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.

首先，我们来看看中国的制造业活动情况，上个月中国PMI创三年来新低。中国国家统计局发布的官方数据表明，11月份的PMI数值为49.6。今天（星期二）发布的这一数据，为2012年8月以来值最低的一次，与今年10月份相比，还下降了0.2。这是制造业指数连续第4个月指数跌破50大关，数值低于50表示制造业活跃度下降，处于收缩状态，数值高于50预示制造业处于扩张状态。