Chinese inflation is sinking again. The CPI is stalled while the PPI gallops backwards. CPI: +0.1% yoy (+1.9% mom annualised*) in June vs. GS: -0.1% yoy, Bloomberg consensus: -0.1% yoy; May: -0.1% yoy (+0.5% mom annualised*). Food: -0.3% yoy in June (+6.2% mom annualised*) vs. -0.4% yoy in May. Non-food: +0.1% yoy in June (+1.1%
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