China’s Jul data broadly missed expectation, benchmark lending rate expected to by cut by 15 bps next Monday – Goldman Sachs 
DATA MACRO VIEWS & ANALYSIS
China’s Jul data broadly missed expectation, benchmark lending rate expected to by cut by 15 bps next Monday – Goldman Sachs 
DATA MACRO VIEWS & ANALYSIS

China’s Jul data broadly missed expectation, benchmark lending rate expected to by cut by 15 bps next Monday – Goldman Sachs 

 

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Chinese economic data for July was broadly weaker than expected, amid weaker data for trade, inflation and credit , reflecting weaker growth momentum despite continued policy easing, said Goldman Sachs in a note.

The country’s national and 31-city unemployment rates remained stable in July, while the National Bureau of Statistics suspended the release of the youth unemployment rate. Goldman estimated that the youth unemployment rate may have increased further in July due to seasonal factors.

The PBOC on Tuesday cut the rate on one-year medium-term lending facility (MLF) by 15 bps and the rate on the 7-day reverse repo operation by 10 bps. The benchmark lending rates – the one-year and five-year loan prime rates (LPRs) – are expected to be cut by 15 bps next Monday, August 21, but this should be far from enough to boost economic growth, the bank said. 

The government are expected to introduce more easing measures in the coming months, including a combination of monetary, fiscal, housing and consumer measures, but the scale should be smaller than in previous easing cycles, it said.

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