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China’s Q2 GDP and Jun monthly data released this morning suggest that the economy is still moving at a clipping pace.

•    Real GDP expanded by 10.3% (y/y) in Q2 for the third consecutive quarter, in line with market consensus, and much higher than the potential growth of 9.0-9.5%. Contribution from investment decreased owing to base effects while the contribution of net exports has played a more significant role in growth.