Net income at Chinese industrial companies rose 12% on year in July, up from 6.3% in June, providing further evidence that the economy is stabilizing following a two-quarter slowdown in growth and a credit squeeze in June. The data helped Chinese shares buck the global downtrend and rise 0.3%. Meanwhile, a deputy governor of the People's Bank of China, believes that the Fed's tapering may only have a "limited" impact on his country compared with other emerging nations.
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