China's July PMI Shows Growth to Deteriorate Further

There's further evidence showing slowdown in China's economic growth. During the weekend, China's official manufacturing PMI slipped to 50 in July down -0.2 point to 50.2 a month ago. This also came in weaker than market expectations of 50.1. The decline was driven mainly by deterioration in "new orders" which slipped to 49.9 from 50.1 in June and "production" which dropped -0.5 point to 52.4.

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