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China: Activity in Chinese factories remained steady in April


Factory activity in the world\'s second major economy, China, held steady in April, coming in slightly above market expectations.

The official manufacturing purchasing managers\' index (PMI) was at 50.1 in April, the same level as in March and above expectations of a reading of 50.

It was above the crucial 50 mark again, which separates increase from contraction in the industry.

Manufacturing activity had contracted in the initial two months of the year.

China\'s increase slowed to the weakest in 24 years last year.

Increase in the Asian giant is expected to continue to relieve with policymakers setting a target of about 7% for this time- which would mark its weakest expansion in a quarter of a century.

China\'s manufacturing sector, which has been heralded as the factory of the world, has struggled to gain momentum with overcapacity in production as new orders shrink.

In the services sector, the PMI came in at 53.4 for April, down from 53.7 in March - showing the result of the cooling economy.

The country\'s central bank has made a series of unexpected moves to stimulate the economy and boost activity since last year November.

The new move happened last month, at the same time as it cut its bank reserve requirement ratio by one % point to allow banks to lend out additional money.

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