A leading bank survey indicates that China’s manufacturing sector remained stagnant for a third consecutive month in September because of sluggish domestic and international demand.

British banking giant HSBC said its monthly purchasing managers index for September was steady at 49.9 on a 100-point scale on which numbers below 50 show activity contracting. The figure was unchanged from August.

Chinese industrial production has slowed amid repeated interest rate hikes and other moves to tame growth and cool inflation.