China Economic Outlook: Second Quarter of 2015

Q1 GDP growth slowed down to 7.0% y/y from 7.3% y/y previously, which, albeit in line with BBVA and market expectations, registered the lowest reading since 2009 Q1. Overall, growth is losing steam at a faster-than-expected pace despite the loosening monetary measures implemented since November, including two interest rate cuts, two RRR cuts.

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