Business conditions for China’s manufacturers continued to deteriorate in May, as the Caixin Purchasing Managers’ Index for manufacturing dipped to 49.2 from 49.4 in April. May marked the 15th consecutive month in which the index registered below the neutral 50-point level, pointing to a steady decline for manufacturing health during that period. Weighing on the headline index was a fresh decline for total new orders received by Chinese manufacturers in May. New export orders fell between April and May at the quickest pace in three months. Manufacturers are continuing to shed workers, with the rate of reduction remaining close to the February figure, which was the highest since the 2008 global financial crisis.