The data is here from earlier: China June Industrial profits +19.1% y/y (+16.7% previously)
More from Reuters (link here)
- Robust growth of industrial earnings in June was in part driven by continued appetite for iron ore and other commodities, whose prices have recovered modestly after taking a hit since March.
- Statistics bureau official He Ping:
- accelerated profits growth in steel, auto and electronics sectors helped to boost overall earnings
- "Another issue that requires close monitoring is the rising financing costs for companies"
- Chinese policymakers launched a flurry of regulatory measures early this year to tackle financial risks from a rapid build-up in debt. That has raised borrowing rates, a headwind for businesses, particularly those struggling to reduce their debt servicing costs.With recent data showing the economy holding up better than expected, most analysts expect the regulatory restrictions to remain in place through this year, but do not see fresh tightening until after a critical leadership reshuffle in autumn.
More at that link, above
-
Tthe solid data from China has given a bit of a boost to the AUD today (amongst other things - thanks a lot, Janet)
