October manufacturing data point to further strengthening

China’s October manufacturing data showed the country’s economic recovery is strengthening giving policy makers more room to pare stimulus measures in coming months, Bloomberg reported. The Purchasing Managers’ Index rose to a seasonally adjusted 55.2, the highest level in 18 months, the Federation of Logistics and Purchasing said over the weekend. Beijing’s stimulus package and US$1.27 trillion in new loans in the first nine months this year have helped sustain the economy’s rebound after overseas shipments slumped during the financial crisis. The data released also show an index of export orders climbed to 54.5, the highest since April last year, a sign of a recovery in global demand.