Manufacturing and services sectors both improved on increasing new orders, but risk of deflation remains and stronger reforms are needed By He Fan and Zhu He The Caixin China Purchasing Managers' Index for the manufacturing and services sectors were 48.3 and 52 in October, marking a turnaround from September's 47.2 and 50.5. The services PMI has been above the neutral 50-point level for 120 months in a row. The Caixin Composite Output Index, which combines the two, was 49.9 last month, only marginally below the neutral level and up 1.9 points in September. The sub-indexes of the manufacturing PMI shows improvement in all categories. The output, new orders and employment sub-indexes all rose...
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