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China’s service activities moderates in January, export orders grow fastest in 14 months

China’s services sector continued to expand in January although the growth decelerated slightly, becoming an increasingly important support for the world’s second largest economy while the country's manufacturing sector contracted for the second straight month.

The Caixin/Markit services purchasing managers’ index (PMI) moderated to 53.6 in January from 53.9 in the previous month, but still well above the 50 mark separating growth from contraction.

Notably, the sub-index for the new export orders hit the highest level in 14 months, indicating the fastest growth pace in more than a year, while overall new orders . . .

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