If sentiment indicators are any guide, Chinese consumers are getting used to lower growth expectations.
The Westpac MNI China Consumer Sentiment Indicator rose 1.1 per cent to 112.3 in June, after holding steady for two months. The bulk of the gain came from consumers aged 55 to 64.
MNI notes sentiment is still pretty subdued — the 12-month average is 112.4 — but the uptick offers "an encouraging signal that monetary policy is having an impact." The PBoC has cut interest rates three times since November and freed up bank reserves along the way.
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