China services sector picks up in February as new orders improve
HSBC/Markit Services PMI rises to 52 from Jan's 51.8
Beijing
ACTIVITY in China's services sector grew modestly in February as new orders rose at their quickest pace in three months, a private survey showed just a few days after the central bank cut interest rates to stimulate the world's second-largest economy.
The HSBC/Markit Services Purchasing Managers' Index (PMI) picked up to 52.0 last month from January's 51.8 and remained above the 50-point level that separates contraction from growth in activity on a monthly basis.
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Central banks will probably only cut half as much as they hiked