China's manufacturing PMI down in March

The purchasing managers' index (PMI) for China's manufacturing sector came in at 49.5 in March, down from 50.2 in February, data from the National Bureau of Statistics (NBS) showed Thursday.

A reading above 50 indicates expansion, while a reading below reflects contraction.

The resurgence of domestic COVID-19 outbreaks and mounting geopolitical uncertainties have weighed on China's factory activities in March, said NBS senior statistician Zhao Qinghe.

In March, the sub-index measuring purchase prices of major raw materials rose 6.1 percentage points from February to 66.1. The sub-index for prices at the factory gate was 56.7, up 2.6 percentage points from last month.

The sub-index for production stood at 49.5, down 0.9 percentage points from last month, entering the contraction zone.

Thursday's data also showed that the PMI for China's non-manufacturing sector came in at 48.4 in March, down from 51.6 in February.