China Caixin manufacturing PMI slumps to 48.6

BEIJING - The Caixin General China Manufacturing Purchasing Managers' Index (PMI), an indicator of manufacturing activity, dropped to 48.6 in June from 49.2 in May, a private survey showed Friday.

The reading is below the neutral 50-point level, signalling a marginal deterioration in the manufacturing sector, according to the survey conducted by financial information service provider Markit and sponsored by Caixin Media Co Ltd.

A reading above 50 indicates expansion, while a reading below 50 represents contraction.