Activity in China’s services sector expanded at its fastest pace in 15 months in June, a private survey showed on Thursday, reinforcing signs that the broader economy is stabilizing.
The services purchasing managers’ index (PMI) compiled by HSBC/Markit rebounded to 53.1 in June from 50.7 in May, well above the 50-point level that demarcates expansion in activity from contraction.
“The expansion in the service sector reinforces the recovery seen in the manufacturing sector, and signaled a broad-based improvement over the month,”said Qu Hongbin, chief economist for China at HSBC.
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