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China factory activity contracts for second straight month in June

HONG KONG -- China's manufacturing activity contracted for the second consecutive month in June, as investors pin their hopes on a key Communist Party meeting in mid-July to revive the sluggish economy.

The country's benchmark purchasing managers' index came in at 49.5 for the month, the National Bureau of Statistics announced on Sunday. The reading was unchanged from May's 49.5, which was also the median forecast in a Reuters poll.