China's Central Bank Takes Action with Rate Cuts Amidst Economic Downturn

China's economy slowed further in July, with industrial output growing at a slower pace of 3.7% and retail sales rising by 2.5%, the slowest growth since December 2022. The weak data prompted the central bank to unexpectedly cut key policy rates for the second time in three months. The property sector continued to decline, with investment falling for the 17th consecutive month. The youth jobless rate also rose to a record high in June. The data highlights the need for policymakers to provide more support measures to bolster the economy.