The economic data released today showed that one of the largest economies in the world is still streets away from a post-pandemic recovery
According to the report released by the National Bureau of Statistics of China, retail sales rose 17.7% last month from the year-ago period, missing the 25% growth forecasted for April. It also marked a slowdown from the 34.2% year-on-year increase reported in March.
On the other hand, online sales of consumer goods rose 23.1% during the first four months.
After last week, the People’s Bank of China noted that the foundation for a robust economic recovery is not yet solid and consumer spending remains constrained, the Bureau of Statistics reiterated the fact.
In a separate report, the urban unemployment rate came in at 5.1% in April, down from 5.3% reported in March.
At the moment of writing, USD/CNH is trading 0.06% higher at 6.444.
Sources: cnbc.com, forexfactory.com
Users/readers should not rely solely on the information presented herewith and should do their own research/analysis by also reading the actual underlying research. The content herewith is generic and does not take into consideration individual personal circumstances, investment experience or current financial situation.
Key Way Markets Ltd shall not accept any responsibility for any losses of traders due to the use and the content of the information presented herein. Past performance and forecasts are not reliable indicators of future results.