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China's "Beige Book" indicates that slowdown continues

  • In contrast to data showing that China's economy is picking up, the country's unofficial "Beige Book" shows that it is slowing down.
  • Growth in manufacturing softened, the private survey said, as opposed to government figures that indicate that factory output accelerated in July and August
  • The Beige Book also revealed "weakening gains in profits, revenues, wages, employment and prices."
  • Meanwhile, Marc Faber, the author of the "Gloom, Boom & Doom Report," has argued that China's economy is growing at annual rate of 4%, well below the government's growth target of 7.5%.
  • To back up his case, Faber pointed to trade data from the country's neighbors as a way of assessing Chinese demand.
  • ETFs - Stocks: FXI, GXC, PGJ, YAO, FCHI, PEK, CAF, YXI, XPP, FXP, MCHI, YINN, YANG, TCHI, CHXF, KFYP, HAO, ECNS. Bonds: DSUM, CHLC. Currency: CNY, CYB, FXCH
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