China's manufacturing sector last month expanded at the slowest pace since March.
中国官方采购经理人指数(PMI)显示，中国制造业活动出现了3月份以来的最慢扩张速度。与此同时，汇丰银行(HSBC)发布的正式PMI指数也出现了6个月内的最低读数。
The state-sponsored purchasing managers' index fell from 50.8 in October to 50.3 in November, the lowest reading since March. Any level above 50 indicates expansion.
中国官方PMI指数从10月份的50.8跌至11月份的50.3，这是3月份以来的最低读数。高于50的读数表示相关产业处于扩张之中。
The reading is just below economists' forecasts but it's not altogether surprising. When the People's Bank of China unexpectedly cut interest rates last month, some analysts said the move was likely a pre-emptive one and that a spate of weak data was likely ahead. Well, here it is.
该读数略低于经济学家的预期，不过总体上并不令人吃惊。上个月当中国央行(PBoC)出人意料地采取降息措施时，部分分析师就曾表示，此举可能是一种预防性措施，新出来的经济数据很可能较为疲弱。如今，事实正如他们的预期。
HSBC said its private reading of China's manufacturing sector was stagnant last month, confirming a "flash" estimate already published.
而汇丰银行(HSBC)则表示，上个月该行自己发布的中国制造业PMI指数显示出了制造业停止扩张的现象，从而确认了此前已发布的“预览版”估值。
The index fell from 50.4 in October to a six-month low of 50.0.
汇丰发布的正式PMI指数从10月份的50.4降至11月份的50.0，这是6个月内的最低读数。
The low reading was driven by a fall in the production component, whereas the forward-looking new orders component increased for a sixth straight month.
之所以会出现这一较低读数，是因为产量因素出现了下跌——尽管前瞻性新订单因素连续第6个月上升。
“Total new business increased at a modest pace that was little-changed from October. However, November data indicated that foreign demand continued to soften, with the latest expansion of new export business the slowest since June. ”
汇丰的报告表示：“总的新业务在以温和的幅度增长，这与10月份没什么不同。然而，11月的数据显示外国需求继续疲软，新增出口业务的扩张幅度是6月份以来最低的。”
HSBC economist Hongbin Qu said the survey pointed to lost momentum in China's manufacturing sector: He expects Beijing to respond with measures to counteract the slowdown.
汇丰银行经济学家屈宏斌表示，汇丰银行的调查结果表明中国制造业正在失去增长势头，预计中国政府会采取措施对抗经济放缓。
“Domestic demand expanded at a sluggish pace while new export order growth eased to a five-month low ... We continue to expect further monetary and fiscal easing measures to offset downside risks to growth.”
他说：“国内需求增长太慢，而新增出口订单的增幅又放缓至5个月内的低点……我们依然预计（中国政府）会推出进一步货币和财政宽松举措，以抵消经济增长的下行风险。”