S&P Global reported that the China services Purchasing Managers' Index, or RatingDog China Services PMI, stood at 50.4 in July, down from 54.1 in June and below the analyst forecast of 53.7. While a reading above 50 still indicates expansion in the services sector, the slowdown aligns with data from China's National Bureau of Statistics showing the non-manufacturing PMI at 49 in July, the lowest since December 2022 and down from 50.2 in June. This reflects the weakness of the Chinese economy, which expanded just 4.3 percent in the second quarter of 2026, the slowest growth rate in more than three years and below the lower end of the government's full-year target range of 4.5 to 5 percent.
