China's Manufacturing Accelerates at Fastest Pace in 5 Years

China's latest purchasing manager's index (PMI) shows that the country's manufacturing grew last month at the fastest pace in five years, boosting Asia's emergence from the global economic slump, reports Bloomberg.

 

According to Bloomberg, the PMI released today by HSBC Holdings Plc rose to a seasonally adjusted 55.7 from 55.4. Meanwhile, the government’s PMI, also released today, held at an 18-month high.

 

“The recovery is quite strong with all economic indicators except exports now pretty much back to pre-crisis levels,” Isaac Meng, a senior economist at BNP Paribas SA in Beijing, told Bloomberg. “The key challenge is how to cool off excessive liquidity and pre-empt the asset bubble and inflation risks.”

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