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China’s services sector shrank at the fastest pace on record in February as new orders plummeted to their lowest level since the global financial crisis, a private survey showed on Wednesday.
The Caixin/Markit services purchasing managers’ index (PMI) almost halved last month to just 26.5 from 51.8 in January. A reading of 50 separate growth from contraction. The gauge slipped into contractionary territory for the first time since the survey began almost 15 years ago in late 2005.
The sharp correction suggests more urgent action is needed to support the sector . . .
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