RatingDog China PMI beats forecast at 52.0; official NBS manufacturing drops to 49.3

The RatingDog China Manufacturing PMI edged down slightly to 52.0 in October 2026 from September’s five-month high of 52.1, but beat market expectations of 51.6, marking the eleventh consecutive month of expansion, signaling the longest growth streak for factory activity since mid-2021.

China’s official NBS Manufacturing PMI fell to 49.3 in October from 50.1 in September, missing forecasts of 50.0 and reaching its lowest level since July, reflecting softening domestic and export demand as the post-holiday boost faded.

China’s official NBS Non-Manufacturing PMI dropped to 49.7 in October from 50.2 in September (below the 50.5 consensus), marking the sixth services contraction this year.

The NBS Composite PMI Output Index contracted to 49.7 in October from September’s nine-month high of 50.7, indicating a pullback in overall business activity for the fifth time in 2026.

On the first trading day of November, the Shanghai Composite gained 0.4% to 3,613, while the Shenzhen Component slipped 0.1% to 10,819. Meanwhile, the offshore yuan strengthened to ~6.64 per dollar its highest level since June 2022, after the PBoC adjusted its monetary framework toward the overnight rate.

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