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China Manufacturing Growth Accelerates, PMI Shows

China’s manufacturing expanded at the fastest pace in a year, reducing pressure on policy makers to open the taps on credit in the world’s second-largest economy.

The Purchasing Managers’ Index rose to 53.3 in April from 53.1 in March, China’s statistics bureau and logistics federation said in a statement yesterday. That’s the fifth straight reading above the 50 level dividing expansion from contraction and compares with the 53.6 median forecast in a Bloomberg News survey of 27 economists.