China’s retail sales and industrial production picked up pace in August with better-than-expected growth, according to National Bureau of Statistics data.
Retail sales grew by 4.6% in August from a year ago, beating expectations for 3% growth forecast by a Reuters poll. The increase was also faster than the 2.5% year-on-year pace in July.
China announced Thursday it was cutting the amount of cash that banks need to have on hand by 25 basis points, effective Friday. It was the second reserve requirement ratio cut this year since one in March.Chinese laborers working at a construction site at sunset in Chongqing, China onMarch 6, 2005.
Retail sales grew by 4.6% in August from a year ago, beating expectations for 3% growth forecast by a Reuters poll. The increase was also faster than the 2.5% year-on-year pace in July.
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