China’s services PMI edges up in May – BBH

China private sector services activity picked-up in May, BBH FX analysts report.

China services sector expands modestly

"The Caixin services PMI increased 0.1pts more than expected to 51.1 vs. 50.7 in April. Nevertheless, the recovery remains fragile, and we expect more stimulus measures in the second half of the year."

"Earlier this week, Caixin reported that is manufacturing PMI dropped to the lowest level since September 2022 at 48.3 vs. 50.4 in April. The result is the Caixin composite PMI fell to 49.6 (lowest since December 2022) vs. 51.1 in April."