Activity in China’s factory sector seemingly contracted at the fastest pace in 15 months in July, a preliminary private survey showed on Friday in a blow undercutting recent signs of stabilization in the struggling economy. It also added to the woes of emerging market nations already struggling with the risk of a rise in U.S. interest rates later this year. The flash Caixin/Markit China Purchasing Managers’ Index (PMI) dropped to 48.2, the lowest reading since April last year and the fifth straight month under 50, the level which the survey-makers say separates contraction from expansion.