China's PMI services index raliies

(AGI) Beijing, July 3 - China's services purchasing managers'index (PMI) rose sharply in June. The index, calculated byHSBC/Markit, increased to 53.1 points, far above the 50-pointthreshold which separates economic expansion and contraction.In May, the index was 50.7 points. Chinese authorities havegranted banks the freedom to set yuan exchange rates againstthe dollar in OTC transactions. This is a further step forwardby Beijing towards freeing exchange rates from governmentcontrol and the full convertibility of the currency. . .

(AGI) Beijing, July 3 - China's services purchasing managers'index (PMI) rose sharply in June. The index, calculated byHSBC/Markit, increased to 53.1 points, far above the 50-pointthreshold which separates economic expansion and contraction.In May, the index was 50.7 points. Chinese authorities havegranted banks the freedom to set yuan exchange rates againstthe dollar in OTC transactions. This is a further step forwardby Beijing towards freeing exchange rates from governmentcontrol and the full convertibility of the currency. . .