VIEW: Nomura note that "by tracking and.......>

CHINA: VIEW: Nomura note that "by tracking and analysing high-frequency data, we

raise our estimate for Q2 real GDP growth to 2.6% y-o-y from 1.2%. However, we

also lower our Q3 and Q4 real GDP growth forecasts to 4.3% and 4.5% y-o-y,

respectively, from 4.5% and 5.0% on rising uncertainty and as strong headwinds

remain. We accordingly raise our 2020 annual real GDP growth forecast slightly

to 1.5% from 1.3%...Recently, markets may have become overly concerned about an

imminent monetary tightening. In our view, the economy is still far from a full

recovery, and it is too early for the People's Bank of China (PBoC) to reverse

its easing stance. We maintain our call for 150bp of total RRR cuts over the

remainder of this year and believe the next RRR cut could come very soon, in a

week or so, at a scale of 50-100bp."