The Caixin PMI showed on Tuesday that China's services activity in August expanded at the slowest pace in eight months, with sluggish demand continuing to dog the economy while stimulus has so far failed to meaningfully revive consumption. Investor attention fixed firmly on China's largest private property developer, Country Garden. Country Garden on Friday won approval from onshore creditors to extend a private bond worth 3.9 billion yuan ($536 million).
A worker stands on a metal structure in a shopping district in BeijingInvestor sentiment on China remains fragile, with Monday's wave of optimism giving way on Tuesday to rekindled worries about the world's second-biggest economy, after the release of a new set of weak data.
Investor attention fixed firmly on China's largest private property developer, Country Garden. A person close to the company said it had made interest payments on two U.S. dollar bonds, due last month, just as a grace period was scheduled to end on Tuesday. The Reserve Bank of Australia kept interest rates steady as expected but said further tightening of monetary policy may be required. The Aussie was down about 0.6%, little moved by the decision.
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