FX.co ★ China’s manufacturing growth slows down

According to the National Bureau of Statistics of China, growth in the country’s manufacturing sector slowed faster than expected in April, marking the slowest pace of growth over the past six months.

The official Purchasing Managers' Index (PMI) fell to 51.2 in April from 51.8 in March. Meanwhile, the index has been above the level of 50, which divides growth from contraction, for nine consecutive months.

China’s services PMI dropped to 54 last month from 55.1 in the previous month. The Caixin/Markit manufacturing PMI hit a 7-month low of 50.3 from 51.2 in March. Still, the indicator has been above the 50-point mark for the ninth straight month.