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China PMI down in December
(MENAFN) China's services sector's business activity dropped last month to the lowest level since August of 2011, Xinhua reported.
The HSBC/Markit China services purchasing managers' index (PMI) came at 50.9 in December, down from 52.5 in the month before it. A reading above 50 means expansion, while a reading below 50 means contraction.
HSBC's chief China economist said: "We expect the steady expansion of manufacturing sectors to lend support to service sector growth."
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