The official manufacturing PMI stayed below 50 for a third month in July; services PMI fell to 50.
Real activity growth may have eased due to sluggish demand; export growth likely stayed robust. CPI inflation likely edged up; credit growth may have rebounded, while money growth likely fell again, Standard Chartered economists Hunter Chan and Shuang Ding note. Domestic demand remains subdued “ China ’s official manufacturing PMI fell to 49.4 in July from 49.5 in June, in line with market expectations and staying in contractionary territory for a third straight month.
” “The services PMI eased further by 0.2pts to a YTD low of 50 in July, weighed down by retail sales, real estate and financial market services. Retail sales growth may have rebounded due to a low base, while the 3Y CAGR likely slowed further. Export growth likely remained resilient, bridging the gap between relatively robust production and weak domestic demand.
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