The Chinese Markit/Caixin manufacturing PMI rose to 48.6 in November from 48.3 in October, beating expectations for a reading of 48.3.

Overall new business declined modestly, while new export work climbed at fastest pace in over a year.

"Pressure on economic growth has eased and fiscal policy has had a strong effect. Overall, the economy is still on track to become more stable," Dr. He Fan, Chief Economist at Caixin Insight Group, said.