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Caixin services PMI rises to 17-month high

China's service sector continued to expand in December, posting its strongest rate in 17 months, according to a private survey on Thursday. The Caixin General Services Purchasing Managers' Index edged up to 53.4 from 53.1 in November 2016, according to the survey conducted by financial information service provider Markit, sponsored by Caixin Media. The previous high was 53.8 in July 2015. A reading above 50 indicates expansion, while below 50 represents contraction. Demand in the sector picked up as new orders at service companies rose in December at the fastest pace in 17 months.

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