Profits in China’s industrial sector rose at the fastest pace in three years as the world’s second-biggest economy showed more signs of stabilizing, though some private forecasters say the improvement may be more fleeting than real.
Profits of industrial firms in August jumped 19.5 percent from a year earlier to 534.8 billion yuan ($80 billion), the National Bureau of Statistics (NBS) said on Tuesday. That was the largest increase since August 2013.
China’s economy grew 6.9 percent last year, the slowest in 25 years, as global demand ebbed. Following billions of dollars in government spending and a property boom in the country’s top-tier cities, official data in recent months are starting to point to some stabilization in the economy.
USD/JPY – Yen Drops on Soft Inflation Report But Recovers
EUR/USD – Euro Remains Listless, US Consumer Confidence Next
Mexican Peso rallies 2% as debate rages
