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8/14, 4:14 AM (Source: TeleTrader)
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China's retail sales drop 1.1% YoY in July

China's retail sales of consumer goods dropped 1.1% in July compared to the same month last year, failing to meet rise expectations and slipping to 3.22 trillion yuan (~$463 billion), the country's National Bureau of Statistics reported on Friday.

On the other hand, retail sales have achieved a monthly hike of 0.85%. In the first seven months, the total retail sales of consumer goods yearly plunged 9.9% to land at 20.44 trillion yuan (~$2.94 trillion).

Analyzed by different areas, retail sales in urban areas fell 1.1% to 2.8 trillion yuan (~$403 billion) during July, while in rural areas declined 1.3% to arrive at 418 billion yuan (~$60 billion).

Breaking the News / ND