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Growth and consumer spending data came in slightly stronger than expected while investment stayed deeply negative, so the overall signal on China's economy is mixed rather than clearly improving. That mix leaves CNY's near-term direction unclear, since the growth/retail beat offers mild support while the steep investment decline points to continued property and capex weakness.
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China's Q3 GDP grew 4.5% y/y, beating the +4.4% estimate, while September retail sales rose 1.1% y/y versus the +0.5% estimate, industrial output rose 5.5% in line with estimates, and Jan-Sept fixed investment fell 7.2% y/y, a touch better than the -7.3% estimate.
Growth and consumer spending data came in slightly stronger than expected while investment stayed deeply negative, so the overall signal on China's economy is mixed rather than clearly improving. That mix leaves CNY's near-term direction unclear, since the growth/retail beat offers mild support while the steep investment decline points to continued property and capex weakness.
Jin10·10/19, 09:00 AM
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