China's service sector expanded strongly in October signaling a sustained recovery from the Covid-19 related drops in activity seen earlier in the year, survey results published by IHS Markit showed Wednesday.
The Caixin services Purchasing Managers' Index advanced to 56.8 in October from 54.8 in the previous month. A score above 50 indicates expansion in the sector.
The sector posted its second fastest growth for over a decade, driven by a substantial rise in new work. However, new work from overseas markets declined further due to the resurgence of Covid-19 cases across a number of export markets.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.