China Services Expansion Picks Up to Strongest in 10 Months
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China’s services sector expanded at its fastest pace since July last year, a private survey showed, pointing to resilience that may alleviate concerns over the economy’s outlook after weak official figures.
The Caixin China services purchasing managers’ index rose to 54 in May, according to a statement released jointly by Caixin and S&P Global Wednesday. That’s the highest in 10 months and beat the median forecast of 52.5 in a Bloomberg survey of economists. Any reading above 50 suggests an expansion.