China’s Consumer Spending Drop Imperils Growth

Lower crude prices improves inflation outlook and eases pressure on current account deficit.

China's retail sales fell for the first time in more than three years in May, while urban investment contracted more than expected, adding to signs the economic slump deepened.

Chinese oil refiners sharply reduced output last month to the weakest level in nearly four years, after the country’s crude imports plunged to an eight-year low due to the near-halt to shipments from the Persian Gulf.

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