- Analytics
- News and Tools
- Market News
- China's Caixin Services PMI rises to 57.1 in May, meets estimates
China's Caixin Services PMI rises to 57.1 in May, meets estimates
China's Services Purchasing Managers' Index (PMI) rose to 57.1 in May as against the 56.4 reading booked in April, the latest data published by Caixin showed on Monday. The market consensus for a reading of 57.1.
Key points
Business activity expands for fifth month running.
Robust and accelerated upturn in new orders.
Output charge inflation reaches 15-month high.
Commenting on the China General Services PMI ™ data, Dr. Wang Zhe, Senior Economist at Caixin Insight Group said: “Both services supply and demand expanded further in May. The gauges for business activity and total new orders both stood above 50 for the fifth consecutive month and logged their second-highest readings since November 2020.”
“External demand also maintained strong momentum, with the measure for new export orders staying in expansionary territory for five months in a row. Services activity continued to rebound after China scrapped its “zero-Covid” policy in December,” Wang added.
AUD/USD reaction
The in-line with expectations Chinese Services PMI bodes well for the Aussie Dollar, lifting AUD/USD back above 0.6600. The major is trading at 0.6604, at the time of writing, still down 0.21% on the day.
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
