China January - August industrial profits drop further: down 2.1% y/y (prior -1.1%)

YTD industrial profits in China fall further.

-2.1% y/y

• prior -1.1%

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Lockdown impacts not going away. Lockdowns not going away either. Property sector has imploded under its crushing debt load.

Pressure on the yuan will continue. Even the People's Bank of China is slamming it!

• PBOC sets USD/ CNY central rate at 7.0722 (vs. estimate at 7.0410)