China’s Services Sector Grows at Fastest Pace in Three Months
Arslan Butt • 1 min read
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.