Official PMI index declined in services industry

The latest official Chinese economic indicators published:

Slower growth in the services sector

The official Chinese PMI showed a sharp decline in the service industry in January, fell to 52.9, against 56.0 in December, said the National Bureau of Statistics.

This decline contradicts the PMI of HSBC bank which falls to 52.5.

Manufacturing pmi exceed the consensus

The industrial sector grew modestly in January, fueling hope for China to avoid a crash landing.

The official manufacturing PMI was 50.5 in January against 50.3 expected and 49.5 in December.

Component of new orders recorded a three-month high of 50.4 against 49.8 in December.

However, reflecting a slowing global economy and fears of recession in Europe, the component of export orders were down for the fourth consecutive month to 46.9 against 48.6.

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