There’s another silver lining in China’s PMI figures - input prices, as indicated by the prices sub-index, fell by over 10 points to 46.2 in October - the first time it’s come in below 50 since April 2009.

China’s National Bureau of Statistics says it shows that inflation in the manufacturing sector is easing and has been brought under control.

Premier Wen Jiabao has maintained that tackling inflation is the government’s top priority, but - in a nod to slowing growth - has also said Beijing will fine-tune policy if need be.

Some analysts say the latest PMI figure was mostly driven by seasonal factors rather than economic weakness, so it’s unlikely the central bank will relax its monetary policy.