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China factory activity shrank at its fastest rate on record in February

Saturday, February 29, 2020, 1:48 PM

Factory activity in China contracted at the fastest pace on record in February, highlighting the damage from the coronavirus outbreak on the world's second-largest economy. China's official Purchasing Managers' Index (PMI) fell to a record low of 35.7 in February from 50.0 in January, the National Bureau of Statistics said on Saturday, well below the 50-point mark that separates monthly growth from contraction.