China industrial production and retail sales data for July 2023. Big misses for both.
We would normally get the youth unemployment rate – that’s been left off the data release entirely. Overall u/e rate has been released, comes in at 5.3% (expected 5.2%).
China’s National Bureau of Statistics (NBS) have commented on the results, in blunt terms from Chinese authorities:
- economy continues to recovery in July
- the foundation for economic recovery needs to be cemented
- boost to domestic demand is needed, domestic demand is not sufficient
Earlier in the session e had surprise rate cuts from the People’s Bank of China:
The People’s Bank of China cut the MLF to 2.5% from 2.65 previously:
And cut the reverse repo rate to 1.8% from 1.9% previously