9月財新中國製造業PMI觸及6年半低點
China's manufacturing sector is in worse shape than expected according to a closely-watched survey, news that will add fuel to the view that the US Fed will hold off raising interest rates until next year.
一項受到密切關注的調查顯示，中國製造業狀況遜於預期。這條消息將讓人們更加認爲，美聯儲(Fed)會把加息行動拖到明年展開。
The Caixin-sponsored preliminary manufacturing PMI reading for September was 47, versus economists' expectations of 47.5. The reading was the worst since April 2008.
9月份，由財新(Caixin)贊助的製造業採購經理人指數(PMI)初值爲47，爲2008年4月以來的最低值，經濟學家們的預測值爲47.5。
Dr. He Fan, Chief Economist at Caixin Insight Group said the manufacturing sector "has reached a crucial stage in the structural transformation process."
財新智庫(Caixin Insight Group)首席經濟學家何帆表示，中國製造業“正處於結構調整的關鍵時期”。
Overall, the fundamentals are good. The principle reason for the weakening of manufacturing is tied to previous changes in factors related to external demand and prices. Fiscal expenditures surged in August, pointing to stronger government efforts on the fiscal policy front. Patience may be needed for policies designed to promote stabilization to demonstrate their effectiveness
經濟基本面總體良好。製造業放緩的主要原因與之前外需和價格相關因素的變動有關。8月財政支出大幅增加，反映財政支出力度進一步加大。要看到穩增長政策發揮作用，可能需要一定耐心。
The PMI is the first major Chinese data release since the Federal Reserve flagged last week it was delaying a potential interest rate rise due to turmoil in global markets and a slowdown in emerging economies, meaning the health of the Chinese economy could have a greater role in determining the path of US monetary policy.
製造業PMI是自美聯儲宣佈推遲加息以來中國公佈的首個重要數據。上週美聯儲表示，由於全球市場動盪以及新興經濟體增長放緩，將把可能進行的加息推後展開。這意味着，中國經濟的健康狀況可能會在決定美國貨幣政策路徑方面起更大作用。
It was last above 50 - the threshold separating contraction from expansion - in February. The reading was 47.3 in August.
該數據的讀數上次超過50（區分活動收縮與擴張的榮枯線）是在今年2月。8月的讀數爲47.3。
The Caixin-sponsored series is based on a much smaller sample of private companies than the official PMI reading, which focuses on larger state enterprises, and tends to be more volatile.
財新PMI的調查對象是民營企業，樣本遠遠小於官方的PMI調查，而且讀數往往波動較大。中國官方的PMI調查聚焦大中型國有企業。
