China-Russia Trade Reaches Record High Amid Ukraine Conflict

China's total trade with Russia in May reached $20.5 billion, the highest level since the start of Moscow's war in Ukraine, as Beijing steps up support for its sanctions-hit ally. Rising global inflation, the threat of recession elsewhere, and geopolitical tensions with the United States have weakened demand for Chinese products. However, China's trade with Russia bucked the otherwise grim trend for Beijing. The figures also highlighted weaknesses in the world's number two economy, with manufacturing activity shrinking in May for the second successive month.