The data quickly reversed a day-old bounce in the Chinese yuan, which appeared on Tuesday to have finally paid heed to the central bank’s series of stronger-than-expected midpoint settings and other measures to slow its decline.
Beijing’s export curbs on two widely used metals in semiconductors and electric vehicles continued to dominate headlines, drawing strident commentary in the domestic press just before Treasury Secretary Janet Yellen’s visit to China.
Yet news that Tesla and its main Chinese rival BYD racked up record deliveries of China-made electric vehicles in the second quarter suggests that demand in at least one segment of the economy is alive and well.
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The European and UK calendar is dominated by final services and composite PMIs for June, also expected to confirm a slowing in what has been a consumption-led economic recovery.
The U.S. is due to release factory orders for May, but the focus will of course be on the minutes of the Federal Reserve’s June meeting, which resulted in a pause in tightening while adding two more rate hikes to the outlook.
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/cloudfront-us-east-2.images.arcpublishing.com/reuters/YUGKGAIWM5K4BJKAUVIFZFMY7Q.jpg "China dampens the mood again 40")
