UOB economist Ho Woei Chen highlights that China’s July CFLP PMIs slipped into contraction, with both manufacturing and non-manufacturing gauges signaling broad-based weakness in activity. The report notes particularly soft industrial output and services, while construction also declined. UOB expects growth to stay the main policy priority, with further easing skewed toward fiscal tools and limited room for additional monetary loosening, including steady PBOC policy rates through 2026.
PMIs weaken as policy stays supportive
“China’s CFLP composite PMI slumped 1.3 pts to 49.3 in Jul to its lowest since Dec 2022. The manufacturing and…
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