China data dump: Upbeat across all indicators

China's YoY GDP figures for the second quarter of 2017 came at +6.9% vs +6.8% exp and 6.9% previous, with the QoQ reading for Q2 coming in at +1.7% vs +1.7% exp and +1.3% last. 

With regards to retail sales YoY, the number was in +11% vs 10.6% exp and 10.7% last, with industrial output YoY at 7.6% and 6.5% exp and 6.5% last. Meanwhile, urban investment YoY stood at +8.6% vs 8.5% expected and 8.6% last. 

While infrastructure investment, financed by fiscal expansion, has been a major contributor to recent growth, private sector investment remains one of the sticking points limiting further growth in China.

The solid data served had little impact on the Australian Dollar, keeping the AUD/USD pair near daily lows of 0.7811, with AUD/JPY is seen defending 88 handle.