China July PMI back into outright contraction (mfg 49.2, non-mfg 49.0 — a 43-month low) with new orders and ex-factory prices falling, signalling this year's PPI peak may be past (ING/Lynn Song). Mechanism: a fresh soft-growth impulse plus a Politburo that signalled fiscal (not monetary) support 'light on deliverables' — bears on the industrial-metals / EM-FX / global-commodity-demand channel; secondary read for ZC/ZW via demand and for ES via global-growth sensitivity. Undercuts the china-reflation-ppi regime-break read.