During the Asian session on Wednesday, a series of data from China was released, with retail sales possibly the most impressive in the markets.
Retail sales are up 2.5% year-on-year in August compared to the 7% expected and from 8.5% of the previous month.
Secondly, industrial production has risen 5.3% year-on-year vs. Reuters poll of 5.8%.
About retail sales
This data, published by the Chinese National Statistical Office, counts all receipts for consumer goods sold. It reflects the total of 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.