China's Service Sector Picks Up Steam in March as New Business Growth Hits 3-Month High

• China's services sector activity growth picked up pace in March as new business rose the fastest in 3 months

• Together with better-than-expected manufacturing data, this adds evidence parts of China's economy are gaining momentum

• Caixin/S&P Global services PMI edged up to 52.7 from 52.5 in February, remaining above 50 mark separating expansion from contraction

• New business growth was fastest since December thanks to improving demand and efforts to boost new orders

• However, better sales and confidence failed to lift employment levels which shrank for 2nd straight month due to resignations and redundancies