It could have been worse, is about the best that can be said of China's data dump today. Industrial output in June beat by rising 4.4% on year, but retail sales missed at 3.1% and property sales suffered the largest monthly drop this year, so making for a rather mixed bag. Investors' favourite liquid China proxy, the Aussie dollar, was modestly under water as analysts suspect Beijing will allow the yuan to keep depreciating as one form of indirect stimulus.