FX.co ★ China NBS General PMI at Over 3-Year Low

China’s NBS Composite PMI Output Index slipped to 49.5 in February 2026 from 49.8 in January, signaling a further slowdown in overall production and business activity among Chinese enterprises. This was the weakest reading since December 2022. Manufacturing activity fell to a four-month low as many factories suspended production and shipments during the week-long holiday. In contrast, the services sector improved slightly, supported by increased travel, entertainment, and duty-free shopping during what was the longest holiday on record, as authorities sought to spur consumer spending.