China’s Economic Growth Cools to Slowest Since 2005
China’s economy grew at the slowest pace since 2005 in the second quarter, prompting speculation the government will slow the yuan’s gains to protect export jobs.
Gross domestic product rose 10.1 percent from a year earlier, down from 10.6 percent in the first quarter, as exports weakened and the government curbed lending. Consumer prices rose 7.1 percent in June, slowing from 7.7 percent in May, the statistics bureau said today in Beijing.
The yuan fell 0.2 percent against the dollar, paring a 7 percent advance this year that made it Asia’s best performer. Some Chinese officials are pressing for slower currency appreciation to protect jobs as cooling global demand threatens to trigger a slump in shipments from the world’s fastest-growing major economy.
Read also China’s economy slows but still expands at double-digit pace by AFP.