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UBS referred to the May data that was comparatively low.

The growth momentum of Q2 is not meeting our previous expectations and is significantly weaker.

UBS has observed initial data for June to be feeble and there is no apparent sign of any improvement.

Anticipated changes in policy from China suggest that more support measures may be implemented soon, such as relaxing property policies, increasing investments in infrastructure, reducing policy rates further, increasing credit availability, and restructuring or swapping some local government financing vehicle debt. The recent cuts in monetary policy rates may serve as a hint of these upcoming actions.

Earlier:

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