China's service activities accelerate with new orders

China’s services sector activity improved led by new orders and consumption, with the PMI rising to 57.8 points. The services sector PMI, compiled by Caixin/S&P Global, rose to 57.8 points in March from 55.0 points in February. According to the index, China’s services sector activity continued to expand in March. The data showed a fourth month of momentum and growth above the 50-point threshold, separating it from contraction. It was also the highest since November 2020. Caixin said in a statement that the rise in activity was supported by a sustained and sharper increase in new business. Employment also rose at its fastest pace in 28 months.