Economic activity slowed sharply during the second quarter as investment and domestic demand weakened. Policymakers are expected to accelerate measures already authorised rather than announce broad stimulus during the late-July Politburo meeting. Weak credit growth reflects limited borrowing demand rather than insufficient liquidity, while record-low bank margins restrict the central bank's room to cut rates. Offshore Chinese equities remain neutral, and USD/CNY is expected to trade between 6.70 and 6.85 through year-end. Related articlesChina economic growth set to slow in H2 as Beijing avoids broad stimulus5 reasons why Jefferies thinks Meta's pullback is a buying opportunityAs Claude disrupts stock market, Anthropic researcher warns 'world is in peril'