China's May services PMI surges to 54.4, beating forecasts; PBoC halts open market injections

2026-06-03 02:29:40 ET

The RatingDog China General Services PMI rose to 54.4 in May 2026, up from 52.6 in April, exceeding expectations of 52.3. ...

This increase indicates the strongest growth in services since February, driven by a rise in new orders and improved export orders.

Additionally, the RatingDog China General Composite PMI increased to 54.0 in May from 53.1, indicating the highest level since February and showing a boost in private-sector business activity.

The latest data reflects the second-fastest expansion in two years, supported by a stronger services sector and growth in manufacturing.

Separately, the People’s Bank of China (PBoC) announced that it conducted zero reverse repo operations, citing primary dealers' funding needs in its open market operations.

On Wednesday, the Shanghai Composite rose 0.45% to 4,067, while the Shenzhen Component extended its previous-session advance, rising 1.3% to 15,797, and the offshore yuan weakened to 6.76 per dollar, retreating from a more than three-year high reached in the previous session.

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