China’s service sector has tumbled into contraction, as the pandemic hits activity and demand. The Caixin/Markit services Purchasing Managers’ Index plunged to 46.7 in August from 54.9 in July. That’s its lowest level since April 2020, in the first wave of Covid-19 . It shows that activity slumped last month, as restrictions to curb the COVID-19 Delta variant risk derailing the recovery in the world’s second-biggest economy.
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