China’s official manufacturing Purchasing Managers’ Index (PMI) fell to 49.2 in July from 50.3 in June, marking the first drop below the 50 expansion-contraction line in five months, according to a Techub News brief citing CryptoBriefing. The new orders index declined to 48.5, its lowest reading since 2023, pointing to weaker demand conditions. The report said the Caixin manufacturing PMI also slipped to 49.5, while the non-manufacturing PMI fell to 49.0. Taken together, the figures indicate a broader loss of momentum across factory activity and services-related sectors. Techub, citing CryptoBriefing, said the manufacturing pullback reflected soft domestic demand, the fading effect of earlier export front-loading tied to tariff expectations, and rising costs. The article added that a slowing economy could increase depreciation pressure on the renminbi. Historically, that kind of pressure has been associated with capital seeking alternative stores of value, a dynamic that may indirectly affect the crypto market.