China’s Manufacturing PMI at Record Low

Economy

China’s official manufacturing Purchasing Managers' Index (PMI) plunged to 35.7 in February from 50.0 in January, according to the National Bureau of Statistics (NBS). This is a record low, Reuters reports. A reading below 50.0 indicates contraction.

Similarly, China’s steel sector PMI fell to 36.6 last month, down from 47.1 in January, data from the China Steel Logistics Professional Committee (CSLPC) show. February’s reading extends a trend of contraction since June 2019.