China industrial production and retail sales data for July 2023. Big misses for both.

We would normally get the youth unemployment rate - that's been left off the data release entirely. Overall u/e rate has been released, comes in at 5.3% (expected 5.2%).

China's National Bureau of Statistics (NBS) have commented on the results, in blunt terms from Chinese authorities:

  • economy continues to recovery in July
  • the foundation for economic recovery needs to be cemented
  • boost to domestic demand is needed, domestic demand is not sufficient
china industrial production retail sales July 2023

Earlier in the session e had surprise rate cuts from the People's Bank of China:

The People's Bank of China cut the MLF to 2.5% from 2.65 previously:

And cut the reverse repo rate to 1.8% from 1.9% previously