USD/CNH aims to surpass 6.9650 on downbeat Chinese Retail Sales data – by Sagar_Dua24 USDCNY PBOC RetailSales Fed DollarIndex
The annual Retail Sales data has reported a contraction of 5.9% while the street was expecting a contraction of 3.6%. As retail demand has weakened further, it is going to impact negatively the Chinese Consumer ahead. A severe contraction in retail demand is going to compel the People’s Bank of China to look for policy easing to support economic prospects and push inflation higher.
Apart from the Retail Sales data, annual Chinese Industrial Production has dropped to 2.2% vs. the consensus of 3.6% and the prior release of 5.0%. This seems to be the consequence of prolonged Covid-19 lockdown restrictions by the administration to contain the spread. As the Chinese government has rolled back various curbs after the protest from the general public, economic prospects will get track of progress.
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