China’s Services Sector Grows at Fastest Pace in Seven Months
China's services sector expanded at the fastest pace in seven months during November, boosted by growth in new business, especially export
China’s services sector expanded at the fastest pace in seven months during November, boosted by growth in new business, especially export business. The Caixin China General Services PMI index soared to 53.5 in November from 51.1 in the previous month, continuing to stay above the 50 threshold indicating expansion for around 14 consecutive years.
The strong boost was driven by an increase in new orders, an expansion in new business and also in new work. What’s more encouraging is the growth in new work received by Chinese services companies from overseas.
China’s composite PMI index also strengthened to 53.2 in November from 52.0 during October. This is the fastest pace of growth seen in Chinese companies in the past 21 months. However, business confidence registered a slight dip in November since the previous month, with companies expressing lesser optimism about any improvement in business conditions over the next 12 months. While services companies were more optimistic in November, business confidence among manufacturers dipped to a five-month low.
The release of this news has failed to make much of an impact on the Chinese yuan which continues to trade weaker against the US dollar over the possibility of a delay in an end to the trade war. At the time of writing, USD/CNH is trading around 7.074.
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