China says its official manufacturing PMI for April came in at 50.1, below expectations

FAN Editor

An employee works on an assembly line producing Mercedes-Benz cars in Beijing, August 31, 2015.

Kim Kyung-Hoon | Reuters

China said on Tuesday that its manufacturing sector continued to grow in April.

The official Purchasing Managers’ Index (PMI) came in at 50.1 for the month of April. Analysts polled by Reuters had expected the indicator to stay at 50.5 as in the previous month.

A reading above 50 indicates expansion, while a reading below that signals contraction.

The Australian dollar dipped by around 0.2% against the U.S. dollar following the release of the Chinese data, reversing earlier gains.

Investors have been closely watching economic indicators from the world’s second-largest economy for signs of trouble amid domestic headwinds and the ongoing U.S.-China trade dispute.

Separately, the Caixin/Markit manufacturing PMI is also expected to be released on Tuesday. Analysts in a Reuters poll expect the April reading to come in at 51, higher than March’s 50.8.

The Caixin/Markit indicator is a private survey of the Chinese manufacturing sector, with a focus on small- and mid-sized firms. It is widely followed as an alternative to the official PMI data. 

— This is breaking news. Please check back for updates.

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