Chinese Industrial Activity Shrinks to 3 Years Low

By: Taarek Refaat

BEIJING, Feb. 1 (SEE)- The Chinese industrial activity shrank in January, more than analysts' expectations, marking its lowest level in three years.

The industrial activity recorded 48.3 points in January, the lowest level since February 2016, compared with 49.7 points last December.

Analysts had forecast industrial activity in the world's second-largest economy would contract at 49.5 points.

Data showed that the weak external demand conditions forced corporations to review production schedules as current demand index declines further.

Last year the Chinese economy experienced a sharp economic slowdown, growing by 6.6 percent in 2018, the slowest pace in 28 years.

The Chinese currency dropped 0.6 percent against the US dollar at 6.7389 yuan.