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China's GDP remained steady at 7% in Q2

China's economic pulse appears to be steadying, with quarterly growth data released Wednesday beating forecasts, but that renewed long-standing concerns over data accuracy. For the second quarter, China reported gross domestic product (GDP) grew 7.0% on-year, beating forecast of 6.9% growth. Industrial output for June rose 6.8% on-year, also above expected incline by 6.0%, while last month's retail sales climbed 10.6%.
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China's Trade Balance surplus narrowed in June

China’s exports rose for the first time in four months in June, providing fresh evidence that growth is stabilizing ahead of gross domestic product data this week. Overseas shipments rose 2.1% from a year earlier in yuan value, the customs administration said in Beijing on Monday. Imports dropped 6.7%, narrowing from the fall of 18.1% previously reported in May, leaving a trade surplus of 284.2 billion yuan ($45.8 billion). However, analysts were anticipating surplus of around $56 billion. Read more...

Aussie under pressure as iron ore prices continue to fall

There were no major data releases from Australia this morning but the pair continues its downtrend being under pressure due to fall in iron ore prices, global concerns as well as RBA wish for lower exchange rates. Iron ore prices fell to new lows weighing on the Aussie while stress over China’s declining equities market and shrinking economy is also hurting the AUD. The Chinese benchmark iron ore price fell below $US50 a tonne for the first time since April, down to $US49.70. Read more...

Beijing unleashes emergency support

Chinese stocks rose on Monday after Beijing unleashed an unprecedented series of support measures over the weekend to stave off the prospect of a full-blown crash that was threatening to destabilise the world's second-biggest economy. Read more...

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