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China Manufacturing Gauge Signals Economic Weakness

China’s economy has yet to respond to policy makers’ stimulus efforts, an April manufacturing gauge indicated today, helping send the yuan to a 16-month low.

The preliminary Purchasing Managers’ Index from HSBC Holdings Plc and Markit Economics was 48.3 in April, matching the median estimate of analysts surveyed by Bloomberg News. The reading rose from March’s final figure of 48 while remaining below the expansion-contraction dividing line of 50.