China's official manufacturing PMI fell to 49.3 in October while the private RatingDog gauge held at 52.0. The PBOC reset its funding floor at a 1.25% overnight rate and widened equity support, but left household and small-firm loan rates alone.
Energy Tidbits charts official manufacturing PMI oscillating around 50 for most of 2026, with October's miss reversing September's one-month expansion. Source
China's two October factory surveys told opposite stories. The National Bureau of Statistics (NBS) manufacturing PMI dropped to 49.3 from 50.1, missing forecasts of 50.0 (Reuters) and 49.9 (Investing.com). It is the third sub-50 reading in four months. The private RatingDog survey, compiled by S&P Global, came in at 52.0 against 52.1 previously. That is an 11th straight month of expansion, the longest run since mid-2021. Non-manufacturing slipped to 49.7 from 50.2, with services sitting exactly at 50.0 and construction losing 2.3 points to 48.0.
