China services growth eases slightly as export orders hit 20-month high

AI summary

<p class="font-claude-response-body break-words whitespace-normal">The pullback from 54.4 to 54.1 is marginal enough that it shouldn't shift the broader narrative of resilient Chinese domestic demand, but the acceleration in export orders to a 20-month high is the more interesting signal for markets watching China's external rebalancing, particularly against the backdrop of elevated foreign equity outflows this year. The return of pricing power, with charges rising at the fastest pace since May 2024, offers a tentative counterpoint to persistent deflationary concerns in China, though one month of data is not yet a trend. The back-to-back employment gains, the first since 2024, will be watched closely for signs of a genuine labour market inflection rather than a one-off restocking effect.</p><p class="font-claude-response-body break-words whitespace-normal">--- The RatingDog China General Services PMI eased to 54.1 in June from 54.4, still near a three-year high, as export orders grew fastest since October 2024 and firms raised prices for the first time in four months, RatingDog said.</p><p class="font-claude-response-body break-words whitespace-normal">Summary:</p><ul class="[li_&]:mb-0 [li_&]:mt-1 [li_&]:gap-1 [&:not(:last-child)_ul]:pb-1 [&:not(:last-child)_ol]:pb-1 list-disc flex flex-col gap-1 pl-8 mb-3"><li class="font-claude-response-body whitespace-normal break-words pl-2">The RatingDog China General Services Business Activity Index eased to 54.1 in June from 54.4 in M