National Bank Card

: On a year-on-year basis, the index dropped 1.69 percent, according to Xinhua China. A lower reading shows a drop in consumers' desire to spend. The Bank-card Consumer Confidence Index , compiled by Xinhua News Agency and China Union Pay, a national bank card association, declined 0.6 point from July to 82.07 in August, the third month-on-month drop in a row. Spending on non-necessities dropped sharply, with a plunge of 13.55 percent for plane tickets, and a decline of 8.6 percent for large home appliances, including air conditioners and fridges. A stock market rout since June 12 had led to a 38 percent plunge in the benchmark Shanghai Composite Index by the end of August. The BCCI drop came as sharp fluctuations on the stock market eroded Chinese people personal wealth. (news.financializer.com). As reported in the news.