<h1>China manufacturing PMI shrinks for fifth month as US-China 90-day trade truce eases tariffs but uncertainty remains</h1> China's manufacturing PMI contracted for a fifth consecutive month in August (49.4), signaling continued sectoral contraction with slight improvements in new orders and inventories but a modest employment decline; this occurs amid a 90-day extension of a U.S.-China trade truce that pauses sharp tariff increases yet leaves tariff uncertainty unresolved. The trade pause and recent bilateral discussions between senior trade officials emphasize adherence to mutual-respect and cooperation principles and seek to implement prior leaders' agreements, but risks from property-sector weakness, floods and rising unemployment maintain downside legal and regulatory exposure for trade, employment and fiscal policy.