China Rate Swaps Climb as Services PMI Advance Signals Recovery

China’s interest-rate swaps rose on signs growth in Asia’s largest economy is recovering.

The services Purchasing Managers’ Index for the nation climbed to 53.1 in June, the highest since March 2013, while the composite PMI rose to 52.4 from 50.2 in May, data released by HSBC Holdings Plc and Markit Economics showed today. The official non-manufacturing PMI was 55.0 in June, above the dividing line between expansion and contraction at 50. China is likely to maintain a growth rate of about 7.5 percent this year, Bank of Communications Co. said in a report.