China’s export engine is running out of steam. For both the economy and China’s currency, that is bad news.
China’s September official purchasing managers indexes, released Friday, were a mixed bag. The manufacturing gauge ticked up unexpectedly to 50.1, edging above the 50 point mark separating expansion from contraction for the first time since June. But the service sector index dipped back into contraction for the first time since May, when Shanghai’s fierce lockdown was at its height.