FX.co ★ China NBS General PMI Lowest in 35 Months

China's NBS Composite PMI Output Index declined to 49.7 in November 2025, down from 50.0 the previous month. This marks the weakest performance since December 2022 and indicates the first contraction in private-sector activity in nearly three years. The manufacturing sector experienced its eighth consecutive month of decline, driven by weak external demand, ongoing adjustments in the supply chain, heightened domestic price competition across crucial industries, and a cautious outlook among exporters. Similarly, the services sector entered contraction territory for the first time since late 2022, as consumer confidence waned and businesses curtailed their expansion plans. Notably, typical year-end demand, which generally boosts retail and leisure activities, provided little relief, highlighting the uneven recovery trajectory. To date, policymakers have not introduced significant new stimulus measures beyond the consumer loan subsidies implemented in mid-August, reflecting a cautious policy approach.