A gauge of China’s services industry expanded at the weakest pace in six months as a slowdown spreads to areas of the economy that had been outperforming the nation’s flagging factories and sagging property market.
The Services Purchasing Managers’ Index from HSBC Holdings Plc and Markit Economics for January was at 51.8, down from 53.4 a month earlier. Numbers above 50 indicate expansion.
Services made up 48.2 percent of gross domestic product in 2014, up 1.3 percentage points from a year earlier and one of the brighter performers in an economy that expanded at the weakest pace since 1990. China’s central bank, which cut interest rates in November for the first time in two years, has since added liquidity in targeted measures rather than with follow-up rate cuts or lowering banks’ required reserve ratios.
Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at email@example.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.