China's official manufacturing PMI, which focuses on larger state-owned enterprises, held steady at an 18-month high of 51.4 in November and topped consensus of 51.1. The HSBC print, which concentrates on smaller, private firms, slipped to 50.8 last month from 50.9 in October. "The momentum we see is state-led and policy-led, and from that perspective, it is a mixed performance," said Conference Board economist Andrew Polk. He was commenting after the official index came out, but the HSBC data seems to back him up.
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