China’s Services Sector Grows at Fastest Pace in Three Months

China's Caixin/Markit services PMI rose to 52.1 in August, marking the fastest pace of growth seen in the services sector since May. In July

USD/CNH

China’s Caixin/Markit services PMI rose to 52.1 in August, marking the fastest pace of growth seen in the services sector since May. In July, this figure stood at 51.6.

The growth in China’s services sector was supported by a boom in new orders which also helped hiring grow faster. New business grew at a four-month high, but export orders saw a slight dip from July.

China’s composite PMI for August has climbed higher to 51.6 from 50.9 in July. Overall new orders grew at the fastest rate since April, mainly driven by faster growth in the services sector.

The release of this data has not had much of an impact on the Chinese yuan. At the time of writing, USD/CNH is trading at around 7.169.

ABOUT THE AUTHOR See More
Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.

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