FX.co ★ China’s Services Momentum Slips as October Non-Manufacturing PMI Dips Below 50

China’s non-manufacturing sector showed signs of softening in October 2026, with the official Non-Manufacturing Purchasing Managers’ Index (PMI) edging back into contractionary territory. The index fell to 49.7 in October, down from 50.2 in September 2026, according to data updated on 31 October 2026.

The decline below the 50-point threshold, which separates expansion from contraction, suggests that activity across China’s services and other non-manufacturing industries has lost some momentum after barely expanding the previous month. The move from 50.2 to 49.7 signals a modest but notable weakening in demand and business conditions in the sector over the latest period.

Investors and policymakers will be watching upcoming readings closely to assess whether October’s dip proves temporary or marks the start of a more persistent slowdown in China’s non-manufacturing economy, a key pillar of the country’s broader growth outlook.