China's Services Sector Hits Eight-Month Low in August

China's services sector experienced a decline in business activity in August, reaching its lowest level in eight months, despite the implementation of economic stimulus measures. The Caixin China general services purchasing managers index (PMI) dropped to 51.8, indicating contraction, with weaker foreign demand for Chinese services being a contributing factor. This aligns with the official August PMI data, which also showed a slowdown in demand for services. Concerns about slower growth have arisen as economic growth in China has stalled since April, prompting the government to introduce initiatives to restore confidence in the economy.