Hunan Gold shares surge after large deposit found in China
The Geological Bureau of Hunan Province said on Thursday that it had detected more than 40 gold veins containing an estimated 300 tons of the precious metal.
Another sign of a slowing China was released today HSBC Flash China Manufacturing Purchasing Managers’ Index fell to 47.8, a nine-month low.
The PMI attempts to gauge the direction of the economy by surveying purchasing executives on planned orders and inventory levels.
“Falling orders dragged down the August flash PMI to a nine-month low, suggesting Chinese producers are still struggling with strong global headwinds,” said Hongbin Qu, Chief Economist, China & CoHead of Asian Economic Research at HSBC.
“To achieve the stated policy goal of stabilizing growth and the jobs market, Beijing must step up policy easing to lift infrastructure investment in the coming months.”
