CHINA: Sales drop 3% in August, flat YTD

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New vehicle sales in China fell by 3% to 1.66m units in August, from 1.72m units in the same month of last year, according to data released by the China Association of Automobile Manufacturers (CAAM). This marks the fifth successive monthly sales decline and reflects weakening domestic sentiment, with the country's financial and equity markets correcting sharply in August.