FX.co ★ China Composite PMI Slips from 3-Month High

In July 2025, the S&P China General Composite PMI decreased to 50.8 from June’s three-month peak of 51.3. Although the rate of expansion decelerated, this still marked consecutive months of growth for the private sector, primarily buoyed by the services sector, contrasted by a contraction in manufacturing output. Export sales experienced a downturn due to weakened external demand; however, new business overall saw a rebound from June, with growth distributed across various sectors. Employment increases were predominantly seen among service providers, and there was a slight uptick in business confidence. Regarding pricing, input costs rose at the quickest pace in eight months. Yet, companies continued to reduce output prices, indicating pressure on profit margins.