China’s July activity data reinforced widening split between resilient production and weak domestic demand, with all three major readings undershooting expectations. Industrial production slowed from 5.3% to 4.5% y/y, below 4.8% consensus. Manufacturing nevertheless continued to provide support, particularly equipment manufacturing and high-tech manufacturing, which grew 9.7% and 13.8% y/y respectively over first seven months. […]
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