A private survey showed that services activity in China accelerated at its fastest pace in more than a year in July, supported by increased demand during the summer travel season.
S&P Global explained that the Chinese services Purchasing Managers' Index (PMI) rose to 52.6 in July, marking the fastest growth since May 2024, after reaching 50.6 in June. The reading above the 50-point mark indicates activity growth.
Business confidence reached its highest level since March, supported by hopes for better trade and economic conditions in the coming months.
"Improving demand conditions supported the recent upswing in activity, including stronger external demand," said Jingyi Pan, associate director of economics at S&P Global Market Intelligence, according to the Wall Street Journal
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