A slew of readings on China's economy in July came in slightly below expectations, offering further evidence of a slowdown in the mainland's economy.
China's industrial production grew 6.0 percent on-year in July, compared with expectations for 6.1 percent growth, according to a Reuters poll of 39 analysts, with forecasts ranging from 6.0-6.7 percent. In June, industrial production grew 6.2 percent, according to Reuters.
Retail sales and fixed asset investment also missed expectations slightly.
July retail sales grew a respectable 10.2 percent on year, but that was slightly below expectations of a 10.5 percent increase in a Reuters poll.
Fixed asset investment (FAI) for the January-to-July period rose 8.1 percent, missing a Reuters forecast for 8.8 percent and marking the slowest growth since 1999, according to Reuters. Private sector FAI growth just 2.1 percent on-year in the January-to-July period, down from 2.8 percent growth in the first half of the year.
After the data's release, the Australian dollar dropped, falling from around $0.7697 to as low as $0.7667. Australia's economy has long been dependent on China's appetite to import its commodities.