BEIJING :China's factory-gate prices fell at the fastest pace in over seven-and-a-half years in June, while consumer inflation was at its slowest since 2021, adding to the case for policymakers to use more stimulus to revive sluggish demand.Momentum in China's post-pandemic economic recovery has slowed from a
BEIJING :China's factory-gate prices fell at the fastest pace in over seven-and-a-half years in June, while consumer inflation was at its slowest since 2021, adding to the case for policymakers to use more stimulus to revive sluggish demand.
The producer price index fell for a ninth consecutive month, down 5.4 per cent from a year earlier, marking the steepest decline since December 2015. That compared with a 4.6 per cent drop in the previous month, and a forecast for a 5.0 per cent fall in a Reuters poll of analysts. The weaker-than-expected inflation readings knocked financial markets with the offshore yuan paring earlier gains.
"That said, with credit demand weak, and the currency under pressure, we think the bulk of support will come through fiscal policy. We expect only another 10 basis points of policy rate cuts this year."
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