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HSBC releases economic forecast

(Global Times)

08:15, June 07, 2012

China will likely cut banks' reserve requirement ratios three times in the second half of this year, Qu Hongbin, HSBC's chief economist for China, wrote in a release on the country's economic outlook Wednesday. Qu noted that China's GDP will expand by 8.6 percent this year, higher than the market's expectation of 8.2 percent.

The HSBC China Manufacturing Flash Purchasing Managers Index (PMI) fell to 48.7 percent in May, a decrease from a final reading of 49.3 percent in April.

Thanks to government moves aimed at spurring consumption and production, the country's economy will see steady growth throughout the rest of the year, according to the release.

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