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🇨🇳 China holds rates for a 15th month running as retail sales nearly stall
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🇨🇳 China holds rates for a 15th month running as retail sales nearly stall

Macro Soup Newsroom Macro Soup Newsroom 2 min read

China's central bank held its Loan Prime Rate at 3.00% for a 15th straight month even as July retail sales grew just 0.6% year-on-year, badly missing forecasts. The PBOC is choosing yuan stability over a stimulus response.

Line chart of China trailing 12m fixed asset investment change from end 2021 for manufacturing, auto manufacturing, and real estate, 2012–2026.
CFR's Brad Setser argues manufacturing investment is now shrinking and can no longer offset China's multi-year property bust, leaving exports as the sole growth engine. Source

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