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China will on Thursday release July figures for imports, exports and trade balance, highlighting a busy day for Asia-Pacific economic activity.

Imports are expected to drop 8.8 percent on year after sinking 7.3 percent in June. Exports are called lower by an annual 0.2 percent after slipping 1.3 percent in the previous month. The trade surplus is pegged at $44.23 billion, down from $50.98 billion a month earlier.

Japan will provide Q2 numbers for housing loans, June figures for current account and July results for bank lending and the eco watchers survey.

Housing loans were up 2.4 percent on quarter in Q1. The current account is expected to show a surplus of 1,174.4 billion yen, down from 1,594.8 billion yen in May.

Overall bank lending was up 2.3 percent on year in June, while excluding trusts lending rose 2.4 percent. The eco watchers survey for current conditions is expected to see a score of 43.3, down from 44.0 in June. The outlook is called at 45.2, down from 45.8.

Singapore will see June figures for retail sales; in May, retail sales were down 2.9 percent on month and 2.6 percent on year.

Indonesia will provide Q2 numbers for GDP; in the three months prior, GDP was down 0.52 percent on quarter and up 5.07 percent on year.

The central bank in the Philippines will wrap up its monetary policy meeting and then announce its decision on interest rates; the central bank is widely expected to keep its benchmark lending rate unchanged at 4.50 percent.