Last Saturday, China's National Bureau of Statistics (NBS) revealed that the widely-watched indicator of the country's economic activity slumped to a record low of 35.7 in February from 50.0 in January. This was the lowest since January 2005, when the index was first released.
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In addition to the manufacturing data, China's non-manufacturing services sector activity also posted its deepest contraction on record, dropping to 29.6 from 54.1 in January, according to another survey by China's NBS.
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