RatingDog China manufacturing PMI fell to 50.9 in July, down 0.8 percentage
points from June, marking the eighth consecutive month of expansion and tying
the longest expansion cycle in five years. Expansion continued but slowed: new
orders rose and cost pressures eased, while new export orders returned to
expansion. Purchasing activity declined and firms’ input inventories continued
to accumulate—risks to monitor for downstream demand and production activity.
