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China Caixin manufacturing and services PMIs show improvement

Three separate activity surveys on Tuesday reinforced hopes of stabilization in the world's number-two economy.

The official manufacturing Purchasing Managers' Index (PMI), which measures large state-owned factories, came in at 51.2 for October, official data showed. That snapped two months of flat readings and beat market estimates; a Reuters poll of 26 analysts had forecast 50.4, unchanged from August and September.

Figures above the 50 level suggests expansionary activity while sub-50 levels indicate contraction.

Meanwhile, the Caixin manufacturing PMI rose to 51.2 in October, the fastest pace of improvement since March 2011. A rebound in new order growth amid stronger demand helped the gauge, Caixin said in a statement. The Caixin report focuses on mid-size companies not included in the official survey.

Manufacturing's contribution to overall growth has been slipping over the years as Beijing transitions its economy from...