China's Service Sector Growth Moderates in February, Business Confidence and Staffing Decline

• China's services sector grew at slower pace in February based on Caixin/S&P Global services PMI • Business confidence moderated for 2nd month; firms cut staff numbers for first time since November • Activity still expanded for 14th straight month, contrasting faster expansion in official PMI • New business growth little changed; foreign demand strongest since June 2021 • Policymakers trying to boost demand through measures like bank reserve ratio cuts and plans to promote consumer goods