China: PMI services down but second best performance since the end of 2020

China’s Caixin/S&P Global services PMI fell to 56.4 points in April, from 57.8 in March.

The figure, albeit down, reflects the second best performance since November 2020.

Furthermore, it is the fourth consecutive month that China’s PMI services index stands above 50 points, the dividing line between the phase of expansion (values ​​above 50 points) and contraction (below 50 points).

However, the figure disappointed expectations of a limited decline to 57.3 points.

China’s PMI Composite was 53.6, down from 54.5 previously.