The August data from China showed misses across the board:
- AUD down a few points after the disappointing misses for China activity data
- China Industrial Production in August 4.4% y/y (expected +5.2%)
- China Retail sales for August: 7.5% y/y (expected +7.9%)
- China Fixed asset investment (excl rural) for August 5.5% y/y (expected 5.7%)
More remarks from the NBS, nothing unusual in here:
- Says economic operations remain largely steady in August
- China's economic operations within reasonable range in January - August
- Expects China's consumer inflation to remain largely stable
- Says hina able to achieve full-year growth target
- China will move forward local govt special bond issuance to support infrastructure investment
I bolded that last one …. again, not unusual but more stimulus in the pipeline confirmation.
