China Sept Caixin flash PMI misses expectations, lowest since March 2009

FXStreet (Mumbai) - Chinese manufacturing activity contracted for the seventh month in a row and also missed expectations in September, the latest gauge on Chinese factory activity showed.

The Caixin-Markit China Manufacturing Purchasing Managers' Index (PMI) dropped to 47.0 against a 47.3 final reading booked in August. Markets had predicted the preliminary data to show a rise to 47.6 in September.

The reading is the lowest level seen since March 2009.

A reading below 50 in the Caixin-Markit index signals a contraction in activity, while a reading above 50 - last seen in February - signals an expansion.