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An expected spike in China’s factory production in January in the buildup to a late Chinese New Year failed to materialise, with the official purchasing manager’s index (PMI) falling to a level not seen since 2012. According to the JoC, China’s National Bureau of Statistics released the factory output data that showed manufacturing activity in the country had fallen to 49.8 in January, edging below the 50-point level that separates growth from contraction.

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