Caxin Services Sector Index at 11-month high

China’s services sector activity rose to an 11-month high in June as Beijing promoted the sector to replace traditional manufacturing, with the headline Caixin General Services PMI rising to 52.7. The reading compares with 51.2 for May, with performance improvements registered in each of index’s categories. New business orders were particularly strong, rising to their highest level since July 2015. The June reading was the highest since last July, when the index came in at 53.8. Weighed down by contraction in the manufacturing sector, however, the Caixin Composite Output Index, which covers both manufacturing and services, showed only marginal growth in overall business activity from the previous month, coming in at 50.3.