Weak Chinese data alongside weak Chinese steel and iron ore prices confirm that China is following a slower (and less steel-intense) growth path

Weak Chinese data alongside weak Chinese steel and iron ore prices confirm that China is following a slower (and less steel-intense) growth path. This is detrimental for the AUD which hit a low of 93.93usc on Monday, which is still 20usc above the 20year average cross rate. Current growth forecasts for China are too high so expect further revisions down to Chinese GDP growth forecasts which will in turn lead to downgrades to bulk commodity forecasts, Australian GDP forecasts, Australian bond yields and the Australian Dollar - Charlie Aitken, Bell Potter