The Results of the Cash Crunch Are In: Small and Medium Businesses Hit; Services PMI Reaches Level of Last Global Panic Period

From Friday:
China December services PMI falls to four-month low

The official purchasing managers' index (PMI) for the non-manufacturing sector dropped to 54.6 in December from November's 56, the National Bureau of Statistics said on Friday.

Monday:
China HSBC Dec Service PMI Falls To 50.9 Vs 52.5 Nov

The latter number includes more medium and small businesses. The latter number is at the lowest level since August 2011, the peak of the European debt crisis/U.S. debt ceiling/China slowdown brouhaha.