新京报讯 （记者苏曼丽）汇丰昨天公布的中国2月制造业采购经理人指数(PMI)预览值降至50.4，为四个月低点，但仍连续第四个月处在荣枯线50上方。

Beijing - (The reporter Su Manli)HSBC China manufacturing purchasing managers' index for February, released yesterday(The PMI)Preview value fell to 50.4,To a four-month low,But still for the fourth straight month in from the line above 50.

新出口订单分项指数跌破荣枯线 New export orders index fell below from line

　　中国2月新出口订单分项指数初值跌至荣枯线下方，从上月终值50.5降至49.8。当月中国制造业产出指数初值为50.9，同样降至四个月最低。

In February China's new export orders index fell to from offline side,From the top down to 49.8 from 50.5.China's manufacturing sector during the month output index is 50.9,Also dropped to four months minimum.

　　本次调查数据收集时间为2月12日-2月21日，2月份的最终数据将于3月1日发布。该指数高于50表明制造业活动较前月扩张，低于50表明制造业活动萎缩。

The survey data collection time for February 12-21 February,In February the final figures will be released on March 1.The index rose above 50 indicates that manufacturing activity expansion,Below 50 indicates that activity.

分析称经济持续温和复苏趋势未变 Analysis says the economy continues to moderate recovery trend has not changed

　　汇丰银行大中华区首席经济学家屈宏斌分析认为，2月汇丰制造业PMI初值创四个月来低点，主要受春节因素以及外需持续疲弱影响。尽管2月份汇丰中国采购经理人指数的预览值有所回落，但是连续四个月保持在50荣枯分水岭以上，中国经济持续温和复苏的趋势未变。就业指数已连续三个月保持在50以上，加之投资需求仍然旺盛，近期信贷扩张加快也有助于支持投资增速保持强劲，内需拉动的经济回暖仍将在未来持续。之前央行回收流动性创纪录为常规性对冲，不改政策面整体宽松格局。

HSBC greater China chief economist qu hongbin and analyses,In February HSBC manufacturing The PMI to low initial value in four months,Mainly affected by factors and weak external demand during the Spring Festival.Although February HSBC's China purchasing managers' index fall preview,But stay for four months in more than 50 from contraction,The trend of China's economy continued to moderate recovery.Employment index has for three consecutive months above 50,Combined with the investment demand is still strong,The recent credit expansion speed also helps to support investment growth remained strong,Domestic demand in the economic recovery will continue in the future.Before the central bank record for regular recycling liquidity hedge,Do not change policy surface integral loose structure.

　　PMI预览数据是基于每月PMI调查总样本量的85%-90%，先期分析制作而成。为反映每月经济运行的趋势，PMI预览数据和最终数据皆尽量剔除季节性因素对数据的影响。

The PMI data preview is based on the monthly The PMI survey 85% of the total sample size to 85%,Preliminary analyses.Each month to reflect the trend of the economic operation,Preview the The PMI data and the final data is eliminating the influence of seasonal factors on the data as far as possible.