高盛：中国 6 月 PPI 通缩；下调 2025 - 2026 年 PPI 预测；6 月贸易数据预览

(*seasonally adjusted by GS) Main points: 1. China's headline CPI edged up to +0.1% yoy in June from -0.1% yoy in May, as non-food goods prices picked up (Exhibit 1). In month-on-month terms, headline CPI rose to +1.9% (annualized, seasonally adjusted) in June (vs. +0.5% mom s.a. ann in May). China's headline CPI inflation edged up to +0.1% yoy in June (vs. -0.1% yoy in May), as non-food goods prices (such as household items) picked up. Headline PPI inflation declined to -3.6% yoy in June (vs. -3.3% yoy in ...