FX.co ★ Chinese services PMI at 16-month high in November

According to Markit, China’s services purchasing managers’ index (PMI) rose to 53.1 in November, the highest since July 2015. In October, the services PMI score stood at 52.4.

According to the survey, companies noted rising commodity prices and higher wages. Input prices for services companies rose at the fastest pace since February 2015.

"Price pressure likely reflects currency moves and the bounce in commodity prices. That can't be good for margins," Frederic Neumann, HSBC co-head of Asian economics research, said.

Markit noted that the services companies hired staff at the fastest pace in a year-and-a-half, but their business expectations reached a 13-month low in November.

New orders in services companies continued to increase, but at a slightly slower pace from October.

Caixin composite PMI for both the manufacturing and services sectors was unchanged in November from the previous month's figure of 52.9, thus signaling stable growth.