China's Jan services activity expands at slowest rate in 5 months: Report

A sub-index for new business in the survey stood at 51.1 in January, slower than the long-run series average and below 52.5 in the previous month

Activity in China's services sector in January expanded at the slowest pace in five months, as a surge in local COVID-19 cases and containment measures hit new business and consumer sentiment while employment fell, a private survey showed on Monday.

The Caixin/Markit services Purchasing Managers' Index (PMI) dropped to 51.4 in January - the lowest since August - from 53.1 in December. The 50-point mark separates growth from contraction on a monthly basis.

The soft reading is likely to reinforce market expectations that policymakers need to roll out more support measures to stabilise the faltering economy. China's central bank has