China factory activity shrinks again despite US tariff truce
China's factory activity fell in July, with PMI slipping to 49.3 from 49.7 in June, below forecasts. The decline comes despite easing US tariffs, as weak demand, weather disruptions, and lower exports weigh on output. Policymakers may need more stimulus to revive domestic consumption. FXI is up 25.7% YTD.