July 2022 China Macro Data Recap

Progress toward economic recovery stalled or reversed in July, according to most official indicators released today. Industrial value-added growth disappointed expectations based on surprise declines in output of legacy industries such as steel and new industries such as semiconductors. Credit demand from households and corporates appears extremely weak, contributing to disinflationary pressures and driving the PBOC to respond with today’s 10 bps cut to key funding rates, the first since January.

Posted August 15, 2022
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