Economy On Track For 5% GDP Growth - Economists

China’s economy is on track to achieve its 5% economic growth target despite headwinds in H2, according to the latest Yicai Chief Economist Survey. The participants on average estimated GDP grew 6.97% in Q2 y/y, with CPI for June forecast at 0.18% and PPI down 4.89% y/y. The headline index fell to 50.21 in June, down from 50.27 in May, the fourth consecutive monthly decline, but still above the 50 mark which indicates expansion. The economists said the People’s Bank of China will likely not cut the LPR in July and the yuan will appreciate to CNY6.97 against the U.S. dollar by year's end. (Source: Yicai)