China's export-oriented manufacturing sector contracted in November, as the RatingDog Manufacturing PMI fell to 49.9 from 50.6 in October. This marks the first contraction in four months, driven by weaker domestic demand and stalled production, despite a notable increase in export orders. The data has heightened concerns about Asia's economic growth, impacting currencies like the Australian and New Zealand dollars, as well as China-linked equities and industrial metals. Market participants are now focused on upcoming PMI readings and trade data to determine the persistence of this slowdown.