China: October PMI below expectations; still in line with soft landing

Summary

China’s Purchasing Managers Index (PMI) fell to 50.4% in October after two consecutive months of increases (from 50.7% in July to 51.2% in September). The October outturn was well below expectations (consensus: 51.8%; BBVA: 51.7%) and is the lowest reading since March 2009

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