Post by account_disabled on Mar 7, 2024 0:40:48 GMT -5
China has said it will stop publishing data on youth unemployment, weeks after the gauge hit a record high, in a sign of growing pressure on politicians as new data points to weakness in the second-quarter recovery. largest economy in the world. The People's Bank of China also unexpectedly cut a benchmark interest rate on Tuesday by the largest margin since the start of the coronavirus pandemic, in a further sign of official concerns about a loss of momentum months after restrictions were lifted. Covid-19 restrictions. Beijing is grappling with a number of economic challenges, including a liquidity crisis in the real estate sector, a sharp drop in exports, a decline in foreign investment and sustained weakness in consumption. Youth unemployment, which China began reporting in 2018, reached 21.3 percent in June, but the figure was not included in a broader data release for July on Tuesday.
The report largely exceeded expectations and showed growth slowed in retail sales and industrial production, two expected drivers of the country's economic recovery. You are viewing a snapshot of an interactive chart. This is Job Function Email Database most likely because you are offline or JavaScript is disabled in your browser. Retail sales added just 2.5 percent year-on-year in July, while industrial production expanded 3.7 percent. Both metrics missed forecasts and were below June figures of 3.1 and 4.4 percent, respectively. The overall unemployment rate was 5.3 percent in July, down from 5.2 percent in June. The yield on 10-year Chinese government bonds fell 0.05 percentage point to 2.572 percent on Tuesday following the announcement, while the renminbi fe India Car Owner Phone Number List ll as much as percent against the dollar to Rmb7.2864. China's benchmark CSI 300 index of shares listed in Shanghai and Shenzhen fell percent.
The exclusion of China's youth unemployment rate will compound the challenges of analyzing the country's economic data, which analysts say has become more difficult in recent years. Labor statistics needed to be "advanced and optimized," said Fu Linghui, spokesperson for the National Bureau of Statistics.The PBoC on Tuesday cut its one-year medium-term lending rate, which affects lending to financial institutions, by 15 basis points to 2.5 percent. The rate, which was also cut in June by 10 basis points, is now at its lowest level since it was launched in 2014. While Beijing has stopped short of unleashing major stimulus, further cuts to borrowing costs for businesses and households are expected next week. The central bank on Tuesday also cut the seven-day reverse repo rate, which manages short-term bank liquidity, by 10 basis points to 1.8 percent.
The report largely exceeded expectations and showed growth slowed in retail sales and industrial production, two expected drivers of the country's economic recovery. You are viewing a snapshot of an interactive chart. This is Job Function Email Database most likely because you are offline or JavaScript is disabled in your browser. Retail sales added just 2.5 percent year-on-year in July, while industrial production expanded 3.7 percent. Both metrics missed forecasts and were below June figures of 3.1 and 4.4 percent, respectively. The overall unemployment rate was 5.3 percent in July, down from 5.2 percent in June. The yield on 10-year Chinese government bonds fell 0.05 percentage point to 2.572 percent on Tuesday following the announcement, while the renminbi fe India Car Owner Phone Number List ll as much as percent against the dollar to Rmb7.2864. China's benchmark CSI 300 index of shares listed in Shanghai and Shenzhen fell percent.
The exclusion of China's youth unemployment rate will compound the challenges of analyzing the country's economic data, which analysts say has become more difficult in recent years. Labor statistics needed to be "advanced and optimized," said Fu Linghui, spokesperson for the National Bureau of Statistics.The PBoC on Tuesday cut its one-year medium-term lending rate, which affects lending to financial institutions, by 15 basis points to 2.5 percent. The rate, which was also cut in June by 10 basis points, is now at its lowest level since it was launched in 2014. While Beijing has stopped short of unleashing major stimulus, further cuts to borrowing costs for businesses and households are expected next week. The central bank on Tuesday also cut the seven-day reverse repo rate, which manages short-term bank liquidity, by 10 basis points to 1.8 percent.