Tale of two China PMIs: Manufacturing still contracting

China's all-important manufacturing sector remained in the doldrums during the month of September, according to two separate reports on Thursday. 
The government's official gauge of factory activity improved with the manufacturing PMI rising to 49.8, up from August's three-year low of 49.7 but still marking two straight months of decline. 
Meanwhile, a private survey by Caixin/Markit revealed PMI fell to a fresh six-and-a-half year low of 47.2, ticking down from August's reading of 47.3 but still better than an earlier flash estimate of 47.
 A reading below 50 indicates activity is shrinking on a monthly basis, while one above indicates expansion. Unlike the government's gauge that concentrates on large firms, Caixin's survey focuses on smaller and medium-sized companies.

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