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Chinese manufacturing gauge gets a hike after months

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Published on : Jul 24, 2014

China manufacturing gauge has climbed to its 18-month high this month, which has boosted the government’s chance of meeting the target for economic growth set for 2014, by a percentage of 7.5.

The Purchasing Managers Index (PMI) preliminary from Markit Economics and HSBC Holdings Plc was at 52.0 and its has topped the 51.0 median estimate. These numbers indicate an above 50 mark. The value of yuan also rose to its three-month high as the report has indicated that stimulus this year with expedited infrastructure spending is providing support for growth.

Bank analysts at JPMorgan Chase & Co. and Citigroup Inc. have raised their forecasts for 2014 expansion after China stated that last week their gross domestic product has increased by 7.5 percent during the second quarter as observed from a year earlier.

A senior economist from China said that this quite likely means that they have observed a pretty encouraging recovery during the second quarter of the year and it will continue to be in the second half of this year. The economist also said that they have an economy currently which is both in the domestic and external sector steadily on its way to recovery.

The data shows that the benchmark SHCOMP or Shanghai Composite Index climbed by 0.6 percent, while the MSCI of Asia Pacific Index has increased by 0.1 percent, after the gain was noted as much as 0.3 percent.

This has strengthened to as much as 6.1908 per dollar, which was the highest level noted since April 9th.

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