China manufacturing activity shrinks more than expected in February PMI
Activity in China's manufacturing sector shrank more than expected in February, an official survey showed on Tuesday, adding pressure on policymakers to provide additional stimulus for the cooling economy.
The official Purchasing Managers' Index (PMI) stood at 49.0 in February, down from the previous month's reading of 49.4 and below the 50-point mark that separates growth from contraction on a monthly basis.
Analysts polled by Reuters had predicted a reading of 49.3.
Late on Monday, China's central bank reduced the amount of cash that banks must hold as reserves for the fifth time since February 2015, as regulators move to get more cash into the system to cushion painful structural reforms.