China's official manufacturing purchasing managers' index (PMI) slipped to 49.8 in August from 49.2 in July, marking a second consecutive month of contraction. The new orders index rose to 50.6, returning to expansion, while the non‑manufacturing PMI held at 49.0 and the composite PMI edged up to 49.5. Beijing has announced an 800 billion‑yuan financing tool for local projects, though implementation is expected to take time.
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