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China's second-quarter growth slowed to 4.7% year-on-year, up just 0.7% quarter-on-quarter, with domestic demand very weak.
Retail sales in the country slowed to 2% year-on-year last month and 3.7% in May.
“Without another fiscal boost in the second half, growth in 2024 will be “The 5% target may be out of reach,” Société Générale analysts said in a Morning Briefing report. “The communiqué from the third plenary session was a disappointment and lacked details on deepening fiscal/tax and financial reforms and on how to address the real estate sector.”
House prices moderated to 0.67% month-on-month in June from 0.71% in May.
Additionally, the US dollar/Chinese yuan (USD:CNY) pair fluctuated, with dipping buyers defending 7.2510 at the 50-day moving average.
Finally, the People's Bank of China left the one-year medium-term lending facility rate at 2.5% and raised net cash to the highest level since January to offset the impact of tax payments.
China's 10-year government bond yields are holding steady this week at 2.25%.
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