China's PMI hits record low in Nov

The Purchasing Managers' Index (PMI) of China's manufacturing sector dropped to 38.8% in November from 44.6% in October, sources reported, citing statistics released by the China Federation of Logistics and Purchasing (CFLP).

It was the index's lowest point since the CFLP initiated the survey with China's National Bureau of Statistics (NBS) in 2005. It was also the fourth time China's PMI fell below 50% within this year, which indicates the country's economy is contracting amid global financial crisis, analysts said.

Index released on Monday was based on two surveys of hundreds of business executives across China, which designed to give a timely snapshot of manufacturing. A figure above 50% shows business is expanding, while a figure below 50 shows deterioration.