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A private gauge measuring activity in China’s manufacturing sector declined at a slower pace in May as more cities across the country emerged from lockdowns which brought daily life and economic activity almost to a standstill.
The Caixin China purchasing managers index rose to 48.1 in May from April’s 46.0–a 26-month low–marking the third straight month of contraction, according to data released Wednesday by Caixin Media Co. and S&P Global.
The reading pointed in the same direction as a competing official gauge released Tuesday, which also fell below the 50 mark separating expansion from contraction.
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