“The third consecutive below-50 reading of the manufacturing PMI suggested that growth is likely to moderate further, following the sharp drop of 4Q GDP to a three-year low at 8% on a q-o-q seasonally adjusted annualized basis. Despite the upside surprise of industrial production growth in December, the ongoing slowdown of investment and exports implies more headwinds to growth and likely destocking pressures for manufacturers in the coming months. We expect more policy easing to stabilise growth.” – Hongbin Qu, Asian Chief Economist at HSBC

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