China's retail sales fell 0.6% year-on-year in May, the first outright contraction since the COVID lockdowns of 2022, as the PBoC held rates for a 13th straight month. High-tech manufacturing grew 15.1%, deepening an industrial-consumer split that looks structural rather than cyclical.
China's central bank held its benchmark lending rates steady for the 13th consecutive month in June, with the one-year LPR at 3% and the five-year at 3.5%, reflecting a cautious policy stance. Source
