China's official nonmanufacturing purchasing managers' index climbed to 56.3 in October from 55.4 in September, reaching its highest point this year. Meanwhile, the manufacturing PMI reached 51.4, the best showing since May 2012, adding to the good news for the Communist Party as leaders prepare for a policy summit that starts at the end of this week. "The government will tone down its pro-growth rhetoric, but there won't be a significant tightening of monetary policy as new leaders still need a stable economic and financial environment to consolidate their power base," said Lu Ting, head of Greater China economics at Bank of America in Hong Kong.

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