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China manufacturing growth slowdown
A report indicates that data from China's National Bureau of Statistics show a slowdown in the contraction of the manufacturing sector during August, with the manufacturing Purchasing Managers' Index (PMI) rising to 49.8 points from 49.2 in July, signaling a reduction in the pace of contraction. Meanwhile, the service sector index remained steady at 49 points. The data also revealed that the composite PMI for both the manufacturing and service sectors increased to 49.5 points. Despite the slowdown, the readings remain below 50, reflecting that economic activity still faces pressures. At the same time, the People's Bank of China kept interest rates unchanged for the fifteenth consecutive month, while Goldman Sachs forecasted that China's economic growth in the third quarter would fall below 4.5%.
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