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China’s manufacturing activity gauge hit a three-year low in February as export orders fell at the fastest pace since February 2009.  

The official Purchasing Managers’ Index (PMI) fell for the third straight month, dropping to 49.2 in February.  

Notably, new export orders sub-index fell to 45.2 from 46.9 in January, according to Nikkei Asian Review. That is the ninth straight monthly drop and the lowest reading since February 2009.  

The declining trendline will likely continue unless the US and China reach a breakthrough trade deal, ending the tariff war.