MNI BRIEF: China Youth Unemployment Reaches 12-Month High

China’s urban unemployment rate for 16-24 year olds reached 17.8% in July, up from 14.5% in June, the highest reading in 12 months, National Bureau of Statistics data showed on Tuesday.

Urban unemployment for 25–29 and 30–59 year olds was 6.9% and 3.9%, versus 6.7% and 4.0% the previous month.

China's Loan Prime Rate is likely to remain unchanged in August as the People’s Bank of China continues to emphasise targeted facilities to support weak sectors in a bid to counter economic headwinds and deflation risks. (See MNI PBOC WATCH: LPR To Hold Despite Looming Headwinds)