* Chinese manufacturing continues to expand

China Daily: “Manufacturing bounced back to a five-month peak in February, supported by stronger exports, easing concerns about a possible contraction.

The purchasing managers’ index, an indicator of manufacturing activity, hit 51 last month, 0.5 points higher than January, the National Bureau of Statistics and the China Federation of Logistics and Purchasing revealed on Thursday.

It has stayed above the 50-point level for three consecutive months after it dropped to a 32-month low of 49 in November. A reading higher than 50 means expansion, while below 50 shows contraction.

“The continually increasing PMI proves the nation is undergoing an economic rebound,propped up by industrial production,” Zhang Liqun, a research fellow with the DevelopmentResearch Center of the State Council, said.”

http://www.chinadaily.com.cn/china/2012-03/02/content_14735838.htm

Fears of a ‘hard landing’ for the Chinese economy recedes. Good news for global economies!

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