7/5, 3:47 AM (Source: TeleTrader)
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China's service sector sees solid expansion in June

Caixin China Purchasing Managers Index (PMI) landed at 54.5 in June, signaling an expansion in the country's services activity, according to a report released by the IHS Markit on Tuesday.

The steep increase was largely attributed to the domestic COVID-19 situation improving after containment measures were loosened, according to the report.

"Businesses were moderately optimistic," Senior Economist at Caixin Insight Group Dr. Wang Zhe said, noting, however, that the surveyed companies have expressed concerns about the long-lasting impacts of the pandemic.

Baha Breaking News (BBN) / NL