China In-Focus — Yuan touches 2-month low; Property shares slide; Asian giant’s economy sinks

Follow-ups -eshrag News:

Fri, 2022-07-15 10:23

RIYADH: China’s yuan touched a two-month low against the dollar on Friday and looked set for its biggest weekly drop since May, as much weaker-than-expected economic growth data raised doubts about this year’s growth target.

China’s economy contracted sharply in the second quarter from the previous quarter while annual growth also slowed significantly, highlighting the colossal toll on activity from widespread COVID-19 lockdowns, which jolted industrial production and consumer spending.

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