China February HSBC Services PMI up to 52


Share:

Activity in China’s services sector grew modestly in February as new orders rose at their quickest pace in three months, a private survey showed just a few days after the central bank cut interest rates to stimulate the world’s second-largest economy.  The HSBC/Markit Services Purchasing Managers’ Index(PMI) picked up to 52.0 last month from January’s 51.8 and remained above the 50-point level that separates contraction from growth in activity on a monthly basis.

A sub-index for new orders rose to 52.2 in February from 51.2 in January and the sub-index measuring new business also rose.  “The solid rise in new orders suggests that activity growth may pick up in the months ahead, as firms continued to add to their payroll numbers amid a positive business outlook,” said Annabel Fiddes, Economist at Markit.

Official surveys showed on Sunday that growth in the services sector picked up to 53.9 last month from January’s 53.7, which the National Bureau of Statistics attributed in part to strong holiday spending during the Chinese New Year.  Accounting for 48 percent of China’s $10.2 trillion economy last year, the services sector has weathered the growth downturn better than factories have, partly because it depends less on foreign demand.

Share: Feed news

Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended Content


Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended Content

Editors’ Picks

EUR/USD holds above 0.7000 after Powell delivered Premium

EUR/USD holds above 0.7000 after Powell delivered

Fed Chair Powell temporarily boosted optimism pushing EUR/USD to 1.0766 saying that stronger-than-expected data will see the Fed raising rates accordingly. US Dollar bulls fight back and the pair trades below 1.0745.

EUR/USD News

GBP/USD trades around 1.2000 in Powell’s aftermath

GBP/USD trades around 1.2000 in Powell’s aftermath

GBP/USD flirted with 1.2100 within FOMC Chairman Jerome Powell's speech, but quickly trimmed gains and hovers around the 1.2000 figure. The US Federal Reserve further cooled expectations of a rate cut by year-end.

GBP/USD News

Gold: Holding above $1,860, but upside still seen limited Premium

Gold: Holding above $1,860, but upside still seen limited

Spot gold saw little action throughout the first half of the day, consolidating its latest losses just above the $1,860.00 threshold. The US Dollar mainly advanced against its European rivals, as certain caution reigned ahead of a speech from US Federal Reserve (Fed) Chairman Jerome Powell, resulting in XAU/USD holding within familiar levels. 

Gold News

Top 3 Price Prediction: Bitcoin, Ethereum, Ripple: When all signs point north

Top 3 Price Prediction: Bitcoin, Ethereum, Ripple: When all signs point north

The Crypto market continues to show bullish signals. Still, a trade-per-trade stance is being implemented as markets are highly elevated since January's 40% rally.

Read more

US trade deficit widened to close a volatile year for trade

US trade deficit widened to close a volatile year for trade

The U.S. trade deficit widened in December to finish what was a volatile year for international trade flows. While 2022 marked the largest deficit on record, the U.S. trade balance narrowed over the course of the year. Trade flows will remain under pressure in 2023 amid slow global growth and a normalization in U.S. demand.

Read more

Majors

Cryptocurrencies

Signatures