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Rebound in Chinese Manufacturing Provides a Small, Badly Needed Boost to African Oil Prices

A worker wearing a protective face mask works on a car seat assembly line at Yanfeng Adient factory in Shanghai on February 24, 2020. Noel Celis / AFP

New data confirming that China’s manufacturing sector is slowly coming back to life helped to give a badly needed boost to African commodity and currency prices on Tuesday. 

China’s Purchasing Managers Index, a key metric that measures factory activity, jumped to 52 in March from 35.7 in February, according to the National Bureau of Statistics. Generally, when the PMI passes 50 that indicates an expansion in manufacturing, while a rating below 50 indicates contraction.

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