HSBC China manufacturing PMI came in at 48 in March, from 48.5 the previous month.
This is below expectations for manufacturing to hold steady at 48.1.
A reading below 50 indicates contraction.
The current reading puts manufacturing at an eight-month low. Moreover the weakness in the report was broad-based.
HSBC economist Hongbin Qu has previously said that he expects that policymakers would announce measures to stabilize growth.
Here’s a look at the trajectory of HSBC China PMI:
Earlier today we saw official PMI rise to 50.3, beating expectations.
The Australian dollar saw a 0.2% gain against the USD after the release of China’s official PMI, though after the HSBC data came out, it was back trading at 0.927 cents.