After witnessing downbeat Retail Sales and Industrial Production figures for July, China State Bureau Spokesman crossed wires, via Reuters, to placate the bears.
Key quotes
National economy sustained the momentum of stable recovery in July.
Expects China's consumption to maintain steady recovery.
China's economy will maintain recovery in H2 (second half of 2021).
China's economic growth still within reasonable range.
Expects China's property market to remain steady due to policies to stabilise land and housing prices.
China's producer price inflation will likely remain high for some time.
China's economic recovery still not solid, remains uneven due to impact from sporadic covid-19 outbreaks and natural disasters.
China's economy faces more complex, severe external situation as global pandemic continues to develop.
FX implications
Following the news, AUD/USD remains on the back foot around intraday low around 0.7350.
Read: AUD/USD sellers attack 0.7350 on softer China Retail Sales, Industrial Production