Summary The region's other markets rallied ahead of a slew of meetings across the globe this week
HONG KONG (AFP) - China s economy showed further signs of weakness in November as a gauge of factory activity on Tuesday came in at a more than three-year low but Shanghai rose with other Asian stock markets on hopes for growth-boosting measures.
Adding to support on Chinese trading floors was the central bank s decision to pump money into the financial system to avert a cash crunch as initial public offerings -- which fuel demand for funds -- restart.
The region s other markets also rallied ahead of a slew of meetings and releases across the globe this week.
Beijing said its purchasing managers index (PMI) of manufacturing came in at its weakest since August 2012 -- falling short of forecasts and indicating contraction in the crucial sector.
The figures come as China s once-powerful economy struggles with annual growth figures not seen in a quarter of a century, with speculation it could miss the leadership s target this year of "about seven percent".
Readings from trade, investment, inflation and consumer spending have also come in below par in recent months.
"China s manufacturing sector remains sluggish due to the property slowdown," Zhou Hao, a Singapore-based economist at Commerzbank AG, told Bloomberg News.
"While property prices are turning around led by first-tier cities, housing investment continues to moderate, reflecting a significant property inventory overhang."
The slowdown in China, which rattled global markets over the summer, comes despite a series of measures to support growth including six interest rate cuts since November 2014 and cuts in the amount of cash banks must hold in reserve -- each to spur lending.
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"With soft growth momentum and deflation pressures creeping up, we expect the authorities to further ease monetary policy," economists from Australian bank ANZ said in a note.
Despite the latest downcast figures, Shanghai rose, and Hong Kong, Tokyo and Seoul were up more than one percent. Sydney was up two percent.
Regional markets bounced back from a sharp sell-off Monday as investors look ahead to a string of possible market-moving events.
High on the watch-list is a European Central Bank policy meeting that could see it unveil a fresh round of monetary easing, a US jobs report and a policy meeting of the Organization of the Petroleum Exporting Countries.
Federal Reserve chief Janet Yellen will also appear before congress this week, which economists will be closely following to see if she provides any guidance on the bank s plans for interest rates before a gathering in two weeks.
The Fed is widely expected to hike rates for the first time in almost a decade as the US economy shows increasing signs of strength.
The likely divergence of monetary policy in the United States and Europe has put pressure on the euro, which is at its weakest against the dollar since early April.
