China's March PMI rises to 53.1 pct

China's Purchasing Managers Index (PMI), a preliminary readout of the country's manufacturing activity, rose for four consecutive months to the highest level since October, indicating the economy is on path of steady growth.

PMI climbed to 53.1 percent in March of 2012, 2.1 percentage points higher than a month earlier, the China Federation of Logistics and Purchasing said Sunday.

A PMI reading of 50 percent demarcates expansion from contraction.