China's manufacturing sector contracted more than expected

According to data from China's National Bureau of Statistics, China's manufacturing sector suffered a surprising decline in October.

Manufacturing and non-manufacturing PMI index decreased from 51.7 in September to 50.6 in October. Economists' forecast was for the index to be 52. The new orders index, which is included under the manufacturing and non-manufacturing PMI indices, remains below 50 points, indicating a contraction in demand.

According to economists, China's purchasing manager index was predicted to be 50.2, but the index fell to 49.5 from 50.2 in September. PMI remaining below 50 draws attention to the contraction in the country's economy.

Following Beijing's annual growth forecast of approximately 5 percent, the China's government and the Central Bank have implemented measures to increase growth.