A survey of Chinese manufacturing activity by HSBC (HBC.NYSE, HSBA.LON, 0005.HKG) grew at its lowest level in February in four months, Reuters reported. The final HSBC Purchasing Managers’ Index (PMI) slid to 50.4 from a two-year high of 52.3 in January, dovetailing with a preliminary reading at the end of February. A figure above 50 indicates manufacturing growth is accelerating. A connected index of new orders, which makes up 30% of the HSBC PMI, decreased to 51.4 from 53.7 in January, the highest level in two years. Analysts said the moderate economic expansion and unaggressive price pressures signal that Beijing is unlikely to loosen monetary policy.