costs fifty basis points to revive the banks liquidity and then the markets.
The Chinese economy grew by 9.1% in the third quarter, the slowest pace in almost two years, which refers to the continued slowdown in growth after the gradual expansion of 9.5% in the second quarter.