China’s Caixin Services PMI index rose 4.6 points in July, rising to 54.9 from 50.3 in June. This is the best result seen since May, and the third best so far this year.
According to the statement, PMI survey data showed a steeper rise in Chinese services activity in July. The strongest rally coincided with the successful containment of the recent spike in COVID-19 cases, which in turn led to increased numbers of customers and fueled new orders. As a result, firms saw a renewed increase in backlogs, causing a slight increase in payroll figures. Business confidence also strengthened from that observed in June. Finally, the price data showed strong increases in both input costs and production charges.
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