China's services activity plunges as virus wipes sales - Caixin PMI [Reuters]
CHINA MRCHNTS BK UNSP/ADR (CIHKY)
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Source: Reuters
China's services activity plunges as virus wipes sales - Caixin PMI BEIJING, March 4 (Reuters) - China’s services sector had its worst month on record in February as new orders plummeted to their lowest level since the global financial crisis, a business survey showed on Wednesday, with economists urging swift support to avoid mass bankruptcies. The Caixin/Markit services purchasing managers’ index (PMI) almost halved last month to just 26.5 from 51.8 in January. It was the first drop below the 50-point margin that separates growth from contraction on a monthly basis 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, which includes many small retailers that are vulnerable to the coronavirus crisis that flared in late January. Business activity almost ground to a halt as tens of millions were forced to stay at home amid strict travel restrictions while many restaurants, malls, and
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