China's Flash PMI number for August is out, and it's not good.
The manufacturing gauge, which is a preview to the official number at the beginning of next month, fell to 47.8 from 49.3 last month.
Anything below 50 is negative, and that's getting deep.
This chart shows the deterioration in the headline index:
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As you can see here, there weren't really any good subcategories at all.
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