Manufacturing still weakening, but at slower pace

China's manufacturing activity has continued to contract in April, but at a slower pace, according to HSBC's preliminary purchasing managers' index (PMI) released on Wednesday.

The HSBC/Markit China flash manufacturing PMI for April rose to 48.3 from a final reading of 48.0 in March, said data company Markit in a statement.

In March, the reading hit an eight-month low after declining for the third consecutive month, according to Markit.

A PMI above 50 percent indicates expansion, while one below 50 percent indicates contraction.