The People’s Bank of China pledged in a statement to “flexibly use multiple monetary tools, maintain appropriate liquidity, and achieve reasonable growth in the size of money, credit and social financing” after the final reading of HSBC’s China manufacturing purchasing managers’ index showed the first contraction in seven months, South China Morning Post reported. The HSBC manufacturing PMI fell to 49.6 at last count, below the 50-point mark delineating contraction and expansion. PBoC governor Zhou Xiaochuan vowed to fine-tune monetary policy when needed following release of the bank’s statement summarizing discussions at a quarterly policy meeting.
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