Another day of depressing economic indicators coming out of China (seems like there's no end). Today, it's China's Manufacturing PMI index that's taking the hit. China's Manufacturing PMI Index fell to 49.2 in August from 50.1 in July. A reading of below 50 on the PMI shows contraction, and August's figure represents the first time in nine months China's manufacturing shrank. This contraction was surprising as Bloomberg's survey of economists had a median forecast of 50. As noted by Liu Li-Gang, chief China economist at ANZ in Hong Kong, "The government won't want to hand over an economy in a hard landing to the next administration, so authorities are likely to become bolder with policy easing."