Just like Chinese Manufacturing, the Services PMI surveys from official sources and Caixin contradict each other. Providng hope for every bull, bear, and greater fool, official government data suggests the services economy is doing great and stimulus is working as it jumps to 4-month highs. However, Caixin's Services PMI shows a sudden drop near 2015 lows suggesting the need for moar stimulus now... take your pick, it's all farce!
Yuan (on- and off-shore) are both flat following the fixing but stocks are reversing yesterday's divergence (CSI-300 and Shanghai flat to lower, ChiNext and Shenzhen jumping higher).
Charts: Bloomberg
