China's mfg activity expands at slower pace

China's manufacturing activity expanded slower than expected in April, raising more doubts about the recent recovery in the world's second-largest economy grappling with a slowdown. The purchasing managers' index (PMI) came in at 50.1 in April, slightly down from March's 50.2 and below market expectations of 50.3, said the National Bureau of Statistics (NBS) and the China Federation of Logistics and Purchasing. The index measures changes in activity levels from one month to the next. 

Anything above 50 signals growth, while anything below that level means contraction. The sub-index for new orders and new export orders lead indicators for internal and external demand weakened to 51.0 and 50.1 respectively. The sub-index measuring production stood at 52.2, slightly down from 52.3 a month earlier.