04.03.202001:52:00UTC+00China's Private Sector Logs Record Fall In February

China's private sector contracted the most in February as the coronavirus epidemic impacted economic activity, survey data from IHS Markit showed Wednesday.

The Caixin Composite Output Index dropped sharply to 27.5 in February from 51.9 in the previous month. A score below 50 indicates contraction.

The index signaled the sharpest decline in total Chinese business activity on record in February, as company closures and travel restrictions were put in place due to the coronavirus outbreak.

The services Purchasing Managers' Index plunged to 26.5 in February from 51.8 in January. The score was expected to drop moderately to 48.0.