FX.co ★ China Services Shrink for First Time in Near 3 Years

China’s official NBS Non-Manufacturing PMI fell to 49.5 in November 2025 from 50.1 in October, reaching its lowest level since December 2022. This is the first indication of contraction in close to three years. The latest figure was below market expectations of 50.0, highlighting a continued decline in momentum across consumer-facing and service industries. The downturn is attributed to subdued sentiment, ongoing challenges in the property sector, and persistent external headwinds. Limited fiscal support has also provided little relief, further contributing to the overall slowdown.