First off we start with China where Manufacturing activity hit a three-year low last month. China‘s National Bureau of Statistics‘ official Purchasing Managers‘ Index (PMI) hit 49.6 in November. The data which was released today (Tuesday) was the lowest reading of the index since August 2012 and was 0.2 lower than October’s figure. This is now the fourth consecutive month of contraction in the manufacturing sector where a reading below 50 points suggests a decline in activity on a monthly basis while a reading above signifies an expansion.

上个月我们以中国制造业达到三年来最低为开端。中国国家统计局发布发布11月份的官方PMI指数为49.6.今天（周二）发布的这个数据是自2012年8月以来的最低值，比今年10月份的还低0.2.这是连续四个月该数值低于50.，表明当月的制造业处于萎缩，而该数据高于50，才表示扩展。