Manufacturing activity in China fell in July to its slowest pace in eight months, renewing fears of a slowdown in the economy. The Purchasing Managers Index (PMI) dropped to 50.1 from 50.2 in June, official data showed. A reading above 50 indicates an expansion in activity, while below 50 means a contraction. Economists had expected the Chinese economy to pick up in the second half of this year. Factory output was still expanding, but new orders, including export orders, had contracted in July more than in June, according to data from the state-affiliated China Federation of Logistics and Purchasing. 'Downward pressure' The official PMI was the lowest reading since November and is the latest sign that the growth of the Chinese economy...Read More