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Chinese Economic Data Misses Across The Board As Credit Impulse Slump Kicks In

The brief encounter with a 'recovery' that China's economic data enjoyed in the first half of 2017 has evaporated as the reality of a collapsing credit impulse strikes across the board. Retail Sales, Fixed Asset Investment, and Industrial Production all missed expectations  and slowed dramatically.

Tonight's big China data dump to ignore includes:

  • Retail Sales +10.1% YoY (+10.5% exp), well below July's 10.4% gain
  • Fixed Asset Investment +7.8% YoY (+8.2% exp), well below July's 8.3% rise
  • Industrial Production +6.0% YoY (+6.6% exp), drastically weaker than July's 6.4% gain

The first half bounce is officially dead…

 

China's macro data disappointments are just beginning…

 

In fact China's credit impulse is the worst in the world…

Yuan continues to tumble (3rd day in a row of weaker fix)…

Is China back in the currency war game now that credit is no longer holding up the economy?

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