China services PMI eases to 54.0 in July, misses estimates

Dhwani Mehta FXStreet

Bloomberg is out with the early leak of the official Chinese composite PMI for the month of July, as published by the National Bureau of Statistics (NBS).

China Composite PMI is reported at 53.6 versus 54.4 previous.

Meanwhile, the Chinese services PMI arrived at 54.0 in July versus 55.0 and 55.0 last.

China NBS manufacturing PMI for July disappointed, coming in at 51.2 versus 51.3 expectations and 51.5 booked in June.

The country’s manufacturing gauge was reported on the scheduled time at 0100 GMT.

An NBS official Zhao Qinghe said in a statement released with the data that firms were hurt by trade frictions, rain and high temperatures in July, which is also a cyclically slow season for some sectors.

The PMI’s July new export orders index remained in contraction in July, in line with the previous month’s reading of 49.8.

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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