China's June PMI grows at fastest pace in 3 months

Beijing

CHINA'S manufacturing activity in June outpaced expectations, momentarily dissipating analyst fears that the growth of the Chinese economy is slowing.

China's official Purchasing Managers' Index published by the National Bureau of Statistics, came in at 51.7 in June from 51.2 in May, its fastest pace in three months, while the Caixin PMI, a private survey monitoring smaller private companies also rebounded strongly reaching 50.4 compared to 49.5 the previous month.

The official services sector PMI, a gauge of domestic consumption, rose to 54.9 …