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China second-quarter economic growth cools to 6.6%

China’s economic growth cooled to a new seven-year minimum of 6.6% during the second quarter. It’s because the industrial sector keeps losing steam and the same is true for financial services. That’s what recent survey by Reuters states.   

Financial experts expect the world's number two economy to keep losing momentum during the second half of 2016, thus prompting the government as well as major bank to take more support measures even as they are concerned over fallout from the UK’s secession from the European Union.

It could turn signal new weakness for the Yuan that recently dipped to 5-1/2 year lows, thus contributing to a wall of worry for international market participants.  

The supposed April-June growth rate compares with 6.7% in Jan-March and it would be the weakest outcome since the first quarter of 2009, when it sagged to 6.2% during the global financial meltdown. The Chinese economy edged up 6.9% last year, showing the slowest rate for two decades.

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