RTTNews | Aug 3, 2021 09:50PM EDT

21:50 Tuesday, August 3, 2021 (RTTNews.com) - The services sector in China continued to expand in July, and at a faster rate, the latest survey from Caixin showed on Wednesday with a services PMI score of 54.9.

That was up from 50.3 and it moves further above the boom-or-bust line of 50 that separates expansion from contraction.

Underpinning the sharper upturn in activity was a further rise in new business. Notably, the rate of new order growth quickened from June's recent low and was steep overall. Panel members often mentioned that the containment of the virus domestically and firmer market conditions had helped to boost customer numbers and demand.

However, the pandemic continued to weigh on new export business, which was broadly stagnant in the latest survey period.

The survey also said its composite index improved to 53.1 in July from 50.6 in June.

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