The HSBC purchasing managers' index (PMI) for the Chinese manufacturing sector indicated a final reading of 50.0 in November this year, declining by 0.4 percentage points compared to the final reading for October of 50.4, as announced by HSBC Holdings PLC on December 1. According to Hongbin Qu, HSBC's chief economist for China, in November this year the new export order index decreased to its lowest level in the past five months, while at the same time local demand in China also remained sluggish. However, the People's Bank of China (PBOC) cut benchmark interest rates on November 21, which will likely stabilize investments in real estate and manufacturing. He foresees that in the coming period the Chinese government will follow a loose monetary and financial policy to offset the risk of a weakening of the economy.
On December 1, China's National Bureau of Statistics announced that the purchasing managers' index (PMI) for China's manufacturing sector was at 50.3 percent in November of the current year, down 0.5 percentage points compared to October.