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China's official purchasing managers' index eased in June for the second month in a row. According to the figures released this morning by the China Federation of Logistics and Purchasing, the index fell to 52.1 last month from 53.9 in the previous month. The reading was also weaker than analysts' forecast.
The decline came as policies to curb lending and rein in the red-hot property market continue to weigh on the manufacturing sector. Despite the decline, the reading was still above the threshold of 50 for the 16th straight month that means expansion from contraction.
Analysts said the reading is expected to remain well above the 50, but a more modest rate of growth in the indicator could affect global sentiment by stoking worries that a sharper slowdown in the second half of this year.
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