China June HSBC services PMI hits 15-month high of 53.1

BEIJING Wed Jul 2, 2014 10:02pm EDT

BEIJING (Reuters) - China's service sector activity expanded at the fastest pace in 15 months in June, a private survey showed on Thursday, reinforcing signs that the broader economy is stabilizing.

The services purchasing managers' index (PMI)compiled by HSBC/Markit rebounded to 53.1 in June from 50.7 in May, well above the 50-point level demarcating expansion from contraction.

In a sign that the domestic economy is regaining some internal strength, a sub-index measuring new businesses jumped to 53.8 in June, the strongest expansion since January 2013.

(Reporting by Aileen Wang; Editing by Kim Coghill)

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