China's Services Sector Grows at Fastest Pace in Three Months - Forex News by Strategia Forex
USD/CNH

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

Posted Wednesday, September 4, 2019 by
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.

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About the author

Arslan Butt // Index & Commodity Analyst
Arslan Butt is our Lead Commodities and Indices Analyst. Arslan is a professional market analyst and day trader. He holds an MBA in Behavioral Finance and is working towards his Ph.D. Before joining FX Leaders Arslan served as a senior analyst in a major brokerage firm. Arslan is also an experienced instructor and public speaker.
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