Another rate cut for China. And this is the second cut in the space of a month after a year of keeping rates steady. The world's second largest economy is feeling the pitch of economic slowdown. Weak manufacturing, weak housing and now signs of weaking jobs market after a year of what has been rip roaring growth. 

With the blitz of data due on the coming week, analysts are really starting to wonder if there is a lot of bad news waiting in the wings. Second quarter GDP is expected to grow at its weakest pace in a three years. But it could be even worse. Will it be below 8% ? Will it be below 7.5%?

My number 7.5%, I think most likely be around 7.5% or even it will be lower. 

One area of focus will be bank lending. If that is weaker than expected, it really could bring out signs that China's economy is at a standstill.