China's services activity expands further, but external demand slows, Caixin PMI shows

In July, China's services activity saw accelerated growth due to an increase in new orders, although overseas demand experienced a slowdown to an 11-month low, according to a private-sector survey. The Caixin/S&P Global services purchasing managers' index (PMI) increased to 52.1 from June's 51.2, indicating expansion for the 19th consecutive month. The index focuses mainly on private and export-oriented companies, where a reading above 50 signifies growth.