China Manufacturing PMI (July 2025) 49.3 (vs. 49.7 expected)

These Chinese PMIs come from the National Bureau of Statistics (NBS). For July 2025:

Manufacturing PMI disappoints by slipping further into contraction at 49.3

• expected 49.7, prior 49.7
• this is the fourth consecutive month in contraction for the official manufacturing PMI
• the surge in exports is dissipating, domestic demand remains lacklustre

Non-Manufacturing PMI 50.1, in expansion still but only barely. 50.1 is the lowest since November last year.

• expected 50.3, prior 50.5

Composite 50.2

• prior 50.7

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Earlier:

• Chinese state media says some deep seated & structural problems in trade talks with US

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Over the next few days we’ll get the ‘unofficial’ Caixin/S&P manufacturing and non-manufacturing PMIs for July. The official and unofficial PMIs are quite different. I posted here earlier on how they are different and why both are useful:

• Economic calendar in Asia Thursday, July 31, 2025 – BoJ interest rate decision, China PMIs

This article was written by Eamonn Sheridan at investinglive.com.