China says its second-quarter GDP growth was 6.7%, meeting expectations

China on Monday posted second-quarter GDP growth of 6.7 percent from a year ago, slightly lower than 6.8 percent in the first quarter of 2018 as Beijing has been cracking down on risky credit amid escalating trade tensions with the U.S. The official reading was in line with expectations from analysts polled by Reuters. The headline figure was no surprise as any impact from current U.S.-China trade scuffles will only factor in the second half of the year, said Fraser Howie, an independent analyst.


A closely watched private index on Chinese manufacturing slips, as expected

The private Caixin/Markit manufacturing PMI came in at 51.0, slightly lower from 51.1 in May as new export sales fell for the third straight month, said a joint press release. Economists polled by Reuters had expected the Caixin/Markit index to slip to 51.0 in June from May. On Saturday, China released its official PMI which also showed manufacturing activity fell — to 51.5 in June from 51.9 in May. The June new export orders index contracted for the first time since February, dropping to 49.8 from 51.2 in May.


China's Yuan drops to lowest since December 28

The USD/CNY pair rose to 6.5552 on Tuesday - the highest level since December 28, possibly due to PBOC's liquidity injection. The central bank on Sunday announced it would cut the amount of cash that some banks need to hold in reserve – known as the reserve requirement ratio.


Mnuchin says he’s ‘cautiously hopeful’ that China tariffs can be avoided

U.S. Treasury Secretary Steven Mnuchin has left the door open for a trade deal with China, but at the same time has insisted the Trump administration won’t back down in its push for more balanced trade between the two nations. He signaled that stance in a “Fox News Sunday” interview amid tensions triggered by U.S. plans to impose tariffs on Chinese imports worth $60 billion.


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