A private gauge of China’s manufacturing activity tumbled in May, touching the lowest level since September 2022 as tariffs continue to weigh, despite the U.S. trade truce. The Caixin manufacturing purchasing managers index signaled a contraction for the first time in eight months.

Chinese manufacturing activity in May experienced its fastest decline since September 2022. The PMI index, which gauges the economic health of China's industrial sector, was 48.3 points in May compared to 50.

BEIJING: Chinese factory activity hit a more than two-year low in May, a closely watched survey showed today, as a detente in Beijing’s trade war with Washington was offset by ongoing domestic problems in the world’s number two economy.