Caixin Services PMI in China Rises to 55.5 in July, Exceeding Expectations of 48.0

The Caixin services PMI for July showed China's services activity rose at the quickest rate in 15 months, coming in at 55.5 vs. 48.0 predicted and 54.5 before.

August 03, 2022 - 12:09 PM 207 views

Caixin Services PMI in China Rises to 55.5 in July, Exceeding Expectations of 48.0

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© Caixin Services PMI in China Rises to 55.5 in July, Exceeding Expectations of 48.0

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The Caixin services PMI for July showed China's services activity rose at the quickest rate in 15 months, coming in at 55.5 vs. 48.0 predicted and 54.5 before.

A further improvement in Chinese services activity was indicated by survey data from July, which coincided with a relaxation of pandemic restrictions and a return to more typical business conditions.

According to Caixin Insight Group Senior Economist Wang Zhe, "Supply and demand in the services industry expanded. The economic impact of this cycle of outbreaks was diminishing, despite the fact that Covid limitations impacted the operations of some service enterprises. The business activity and new business indicators both reached their best marks in 15 and 9 months, respectively, in July.

The pandemic scenario abroad limited external demand, Wang continued, with the measure for new export orders in contractionary territory for the seventh consecutive month.

AUD/USD Maintains Over 0.6900

The Australian dollar continues to strengthen thanks to the Chinese services PMI's above-predicted reading; at the time of writing, the AUD/USD exchange rate is trading at 0.6909, down 0.14 percent on the day.

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