Chinese Industrial Profits data for June 2023: -8.3% y/y (prior -12.6%)

For the YTD, -16.8% y/y

• prior -18.8%

A little earlier we had the People's Bank of China set the CNY stronger than expected again today:

• PBOC sets USD/ CNY reference rate for today at 7.1265 (vs. estimate at 7.1468)