The HSBC China Composite PMI data (which covers both manufacturing and services) signalled a modest expansion of business activity during December. Output has now risen for four consecutive months. Moreover, the rate of growth quickened slightly from November to the fastest in the current sequence. The HSBC China Composite Output Index posted 51.8 in December, up from 51.6 in November. Output increased across both the manufacturing and service sectors during December. The rates of expansion were broadly similar, with both sectors signalling modest growth. However, the rate of expansion in services slowed further, ... (full story)