China's services activity expanded at a slower pace in January, with the Lunar New Year holidays worsening employment, but business sentiment improved, a private sector survey showed on Wednesday. The Caixin/S&P Global services purchasing managers' index (PMI),

Zichun Huang, China economist at Capital Economics, said: "The Caixin manufacturing PMI released today adds to evidence that China's economy lost some momentum in January. The breakdown suggests that exporters were downbeat even ahead of Trump's latest tariff announcement.