China's services gauge jumped to 51.4 in August while the official factory survey stayed below 50, and Hong Kong's PMI slid back into contraction at 49.5. The PBOC drained roughly ¥469bn from money markets anyway, holding lending rates unchanged.
Private services activity recovered from a 22-month low but remains the second-softest print in 14 months, even as hiring stretched to its longest run since 2023. Source
