China Caixin Jan services PMI at 6-month high

FXStreet (Bali) - China Caixin January services PMI came at 52.4 vs 50.2 last, which reflects a 6 month high after a 17-month low last December. Meanwhile, the composite reading stood at 50.1 vs 49.4 last.

Commenting on the China General Services PMI™ data, Dr. He Fan, Chief Economist at Caixin Insight Group said: “Overall, the fast development of the services sector has to a large extent offset the impact of weakening manufacturing, indicating a better economic structure. The government should continue to deepen reform, relax administrative controls and reduce restrictions on market entry for service providers. This will release the potential of the services sector and help improve the economic structure.”