China factory activity dips to lowest in two years: Official data

Manufacturing activity in China hit its lowest level since February 2020, official data showed Saturday, as the country’s worst coronavirus resurgence since the start of the pandemic drags on the economy.

The Purchasing Managers’ Index (PMI), a key gauge of manufacturing activity, came in at 47.4 in April — below the 50-point mark separating growth from contraction — as authorities said that a “decline in production and demand” has widened.