Figures reported monthly by the National Bureau of Statistics displayed another steep slide in housing price appreciation in a reading of price activity across 70 major China cities. According to the aggregate figure, new residential real estate price growth slowed to 8.30% in August on an annualized basis, down from the 9.70% recorded a month earlier.
Curbs implemented by the government earlier in the year to cool the housing market are continuing to have a noticeable impact on the pace of gains, with prices surprisingly contracting in two cities as the major hubs of Beijing and Shanghai saw increases decelerate to 5.20% and 2.80% respectively. Overall, the figure marked the slowest pace of advance since July of 2016, with more declines likely in store over the coming months as the more restrictive measures remain in place. The USDCNH pair is slightly higher on the session, hovering back above 6.5550.