YANG - China's industrial production retail sales grows less than expected in July
2023-08-15 00:42:41 ET
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The world's second-largest economy, China, on Tuesday revealed weaker-than-expected economic figures, with sluggish retail sales growth pointing to waning consumer confidence.
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China's industrial production increased 3.7% year-on-year in July 2023, slowing from a 4.4% rise in June and below forecasts of 4.4%, due to softer rises in manufacturing activity (3.9% vs 4.8%) and mining output (1.3% vs 1.5%).
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For the first seven months of the year, industrial output achieved a growth rate of 3.8%.
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Retail sales grew 2.5% year-on-year in July, down from 3.1% in June and falling short of analyst expectations of 4.5%, marking the seventh straight month of increase in retail trade but the softest pace in the sequence.
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For the first seven months of the year, retail trade rose by 7.3%.
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China's fixed-asset investment grew by 3.4% year-on-year to CNY 28.59 trillion in the first seven months of 2023, easing from a 3.8% rise in the January to June period and missing market forecasts of 3.8%.
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Officials cut the medium-term lending facility (MLF) rate, the interest for one-year loans to financial institutions, from 2.65% to 2.5%.
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The move comes after Chinese new bank loans plunged 89% from a month earlier to CNY 345.9 billion in July 2023, the lowest since late 2009, the second reduction this year after the central bank lowered the rate by 10 bps on June 13th.
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Now read: China's CPI falls for first time in over two years; PPI drops more than expected .
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China's industrial production, retail sales grows less than expected in July