China’s economy continues to face downward pressure coming out of the second quarter: Exports fell 8.3% year on year in July, while imports fell 8.1%, producer inflation dropped 5.4% and consumer inflation was down 1.6% for the same period, The Wall Street Journal reported. “Pressure is intensifying on the central bank to let the currency depreciate but I don’t think they will give in to the pressure,”said Singapore-based ING economist Tim Condon. The combination of weak exports and weaker imports left the nation with a trade surplus of US$43 billion in July, down from US$47 billion in June.
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