【英语财经】中国官方PMI数据压低全球股市 Manufacturing in China falls at fastest rate in three years

Activity in China’s manufacturing sector contracted at its fastest pace in three years, sending global shares down and exacerbating fears about a Chinese slowdown that have hit global markets.

The official Purchasing Managers’ Index fell to 49.7 in August from the previous month’s reading of 50, the first time since February that the bellwether figure for large industrial enterprises has fallen below 50 — the level that separates expansion from contraction — and its lowest since August 2012.

US stocks tumbled at the open yesterday, with the S&P 500 falling 2.1 per cent and the Nasdaq down 1.7 per cent. The FTSE Eurofirst 300 closed down

2.8 per cent and the FTSE 100 in London fell 3 per cent. Commodities, too, were affected, with Brent crude falling

4.1 per cent to $51.93 a barrel.

The Chinese PMI reading backs up the earlier Caixin flash PMI, representing private sector and small and medium-sized enterprises, which fell to 47.1 in August from 47.8 in July.

China’s stock markets spiralled as much as 5.8 per cent lower after the data, but pared back losses later. The Shanghai Composite Index was down

1.3 per cent at the close.

Wang Tao, chief China economist at UBS, said that the reading showed the persistence of downward pressure on growth — a pressure that has triggered a flurry of supportive measures from Beijing, dented stock markets around the world and sent emerging market currencies into a swoon.

“This is why the [Chinese] government has .?.?. [announced] plans to bring forward some key infrastructure projects .?.?. in the past couple of days,” said Ms Wang.

Frederic Neumann, co-head of Asia economic research at HSBC, said the PMI numbers added to pressure for more stimulus. “What’s critical at this point is to avoid a deterioration in the labour market that could ultimately weigh on consumption.”

China’s central bank cut interest rates last week and said that it would inject liquidity into the banking sector, in a move to stimulate the slowing economy and stem the slide in share prices.

In New York, Eric Rosengren, president of the Boston Federal Reserve, warned that slowing foreign economies, stock market volatility and falling commodity prices could hit US growth.

In a speech, the Fed policymaker said these developments “might suggest a downward revision in the forecast that is large enough to raise concerns about whether further tightening of labour markets is likely”.

His comments suggested that he backed a modest path of monetary policy tightening as the Fed tussled with the timing of its first interest rate rise since the financial crisis.

中国制造业活动以三年来最快速度收缩，导致全球股市普遍下跌，并加剧了有关中国经济放缓的担忧。中国经济放缓已打击全球市场。

官方采购经理人指数(PMI) 8月跌至49.7，低于前一个月的50，这个反映大型工业企业的风向标自2月以来首次跌破50的荣枯分界线，也创下2012年8月以来的最低水平。

美国股市昨日开盘大跌，标普500(S&P 500)指数下跌2.1%，纳斯达克(Nasdaq)指数下跌1.7%，收市时，标普500指数跌2.95%，道琼斯工业平均指数跌2.84%，纳斯达克指数跌2.94%。在欧洲，富时Eurofirst 300(FTSE Eurofirst 300)收盘下跌2.8%，伦敦富时100(FTSE 100)指数下跌3%。大宗商品也受到影响，其中布伦特(Brent)原油价格下跌4.1%，至每桶51.93美元。

官方PMI数据证实了早先发布的财新PMI预览（反映私营部门和中小企业），该指数8月初值从7月47.8的终值降至47.1。

PMI数据出炉后，中国股市一度下降5.8%，但后来收复部分失地。上证综指(Shanghai Composite Index)收盘下跌1.3%。

瑞银(UBS)首席中国经济学家汪涛表示，PMI数据显示中国的经济增长持续承受下行压力——这种压力已促使北京方面出台一系列扶持措施，已冲击世界各地的股市，并已重创新兴市场货币汇率。

“这就是为什么（中国）政府近日已经……（宣布）相关计划，要提前启动一些关键的基础设施项目，”汪涛表示。

汇丰(HSBC)亚洲经济研究联席主管范力民(Frederic Neumann)表示，这些PMI数据加大了要求出台更多刺激措施的压力。“眼下至关重要的是避免劳动力市场出现恶化，否则就有可能最终拖累消费。”

中国央行上周降息，并表示它将向银行业注入资金，此举是为了刺激不断放缓的经济，并遏止股市跌势。

在纽约，波士顿联储(Boston Federal Reserve)行长埃里克?罗森格伦(Eric Rosengren)警告，不断减速的海外经济、股市波动和大宗商品价格下跌可能打击美国经济增长。

这位美联储政策制定者在发表讲话时表示，这些事态“可能暗示预测需要向下修正，其幅度大到足以令人担忧劳动力市场的进一步收紧是否可能”。

这番言论似乎表明，他支持温和的货币政策收紧路径。目前美联储正为金融危机以来首次加息的时机而纠结。

译者/和风