11月中國製造業擴張繼續放緩

China's manufacturing sector last month expanded at the slowest pace since March.

中國官方採購經理人指數(PMI)顯示，中國製造業活動出現了3月份以來的最慢擴張速度。與此同時，匯豐銀行(HSBC)發佈的正式PMI指數也出現了6個月內的最低讀數。

The state-sponsored purchasing managers' index fell from 50.8 in October to 50.3 in November, the lowest reading since March. Any level above 50 indicates expansion.

中國官方PMI指數從10月份的50.8跌至11月份的50.3，這是3月份以來的最低讀數。高於50的讀數表示相關產業處於擴張之中。

The reading is just below economists' forecasts but it's not altogether surprising. When the People's Bank of China unexpectedly cut interest rates last month, some analysts said the move was likely a pre-emptive one and that a spate of weak data was likely ahead. Well, here it is.

該讀數略低於經濟學家的預期，不過總體上並不令人吃驚。上個月當中國央行(PBoC)出人意料地採取降息措施時，部分分析師就曾表示，此舉可能是一種預防性措施，新出來的經濟數據很可能較爲疲弱。如今，事實正如他們的預期。

HSBC said its private reading of China's manufacturing sector was stagnant last month, confirming a "flash" estimate already published.

而匯豐銀行(HSBC)則表示，上個月該行自己發佈的中國製造業PMI指數顯示出了製造業停止擴張的現象，從而確認了此前已發佈的“預覽版”估值。

The index fell from 50.4 in October to a six-month low of 50.0.

匯豐發佈的正式PMI指數從10月份的50.4降至11月份的50.0，這是6個月內的最低讀數。

The low reading was driven by a fall in the production component, whereas the forward-looking new orders component increased for a sixth straight month.

之所以會出現這一較低讀數，是因爲產量因素出現了下跌——儘管前瞻性新訂單因素連續第6個月上升。

“Total new business increased at a modest pace that was little-changed from October. However, November data indicated that foreign demand continued to soften, with the latest expansion of new export business the slowest since June. ”

匯豐的報告表示：“總的新業務在以溫和的幅度增長，這與10月份沒什麼不同。然而，11月的數據顯示外國需求繼續疲軟，新增出口業務的擴張幅度是6月份以來最低的。”

HSBC economist Hongbin Qu said the survey pointed to lost momentum in China's manufacturing sector: He expects Beijing to respond with measures to counteract the slowdown.

匯豐銀行經濟學家屈宏斌表示，匯豐銀行的調查結果表明中國製造業正在失去增長勢頭，預計中國政府會採取措施對抗經濟放緩。

“Domestic demand expanded at a sluggish pace while new export order growth eased to a five-month low ... We continue to expect further monetary and fiscal easing measures to offset downside risks to growth.”

他說：“國內需求增長太慢，而新增出口訂單的增幅又放緩至5個月內的低點……我們依然預計（中國政府）會推出進一步貨幣和財政寬鬆舉措，以抵消經濟增長的下行風險。”