摩根斯丹利-xx宏观经济ppi趋稳-20170809-morganstanley-chinaeconomics：steadyppi，mutedcpi.pdfVIP

August 9, 2017 06:11 AM GMT MORGAN S ANLEY AS IA LIMI ED CChhiinnaa EEccoonnoommiiccss Jenny Zheng, CFA ECO NO MIS Jenny.L.Zheng@morganst +852 3963-4015 Steady PPI, Muted CPI Robin Xing ECO NO MIS Robin.Xing@morganst +852 2848-6511 Zhipeng Cai ECO NO MIS Bottom line: PPI YoY held steady at 5.5% for the third consecutive month in J uly, Zhipeng.Cai@morganst +852 2239-7820 helped by improvement in non-commodity prices, while CPI ed ed down on lower fuel and healthcare prices YoY. We retain our relatively constructive outlook for core CPI and non-commodity P