China's official services gauge had also shown a marked slowdown in June, though it remained well in expansion territory.

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The Caixin/Markit services Purchasing Managers' Index (PMI) fell to 50.3 in June, the lowest since April 2020 and down significantly from 55.1 in May. It held just above the 50-mark, which separates growth from contraction on a monthly basis.

China's official services gauge had also shown a marked slowdown in June, though it remained well in expansion territory. The private survey typically focuses more on smaller companies.

Coupled with a slowdown in manufacturing, analysts say the PMI survey findings suggest that pent-up COVID demand may have peaked and China's robust economic rebound from the crisis is starting to moderate.