MNI with commentary from China's National Development and Reform Commission:

  • Says that positive factors are building up despite the economic volatility seen since July
  • Says electricity output during the first 20 days of August rose nearly 4% y/y (fell 2.0% y/y in July, up 0.4% for the first seven months
  • Steel product prices have been climbing four weeks in a row ... price of rebar supported by a recovery in the property market

But ...

  • Flash reading of Caixin Manufacturing PMI announced last week fell to a 77-month low of 47.1 for August, suggesting very weak growth momentum in China's manufacturing sector