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China retail sales up 8.8% YOY in July

China retail sales reached 3.073 trillion Chinese yuan in July, an increase of 8.8% year over year, according to the National Bureau of Statistics.

In the country's urban areas, retail sales grew 8.6% on the year to 2.639 trillion yuan, while in rural areas they jumped 10.1% to 434.5 billion yuan.

During the month, restaurants and catering businesses recorded revenue of 334.3 billion yuan, climbing 9.4% from a year prior. Meanwhile, retail sales of physical goods rose 8.7% to 2.739 trillion yuan.

For the first seven months of the year combined, China's retail sales totaled 21.075 trillion yuan, up 9.3% year over year.

Online retail sales surged 29.3% to 4.786 trillion yuan during the seven-month period. Among these, online sales of physical goods increased 29.1% to 3.646 billion yuan, accounting for 17.3% of the total retail sales in China.

As of Aug. 13, US$1 was equivalent to 6.89 Chinese yuan.