China services sector picks up in February as new orders improve

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.