China's non-manufacturing PMI drops in January

The purchasing managers' index (PMI) for China's non-manufacturing sector slipped for a third straight month in January due to slowdown in the real estate sector, new data showed Monday.

The index dropped to 53.4 percent in January, the lowest since February 2012, from 54.6 percent in December, according to official data released Monday.

A PMI reading above 50 percent indicates expansion, while a reading below 50 percent reflects contraction.

The monthly indicator is released by the National Bureau of Statistics and the China Federation of Logistics and Purchasing.