China’s Industry Official: Chinese industry operations are facing downward pressure

A Chinese industry official recently crossed the wires, via Reuters, saying that the Chinese industry operations are facing downward pressure.

In a bid to boost investments and spur economic growth, China cut its new one-year benchmark lending rate for the second month in a row on Friday.

The Chinese Yuan strengthened in tandem with other Asian currencies such as the Yen and Indian Rupee, with USD/CNY currently trading at 7.0850, down -0.15% on the day.

• PBOC lowers one-year lending rate to 4.20% vs. 4.25% previous