China's car sales fall y-o-y for third-consecutive month

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China's passenger car sales in August declined 3.4% y-o-y to 1,418,500, according to the country's Association of Automobile Manufacturers. However, this was still up by 11.8% from July's two-year low. August marks the third month in a row in which passenger car sales have fallen y-o-y, the last time this occurred was between November 2008 and January 2009.