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3 Jul 2014
China HSBC services PMI: Big improvement in June
FXStreet (Bali) - The latest HSBC China Services Business Activity Index came at 53.1 in June, up from 50.7 in May, HSBC reported.
Commenting on the China Services and Composite PMI data, Hongbin Qu, Chief Economist, China & Co-Head of Asian Economic Research at HSBC said:
“The HSBC China Services PMI headline index rose to 53.1 in June, the highest reading since March 2013. Both new and existing business indices rebounded, suggesting stronger economic momentum. The employment index also improved over the month, as increased economic activity lifted labour demand. The expansion in the service sector reinforces the recovery seen in the manufacturing sector, and signalled a broad-based improvement over the month."
"We think the economy is slowly turning around, and expect the recovery to remain supported by accommodative policies on both the fiscal and monetary fronts over the coming months. The slowdown in the property market still poses downside risks, however, and may warrant further easing measures in 2H 2014.”
Commenting on the China Services and Composite PMI data, Hongbin Qu, Chief Economist, China & Co-Head of Asian Economic Research at HSBC said:
“The HSBC China Services PMI headline index rose to 53.1 in June, the highest reading since March 2013. Both new and existing business indices rebounded, suggesting stronger economic momentum. The employment index also improved over the month, as increased economic activity lifted labour demand. The expansion in the service sector reinforces the recovery seen in the manufacturing sector, and signalled a broad-based improvement over the month."
"We think the economy is slowly turning around, and expect the recovery to remain supported by accommodative policies on both the fiscal and monetary fronts over the coming months. The slowdown in the property market still poses downside risks, however, and may warrant further easing measures in 2H 2014.”