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China:  Central Bank Head Says “Drastic Measures Not Needed.”

CHINA
  • PBOC Governor noted in a Thursday interview that they will continue to “strengthen efforts to effectively implement monetary and financial policies introduced this year.”
  • Economic data from China continues to be mixed with commentators calling for fiscal stimulus to support domestic demand.
  • The slowdown in fixed asset investment in the first half of the year; and the slump in residential property sales were the key concerns in Thursday’s data releases.
  • There was some positive news with retail sales better than expected, although it appears this may be summer holiday related.
  • Industrial production softened also.
  • Government efforts have stepped up post the completion of the Plenum with a recent surprise interest rate cut.
  • Whilst it is too early to see the direct impact of the cut, it is likely to be a precursor for more policy initiatives in the back end of the year.
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