China’s official purchasing managers’ index rose to 53.3 in April, up from 53.1 the month before, the Financial Times reported. Despite reaching its highest level in over a year, the figure is slightly below analyst expectations of around 53.5. Any reading over 50 indicates expansion in the manufacturing sector. Exports grew slightly, to 52.2 from 51.9 the month before, and factory output rose to 57.2 from 55.2 in March. Many economists reckon that the Chinese economy’s growth probably bottomed out in March, a sentiment bolstered by the PMI figures. “There are signs of life in the economy and things should improve, all underpinned by an easing credit climate,” said Alistair Thornton and Ren Xianfang, economists at IHS Global Insight. “But the recovery will be slower, more volatile and less assured than perhaps markets were hoping for.”
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