China’s factory activity contracted for the eighth straight month in November, according to an official survey on Sunday, underscoring challenges for the country’s economy despite the U.S.-China trade truce.

The official manufacturing purchasing managers index rose slightly to 49.2 in November from 49 in October, China’s National Bureau of Statistics said.

The PMI is measured on a scale between 0 and 100, with a reading below 50 indicating contraction. The contraction was in line with analyst expectations.

A U.S. tariff cut earlier this month likely would mean that Chinese exports could gain competitiveness in the U.S. market, but it may be too early to say whether exports have regained momentum following the trade truce.

Trump commutes prison sentence for former private equity executive

President Donald Trump has commuted the prison sentence of former investment manager David Gentile, who was convicted of defrauding investors — the latest in a series of clemency actions Trump has taken in white-collar criminal cases.

Gentile had reported to prison on Nov. 14, just days before Trump commuted his sentence, according to a White House official who requested anonymity to provide details of the clemency action. Gentile had been the CEO and co-founder of GPB Capital, which had raised $1.6 billion in capital to acquire companies in the auto, retail, health care and housing sectors.