Nomura's China index shrinks

Nomura's China composite leading index (CLI) shrank in October from September, the Japanese investment bank announced on Thursday, suggesting that the economy's growth momentum remains weak.

Of the nine components of the CLI, only three - stock market turnover, production of chemical fibers and autos - made positive contribution to the overall reading, while money supply continued as one of the major drags on the reading, the results showed.

Another indicator used to gauge economic momentum was also released on Thursday by Nomura to have cooled in October as well.

Meanwhile, Nomura said in a statement sent to the Global Times on Thursday revealing the two indicators that the announcement of rate cuts on November 21 by the People's Bank of China, the country's central bank, "along with other policy-easing measures, should help stabilize growth momentum."