China manufacturing activity accelerates

Manufacturing growth accelerated in China in March with the official purchasing managers’ index (PMI) rising to an 11-month high of 50.9, Reuters reported, citing the National Bureau of Statistics. A reading above 50 indicates faster manufacturing growth; a figure below 50 indicates decelerating growth. Another survey by HSBC confirmed the rise, thanks to more new orders, with the firm recording a PMI of 51.6 in March, an increase from 50.4 in February. Auto, electronics, machinery and equipment makers saw their orders strengthen, according to the official PMI. The HSBC PMI showed far weaker export demand than the official survey.