China's Service Sector Expands Strongly In June

China’s service sector expanded strongly in June on improving market conditions following the easing of coronavirus related measures, survey data from IHS Markit showed Friday.

The Caixin services Purchasing Managers’ Index rose to 58.4 in June from 55.0 in May. The rate of expansion was the fastest since April 2010. A score above 50 indicates expansion in the sector.

Total new orders advanced at the quickest pace since August 2010 and new export work expanded for the first time since January. Firms widely reported that overall market conditions had continued to improve following an easing of measures related to the coronavirus disease 2019 pandemic.

The composite output index rose to 55.7 in June from 54.5 in May, to signal a sharp and accelerated increase in overall Chinese business activity.

The material has been provided by InstaForex Company –