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6 May 2015
HSBC China services activity expands in April
FXStreet (Bali) - The HSBC China Services Business Activity Index came at 52.9 in April, up from 52.3 in March.
Commenting on the data, Annabel Fiddes, Economist at Markit said:
“The latest set of PMI data indicated that Chinese service sector companies had a strong start to Q2, with activity and new orders both rising solidly in April. However, a downturn in manufacturing operating conditions led to a weaker expansion of overall business activity in April, with composite output rising at the slowest rate in three months.
Furthermore, sustained job shedding at manufacturing firms offset a modest rise in service sector staff numbers,leading total employment to fall for the second month in a row. This suggests that, despite recent stimulus measures, such as cuts to banks’ reserve ratios and lending/deposit rates, more measures may be required to ensure the economy does not slow further from the 7% annual pace of growth registered in Q1.”
Commenting on the data, Annabel Fiddes, Economist at Markit said:
“The latest set of PMI data indicated that Chinese service sector companies had a strong start to Q2, with activity and new orders both rising solidly in April. However, a downturn in manufacturing operating conditions led to a weaker expansion of overall business activity in April, with composite output rising at the slowest rate in three months.
Furthermore, sustained job shedding at manufacturing firms offset a modest rise in service sector staff numbers,leading total employment to fall for the second month in a row. This suggests that, despite recent stimulus measures, such as cuts to banks’ reserve ratios and lending/deposit rates, more measures may be required to ensure the economy does not slow further from the 7% annual pace of growth registered in Q1.”