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China's Composite PMI Contracts to 3.5-Year High in July

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China's overall business activity contracted in July to its lowest level since December 2022, with the official Composite PMI Output Index falling to 49.3 from 50.6 in June, according to National Bureau of Statistics data released on Friday.

A reading above 50 indicates expansion, while a figure below signals a contraction.

The index tracks the aggregate performance of both the manufacturing and non-manufacturing sectors.

The manufacturing PMI contracted for the first time in five months to 49.2, while the non-manufacturing PMI also broke its two-month streak of expansion to fall to 49.

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