A private gauge showed China’s manufacturing activity expanding at the fastest pace in four months, as production accelerated on the back of a sustained rise in new orders. The China Caixin manufacturing purchasing managers index rose to 51.

China's manufacturing activity expanded at the fastest pace in a year in March, a factory survey showed on Monday, with new orders boosting production, giving the world's No. 2 economy some reprieve as it deals with an intensifying U.

The increase in factory activity was driven by a rebound in new orders, indicating that recent fiscal measures are beginning to lift domestic demand