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MNI BRIEF: Caixin China May Services PMI Jumps From Recent Low

MNI (Singapore)

Caixin China's services PMI for May rebounded sharply by 5.2 points to 41.4, but is still below the breakeven 50 and the stands at the second-lowest level since March 2020 amid Covid-19 outbreaks, financial publisher Caixin said on Monday.

Both the business activity and new order sub-indices recovered from the previous low as shutdowns and travel restrictions weighed, said Caixin. External demand in the service industry has been shrinking for five consecutive months due to travel curbs, Caixin added.

Caixin's manufacturing PMI tracking small and medium-sized manufacturers released last Wednesday also rebounded 2.1 points on month to 48.1.

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