Credit data for July released Friday showed a slump in demand from businesses and households to borrow money for the future.
"Yet all the factors just cannot mask how weak credit demand is and how low risk appetite is," the analysts said, noting expectations for rate cuts by the end of September. Without such cuts, they expect a greater risk that China misses its growth target of around 5% this year.
Retail sales are expected to rise 4.7% year-on-year pace in July, slightly faster than in June, the poll showed.China's massive real estate sector, where the majority of household wealth is parked, has reemerged as an area of concern that it could drag down the broader economy.Last week, the companyCountry Garden's U.S. dollar bonds account for just under half of outstanding high-yield U.S. dollar-denominated bonds, according to Goldman Sachs analysis.
"Given that the majority of [high-yield] developers have either defaulted or conducted bond exchanges, we believe rising stresses amongst the remaining [high yield] developers are unlikely to have broader impact on the offshore bond market," the Goldman analysts said in a report Friday.
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