HSBC services PMI rises to 54.7

China's services industry expanded at a faster pace in May, according to a survey of purchasing managers released by HSBC Holdings Plc and Markit Economics.

The PMI rose to a 19-month high of 54.7 in May from 54.1 in April, HSBC and Markit said on Tuesday. The result contradicted a government-backed survey of services businesses released on June 3 and signs from other data that a slowdown in the economy is worsening.

China Daily-Agencies