PMI surveys signal steepest economic downturn for 6½ years

China’s economy contracted at the steepest rate for six-and-a-half years in August, according to survey data. The Caixin China Composite PMI (which covers both manufacturing and services), compiled by Markit, indicated the largest drop in output since the height of the global financial crisis in February 2009. The ‘all sector’ output index slipped to 48.8 from 50.2 in July.