China factories unexpectedly expand in August, suggests economy steadying

September 1, 2016 5:19 AM

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China factories unexpectedly expand in August, suggests economy steadying

BEIJING Activity in China's manufacturing sector unexpectedly expanded at its fastest pace in nearly two years in August as construction boomed, suggesting the economy is steadying in response to stronger government spending.

The best factory reading since late 2014 may reinforce growing views that China's central bank will be in no hurry to cut interest rates or banks' reserve requirements, for fear of adding to high debt levels or fuelling asset bubbles.

Also read: U.S. economy creates 178,000 jobs in November; jobless rate drops to 4.6%

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