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USD/CNH chart - Trading View
Profit at China's industrial firms slowed for the fifth straight month in July, rise at the slowest pace this year as businesses grapple with higher costs and supply bottlenecks.
Data from the National Bureau of Statistics (NBS) showed on Friday China's industrial firms' profits in July increased 16.4% on an annual basis to 703.67 billion yuan ($108.51 billion), compared to a 20% gain in June.
The rise was the slowest rise this year, adding to growing evidence that China's economic recovery from a coronavirus-battered slump was losing momentum.
In the first seven months of the year, industrial firms' profits grew a hefty 57.3% on year, due to base effects.The pace was however, slower than the 66.9% surge in first half of 2021.
Liabilities at industrial firms rose 8.2% year-on-year at end-July, down from 8.5% growth as of end-June.
The People’s Bank of China in mid-July lowered the reserve requirement ratio for banks and headwinds to growth suggest the central bank will keep its accommodative stance.
USD/CNH was trading 0.04% lower on the day at 6.4808 at around 05:10 GMT. The pair grinds sideways along 200-DMA, major trend is bearish. Trend reversal likely on decisive break above 200-DMA.
