Chinese auto sales continue to soar

China's passenger car sales climbed 45 percent in February from a year earlier, slowing from the month before as buyers stayed away during the Lunar New Year holiday.

The China Passenger Car Association reported that passenger car sales totaled 881,085 units for the month, citing data from automakers. Sales had jumped 84 percent year-on-year to 1.22 million units in January.

Official data on total vehicle sales for February are due next week.

China's total vehicle sales soared 45 percent last year to an estimated 13.6 million, overtaking the U.S. as the world's biggest auto market. Most analysts expect growth to exceed 10 percent this year, but to fall short of last year's stunning recovery.