Key Points:China’s July NBS Manufacturing PMI fell to 49.3, indicating deeper contraction in the sector amid trade headwinds.Overseas demand weakened ahead of new U.S. tariffs on transshipments via Vietnam and Indonesia.Policymakers outlined fiscal and monetary measures to drive consumption and stabilize export conditions.China PMI Miss Fuels Fears Over Trade and Stimulus LagChina’s manufacturing sector was under the spotlight this morning as economists continued to assess the potential impact o