Nomura revised its economic growth forecast for China this year to 4.6% from its previous projection at 5.1%
- Citing weak data for July (out last week) and warning of a an ongoing “downward spiral” in the economy.
- their growth forecast for 2024 remained unchanged at 3.9%
- “In coming months, growth will face further pressure as the post-pandemic pent-up demand for travel runs its course”
Earlier:
Later today we’ll be getting a rate cut from the People’s Bank of China:
After bank execs spent the weekend haranguing the locals:
Another week of this coming up!
This article was originally published by Forexlive.com. Read the original article here.