Data from IHS Markit’s survey showed that the Purchasing Managers' Index in Hong Kong has dropped from 48.9 in January to 42.9 in February, the lowest in 22 months. This was caused by the slump in production and order numbers for two consecutive months, which also accelerated with the fifth wave of the pandemic worsening. Analysts also said that Hong Kong's economy will step into recession with an expectation that PMI in the city will remain below 50 for several months. In China, the PMI for Caixin/Markit services also dropped to 50.2 in February from 51.4 in January, marking the lowest level since August, and only a touch above the 50-point mark that separates growth from contraction as more Chinese cities are battling local Covid-19 cases in recent weeks.
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