Swapping aluminum for copper will maintain China’s resources, group says
China depends on overseas imports for 60% of its aluminum resources as opposed to 70% of its copper resources.
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.”
