MNI BRIEF: Caixin July Manufacturing PMI Falls Below 50

China's Caixin manufacturing PMI registered 49.8 in July, down by 2.0 points from June, marking the first contraction below the 50 mark since November 2023, the financial publisher said on Thursday.

The production sub-index remained within the expansion range for nine consecutive months, but only slightly above 50 in July.

The new orders sub-index fell into the contraction range for the first time since August 2023. The new export orders sub-index maintained its growth momentum for seven consecutive months, though showing signs of slowdown.

Caixin's PMI mainly tracks SME manufacturers. The official PMI, which was released Wednesday and typically covers large state-owned companies, registered 49.4 in July, down from June's 49.5 reading.