UBS citing weaker data for May.

“Growth in Q2 is much weaker than we previously expected”

UBS also sees the first data for June as weak and says it is not clear that there will be any improvement.

As policy is expected to move beyond China, the recent cut in monetary policy rates may be a signal that further policy support measures are to come, including an easing of housing policy, a boost in infrastructure investment, further cuts in base rates and further increases in credit supply and some measures . forms of local self-government financing – vehicle debt restructuring or swap.