China’s services sector grew at its fastest pace this year in April as a sizzling stock market rally helped boost consumer confidence and spending, a private survey showed on Wednesday.
Yet in a sign that China’s economy still faces strong headwinds, the HSBC/Markit China Services Purchasing Managers’ Index (PMI) showed final prices of services hit a 15-month low in April as some firms were forced to cut prices to lift sales.
The services PMI rose to a four-month high of 52.9 in April from 52.3 in March, comfortably above the 50-point level that separates expansion from a contraction in activity on a monthly basis.
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