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.