<h1>China manufacturing PMI falls for seventh month in October at 49 amid tariff truce and weak domestic demand</h1> China's manufacturing sector reported a seventh consecutive monthly contraction in October with the official PMI at 49, reflecting ongoing trade pressures and global uncertainty despite a bilateral tariff truce that reduced certain US tariffs on Chinese goods. The tariff reduction may improve Chinese export competitiveness to the US, but market commentators expect the agreement to stem further deterioration rather than prompt a strong recovery. Structural policy shifts in China aim to reduce reliance on export-driven, investment-led manufacturing, encourage domestic consumption, and address excess capacity, while a prolonged property downturn and holiday effects further depress demand-factors that could influence future trade, regulatory and investment risks.