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Improvements in the China CLI and the heat-map suggest production growth may pick up in May, but the cooling CGSI suggest continued downward pressures ahead, according to analysts at Nomura.

Key Quotes

“The China Monetary Policy Signal Index continued to move towards the neutral zone in June; the current neutral monetary policy stance should remain in place through 2018.”

“We maintain our forecast for a gradual economic slowdown in 2018, with real GDP growth at 6.5% annually.”