China factory activity beats forecasts but stays in contraction in August.The better-than-expected manufacturing PMI print offers some relief after July's steep fall, and the beat against consensus should support a modest improvement in risk sentiment toward Chinese assets and commodity-linked currencies, even though the index remains below the 50 line separating growth from contraction. The stalled non-manufacturing PMI, unchanged at 49.0, tempers the positive read from manufacturing, since it confirms services and construction activity are not yet showing the same signs of stabilisation, consistent with recent data showing consumer spending and urban investment losing momentum.