China Caixin Services PMI for December 48.0 (vs. prior 46.7) | Forexlive

I posted the official Chinese PMIs over the weekend:

And the Caixin manufacturing PMI earlier this week:

China’s COVID-19 surge is weighing on China’s economy. Services improved but remained in contraction.

Services PMI for December 48.0 (vs. prior 46.7)

From the report on the services PMI (in brief):

Both supply and demand shrank in the sector
Employment in the sector continued to deteriorate in December.
Prices remained stable.
Optimism improved significantly. Service providers expressed strong confidence in an economic recovery following the easing of Covid containment measures. The gauge for expectations for future activity rose nearly 4 points month-on-month, logging the joint highest reading since May 2021.

Those last two bullet points are cause for some optimism.