FX.co ★ China Services Growth at 3-Month Peak

China's National Bureau of Statistics (NBS) Non-Manufacturing Purchasing Managers' Index (PMI) rose to 50.5 in June 2025, exceeding market expectations and improving from May's 50.3. This marked the highest level since March, occurring during a temporary pause in the trade war between Beijing and Washington. While both new orders (46.6 compared to May's 46.1) and foreign sales (49.8 from 48.0) continued to decline, they did so at a slower rate. Employment figures remained unchanged for the third consecutive month, holding steady at 45. Meanwhile, supplier delivery times stayed relatively consistent (51.2 versus 51.1 in previous data). On the cost side, input prices showed signs of stabilization at 49.9, following four months of decline from a previous reading of 48.2. The decrease in selling prices also moderated (48.8 compared to 47.3), indicating some easing on profit margins. Nevertheless, business confidence, while still positive, fell to a nine-month low (55.6 down from 55.9).