China’s Caixin services PMI slides from three-month high

China’s Caixin services PMI slides from three-month high

China’s Caixin services Purchasing Managers’ Index retreated from the highest level in three months in June on drop in new order volumes, raising concerns the downward economic trend remains enact.  

The private services gauge eased expansion to 51.6 last month from 52.8 in May, coming below analysts’ forecasts of 52.9. May’s reading was the highest in three months, while June’s reading is second-lowest in 13 months.  

The manufacturing sector showed a rise to a three-month high in June, yet the Caixin Composite PMI, combining manufacturing and services activities, fell to 51.1, the weakest level this year, from a previous of 51.5.

As of 07:45 GMT, the dollar was 0.04 percent lower versus the Chinese yuan, as the USDCNY traded at 6.7980.

China’s Shanghai Composite Index gained 0.76 percent or 24.33 points to finish at 3,207.13.

Ahmed Mamdouh

Ahmed Mamdouh, Co-Founder and Head of English Fundamental Analysis at FXComment.com, with 7 years of experience in the financial markets. Mamdouh holds a Master’s Degree in Economics from The American University in Cairo and a Bachelor Degree in Economics from The Faculty of Economics and Political Science, Cairo University.

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