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China's GDP expanded 6.7%

Friday, Jul 15 2016
China's economy expanded 6.7% in the second quarter, the government reported Friday local time, matching Q1's year-over-year gain and just above views for a drop to 6.6%. The last two quarters show the weakest growth since the start of 2009, but they suggest that the gradual deceleration may be ending, easing concerns about global growth that could upset financial markets. Many economists also have doubts about the accuracy of Chinese data.
Industrial production rose 6.2% vs. a year earlier. Economists had expected 5.9% after May's 6% gain. Retail sales climbed 10.6% vs. a year earlier. Analysts had forecast a 10% rise, unchanged from May's advance. New loans hit 1.38 trillion yuan, far more than the 1 trillion yuan expected. On the downside, fixed asset investment in urban areas rose 9%, below forecasts for a 9.4% gain.
 
The Chinese government has used monetary and fiscal stimulus to support growth despite concerns this is propping up inefficient state-owned heavy industry and delaying a transition to services and consumer spending. Many experts also are worried that Beijing is fueling an unsustainable debt bubble that is growing more dangerous by the day.
 
Aussie is currently being traded few points above 0.76 level. Pair is likely to find support around 0.7550 handle and resistance above 0.7650 level.
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