After a fifth straight month of contraction in the shadow banking system…
…and the amid the ongoing collapse of its currency, a deluge of major Chinese macro data disappointed notably tonight.
Retail Sales missed expectations – rising just 8.8% YoY (against +9.1% exp), slowing from 9.0% in June.
Industrial Production also disappointed, rising just 6.0% against expectations of a 6.3% rise.
Fixed Assets Investment rose just 5.5% – its lowest on record and well below expectations of a 6.0% rise.
It seems China is going to have get that credit impulse ramping back up again…
Offshore Yuan is fading back towards last week’s cycle lows.
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