<img src="https://technicalterrence.com/wp-content/uploads/2023/01/Barclays-views-Chinas-COVID-reopening-as-having-minimal-effects-on.jpg" alt="China technology map. Modern concept of data communication. Information technology and technology in China.” data-id=”1264992407″ data-type=”getty-image” width=”5500px” height=”3000px” srcset=”https://static.seekingalpha.com/cdn/s3/uploads/getty_images/1264992407/image_1264992407.jpg?io=getty-c-w1536 1536w, https://static.seekingalpha.com/cdn/s3/uploads/getty_images/1264992407/image_1264992407.jpg?io=getty-c-w1280 1280w, https://static.seekingalpha.com/cdn/s3/uploads/getty_images/1264992407/image_1264992407.jpg?io=getty-c-w1080 1080w, https://technicalterrence.com/wp-content/uploads/2023/01/Barclays-views-Chinas-COVID-reopening-as-having-minimal-effects-on.jpg 750w, https://static.seekingalpha.com/cdn/s3/uploads/getty_images/1264992407/image_1264992407.jpg?io=getty-c-w640 640w, https://static.seekingalpha.com/cdn/s3/uploads/getty_images/1264992407/image_1264992407.jpg?io=getty-c-w480 480w, https://static.seekingalpha.com/cdn/s3/uploads/getty_images/1264992407/image_1264992407.jpg?io=getty-c-w320 320w, https://static.seekingalpha.com/cdn/s3/uploads/getty_images/1264992407/image_1264992407.jpg?io=getty-c-w240 240w” sizes=”(max-width: 768px) calc(100vw – 36px), (max-width: 1024px) calc(100vw – 132px), (max-width: 1200px) calc(66.6vw – 72px), 600px”/>
Leestat/iStock via Getty Images
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%.
