China’s services sector expanded fastest in three months in March, business optimism hit 10-year high, employment back to growth

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China’s services sector activity expanded at the fastest pace in three months in March, representing the 11th consecutive month of expansion, as business optimism surged and companies hired more workers.

The Caixin/Markit services Purchasing Managers’ Index (PMI) rose to 54.3, the highest reading since December, from 51.5 in February, well above the 50-mark that separates growth from contraction on a monthly basis.

Caixin’s composite PMI which tracks both manufacturing and services sectors, rose to 53.1 in March, from 51.7 the previous month, showed the data.