China official services PMI hits six-month high as orders rebound

China's services sector grew at its fastest pace in six months in May as new orders rebounded, an official survey showed, reinforcing hopes that the Chinese economy may be steadying after a tumultuous few months. The official non-manufacturing purchasing managers' index (PMI) climbed to 55.5 from April's 54.8, the National Bureau of Statistics said. The pick-up in the services PMI echoes a rebound in China's factory sector, and augurs well for a spate of monthly economic data from the country due later this month. Official data on Sunday showed China's manufacturing industry grew at its fastest pace in five months in May due to rising new orders, as a PMI for the sector touched a high of 50.8 in May.



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