China’s activity data for April were released during today’s Asian session, with the main focus on retail sales data and general industrial production.
The Chinese data has come as follows:
- Unemployment rate surveyed in China in April: 5.1% (expected 5.2%; previous 5.3%).
- Year-on-year urban investments in April: 19.9% (expected 20.0%; previous 25.6%)
- YoY Retail Sales in April: 17.7% (expected 25.0%; previous 34.2%)
- Year-on-year industrial production in April: 9.8% (expected 10.0%; previous 14.1%)
Westpac analysts explained, ahead of publication, that momentum will remain strong and capacity and revenues will increase at a solid pace.
About the Retail Sales Report
This data, published by the Chinese National Statistical Office, counts all receipts for consumer goods sold. It reflects the total goods that the different industries provide to households and social groups through different means. It is an important indicator for studying changes in the Chinese retail market and reflects the degree of economic prosperity. In general, a favorable reading is considered positive or bullish for the CNY, while an unfavorable reading is considered negative or bearish.
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