Autos drive solid China retail sales report
Retail sales rise 11.2% y/y in November vs 11.1% expected
Chinese retail sales were slightly stronger than estimates as auto sales picked up. Vehicle sales climbed 9% y/y in November compared to 7.1% in October.
A strong automotive sector also boosted industrial production.
The strength in auto sales and manufacturing was likely due to a sales cut tax in September for small and medium-sized cars.
