Services activity rebounds in July

Activity in China's services sector expanded at its fastest pace in the 11 months in July, thanks to stronger new business, a private survey showed on Wednesday, a welcome development at a time factories in the world's second-largest economy are struggling.

The services Purchasing Managers Index, compiled by Caixin Media Co Ltd and Markit Ltd, rose to 53.8 from June's 51.8. The July level is the highest since August 2014 and marks a 12th straight month of expansion.

A reading above 50 points indicates growth on a monthly basis.