China: Inflation surprised to the downside in June – UOB – by pabspiovano China Inflation CPI Banks
Key TAkeaways
However, any additional stimulus measures may disappoint given that the Chinese economy is still likely on track for the official target of “around 5.0%” this year. We maintain our expectation of stronger property support measures and our call for another cut to banks’ reserve requirement ratio in 2H23 but do not expect further reduction in the benchmark rates this year.
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