Chinese macro data has been serially disappointing for almost five straight months, and tonight – as Yuan tests down to cycle lows – all eyes are on the heavily ‘managed’ macro data to reasssure the masses that despite a 25-35% collapse in its stock market this year, all is well in the land of hidden debt, according to zerohedge.com
China’s regulator already offered up some reassurance tonight that “China’s financial market volatility is not in line with the healthy status of the economy…” adding that “financial risks are controllable.”
An indicator produced by a Beijing-based business school in the style of the closely-watched purchasing managers index plunged last month, adding to concerns about the slowing economy and raising the question of whether business conditions may be worse than official statistics show.
- China Q3 GDP Missed at +6.5% YoY vs +6.6% YoY expectations (and +6.7% YoY prior)
- China Sept Retail Sales Beat at +9.2% YoY vs +9.0% YoY expectations (and +9.0% YoY prior)
- China Sept Industrial Production Missed at +5.8% YoY vs +6.0% YoY expectations (and +6.1% YoY prior)
- China Sept Fixed Asset Investment Beat at +5.4% YoY vs +5.3% YoY expectations (and +5.3% YoY prior)
China GDP is the weakest on record aside from the peak of the financial crisis; Industrial Production grew at nearly its weakest on record; FAI was the weakest on record; but retail sales bounced..