China reported weak growth data for July, adding to concerns about the strength of the country’s economy.
In addition, China’s National Bureau of Statistics discontinued publishing of youth unemployment figures after the youth unemployment rate reached 21.3%.
China’s July Retail Sales 2.5% yr/yr (expected 4.5%; last 3.1%), July Industrial Production 3.7% yr/yr (expected 4.4%; last 4.4%), July Fixed Asset Investment 3.4% yr/yr (expected 3.8%; last 3.8%), and July Unemployment Rate 5.3%, as expected (last 5.2%)
The People’s Bank of China lowered its one-year medium-term lending facility rate to 2.50% from 2.65% and lowered the seven-day reverse repurchase rate by ten basis points to 1.80%.