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Limited Reaction To Data

CNH

Offshore yuan holding losses after Chinese data but reaction fairly muted, USD/CNH up 94 pips at 6.4687.

  • GDP was the weak spot, Q2 GDP grew 7.9% Y/Y against estimates of 8% and down from 18.3% last time out. Retail sales, industrial production and fixed asset investment all beat estimates, but did slow from the May readings. Retail sales in particular were strong at 12.1% Y/Y against expectations of 10.8% which paints a positive picture of domestic demand.
  • The data doesn't immediately suggest that the economy needs support from the PBOC, which could point to liquidity concerns as the primary driver behind recent PBOC actions. This would concur with the recent warnings from CBIRC that NPL's may increase and that smaller banks should replenish capital.
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