China's economy performed worse than expected in July according to a closely-watched PMI survey as the country's manufacturing sector remained in contraction mode for the fifth month running.
Caixin's preliminary manufacturing purchasing managers' index reading for July was 48.2, the lowest level in 15 months and less than the 49.7 economists were expecting.
The survey, which was previously sponsored by HSBC, was 49.4 in June. Caixin Media, the Beijing-based group known for its independent journalism on China, recently took over the PMI survey series.
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