China's service sector rose for the seventh consecutive month in July

The data showed that the service purchasing managers' index in China, the world's second-largest economy, rose to 54.1 in July from 53.9 in June, the seventh consecutive month that the index rose above 50 points.

The level of positive sentiment among companies declined to the lowest level in eight months, and companies said that improved operating conditions, increased customer numbers and new product releases boosted sales at the beginning of the third quarter.

The composite PMI, which combines China's industrial and service sectors, fell to 51.9 in July from 52.5 in June, the lowest level since January but the seventh consecutive month of expansion.