China's economic growth holds steady at 7.0% in second quarter

Official data indicated the Chinese economy grew at an annual rate of 7.0% in the second quarter, unchanged on the pace seen in the first three months of the year and raising hopes that recent stimulus efforts – including four cuts to interest rates since November – are helping to prevent a further slowdown. So far, however, there are mixed messages in relation to growth momentum heading into the second half of the year.