China's manufacturing activity contracted for a third month in a row in July, official data showed Wednesday, amid a bruising trade war with the United States and slowing global demand. Washington and Beijing have so far hit each other with punitive tariffs covering more than $360 billion in two-way trade, damaging manufacturers in both countries. The Purchasing Managers' Index (PMI), a gauge of Chinese factory conditions, came in at 49.7 for the month, slightly up from June's figure of 49.4, according to the National Bureau of Statistics (NBS).
