The RatingDog China Manufacturing PMI declined to a four-month low of 51.5 in July 2026 from 51.7 in June, falling below market forecasts of 51.5. It marked the joint-longest period of expansion in five years, matching the sequence from November 2023 to June 2024. New orders rose for the fourteenth consecutive month, the longest since 2018, boosted by foreign sales.