2018.02.0423:09:00UTC+00China Services Growth Picks up in January

Expansion at China's services firms gained momentum in January on stronger client demand as the sector's rate of growth reached its highest level in almost six years, according to a private gauge of activity.

The Caixin-Markit services PMI increased to 54.7 in January, from 53.9 in the prior month and notching the biggest rise in activity since May 2012. The previous month's figure drove the gauge further above the 50-point level delineating growth from contraction.

Services firm posted increasing payrolls on stronger business demand as new orders reached a new 32-month high, according to the survey.

The services gauge reading, along with the 51.5 reading for the manufacturing sector in January, led to a composite PMI of 53.7, marking a seven-year high. The figure is up from 53 in December.

The Caixin-Market indicator tracks smaller, private firms in contrast to the official government gauge, which mainly focuses on bigger, state-owned companies.