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China Caixin manufacturing PMI at 5-month low in November

China's manufacturing activity grew at its slowest rate in five months in November amid high input costs and modest growth in new orders, data from Caixin and IHS Markit showed.

The Caixin China General Manufacturing Purchasing Managers' Index dipped to 50.8 in November from 51.0 in October. The index remained above the 50-point mark that separates expansion from contraction, but was the weakest reading since June.

Buying activity expanded at a softer pace as output and new orders both rose only modestly, the report said. Client demand was also relatively subdued across both domestic and external markets, it said.

China manufacturers saw a further sharp rise in average input costs on the back of higher raw material prices.

To minimize costs, manufacturers had to cut staff numbers, with the rate of job shedding in November at the fastest in three months. This resulted in a further increase in the amount of unfinished business at Chinese factories.

"For the most part, the manufacturing sector remained stable in November, although some signs of weakness emerged," said Zhengsheng Zhong, director of macroeconomic analysis at CEBM Group.

"In the fourth quarter, the economy is likely to maintain the stability observed since the start of the second half of the year. Economic growth in 2017 is expected to be higher than last year, but it may come under downward pressure in 2018," Zhong added.