Yuan Hits Cycle Lows As China Macro Data Disappoints Across The Board

After a  fifth straight month of contraction in the shadow banking system...

...and the amid the ongoing collapse of its currency, a deluge of major Chinese macro data disappointed notably tonight.

  • Retail Sales missed expectations - rising just 8.8% YoY (against +9.1% exp), slowing from 9.0% in June.

  • Industrial Production also disappointed, rising just 6.0% against expectations of a 6.3% rise.

  • Fixed Assets Investment rose just 5.5% - its lowest on record and well below expectations of a 6.0% rise.

It seems China is going to have get that credit impulse ramping back up again...

Offshore Yuan is fading back towards last week's cycle lows.