China October PPI rises fastest since June 2022; CPI at three-month low

The divergence matters more than either print: factory-gate prices accelerating while consumer and core inflation cool points to cost pressure building upstream that is not yet reaching end demand, a squeeze that lands on mid-chain manufacturers and exporters already absorbing margin pain. For crypto and RWA markets, the read-through is indirect, running through the broader deflation-versus-reflation debate that shapes risk appetite in Asia. Whether producer-price momentum feeds through to consumer prices, or instead compresses industrial margins, is the open question worth tracking.