CHINA:

HSBC/Markit Services PMI for November, 53.0

  • prior was 52.9

HSBC/Markit Composite PMI for November, 51.1

  • prior was 51.7

Hongbin Qu, Chief Economist, China & Co-Head of Asian Economic Research at HSBC:

  • The headline HSBC China Services PMI improved slightly to 53.0 in November, up from 52.9 in October.
  • New business improved while outstanding business contracted further.
  • The labour market index moderated and price pressures remain subdued.
  • The service sector saw a very marginal improvement in November, alongside sluggish activity in the manufacturing sector.
  • We expect the PBoC’s recent rate cuts will help stabilize demand in the near term. However, downside pressures on the economy still persist and warrant further monetary and fiscal easing measures in the coming months.”
china servcies pmi