China's Industrial Production fell to 6.0%

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Wednesday, Aug 12 2015

National Bureau of Statistics of China said that Chinese Industrial Production fell to 6.0%, from 6.8% in the preceding month. Analysts had expected Chinese Industrial Production to fall to 6.7% last month. Retail Sales fell to an annual rate of 10.5%, from 10.6% in the preceding month. Fixed Asset Investment fell to a seasonally adjusted 11.2%, from 11.4% in the preceding month.

Data came as China's yuan hit a four-year low on Wednesday, falling for a second day after authorities devalued it in a move that sparked fears of a global currency war and accusations that Beijing was giving an unfair advantage to its struggling exporters. Spot yuan fell to 6.43 per dollar, its weakest since August 2011, after the central bank set its daily midpoint reference at 6.3306, even weaker than Tuesday's devaluation. The currency fared worse in offshore trade, touching 6.57.

Aussie is currently being traded around 0.7250 level. Pair is likely to find support around 0.72 handle and resistance above 0.7280 area. Later today, in the US session, JOLTS Job Openings figures are scheduled for a release.

More in this category: « Australian Wage Price Index up by 0.6% Sterling down after job data »

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