Chinese old economy crash lands

Down she goes and where it stops nobody knows. Chinese August data is out. It is OK at the headline level but downright disastrous at the commodities level.

Headline data all missed expectations. Year to date fixed asset investment was OK at 8.9%, industrial production good at 13.1% and retail sales at 19%. But when we look at it in year on year terms industrial production falls to 5.3% and retail sales to just 2.5%:

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