China’s service sector PMI slows in April
Ongoing expansion in the services sector was attributed to interest rate cuts, a reserve requirement ratio reduction for banks and other stimulus measures implemented by the government.
Meanwhile, Caixin China’s manufacturing purchasing managers’ index (PMI) fell to a reading of 49.4 in April from a reading of 49.7 in March, missing Reuters’ economists’ estimates calling for a reading of 49.9. Caixin China’s composite PMI also softened to 50.8 from March’s 51.3.
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