China's final April HSBC manufacturing PMI printed at 50.4, slightly lower than the "flash" print released April 22 and markedly lower than March's 51.6 reading. In keeping with the official government PMI released Wednesday, HSBC said new export orders fell into contraction territory for the first time in 2013. The manufacturing data, combined with subpar GDP growth, could "invite more policy responses in the coming month," HSBC said.
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