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The Great depression of India and China is here India abruptly lowers rates, Chinese manufacturing collapses
China's manufacturing contracted as the worst financial crisis since the Great Depression eroded export demand.
The Purchasing Managers'' Index fell to a seasonally adjusted 44.6 last month from 51.2 in September, the China Federation of Logistics and Purchasing said today in an e-mailed statement. This is set up by the China Federation of Logistics & Purchasing and National Bureau of Statistics and was first launched in July 2005. PMI reading above 50 points indicates that the manufacturing economy is generally expanding and that the economy is generally declining when the reading falls below 50 points.
That was the lowest since the gauge was launched in July 2005. A reading below 50 reflects a contraction, above 50 an expansion.
India's central bank unexpectedly cut interest rates for the second time in two weeks and reduced the amount of money lenders must hold in reserve in a bid to protect the economy from the global slowdown.
The Reserve Bank of India lowered its repurchase rate to 7.5 percent from 8 percent, reduced the amount of deposits that lenders need to set aside as reserves to 5.5 percent from 6.5 percent, and cut the amount of money lenders are required to keep in government bonds to 24 percent from 25 percent.
The steps signal a U-turn from the Reserve Bank's policy stance just a week ago.
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