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China service sector activity rises solidly, while manufacturing output growth slows
HSBC China Composite PMI™ data (which covers both manufacturing and services) signalled a fourth successive monthly increase of Chinese business activity during August. The HSBC Composite Output Index posted at 52.8, up from 51.6 in July, and signalled a robust rise in activity levels. Furthermore, it was the strongest expansion of business activity in 17 months. The improvement in the headline index largely reflected the growth recovery recorded in the service sector, as production growth slowed at manufacturing firms. Service sector business activity expanded at the fastest rate since March 2013, and contrasted ... (full story)