Overview...China growth slows. Several disappointing economic readings were announced by China this morning. Retail sales growth slowed to +14.7% in Jan.-Feb. from +18.1% in Dec. and short of +17.5% consensus. Factory output slowed to +11.4% in Jan.-Feb. from +12.8% in Dec. and below +12.4% consensus. Fixed asset investment slowed to +21.5%, somewhat better than the +20% consensus but the lowest level since 2002. Consumer inflation fell to +3.2%, a 20-month low, leaving room to further loosen monetary policy to support growth.
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