Source: National Bureau of Statistics of China Strict zero-Covid restrictions pushed China’s export growth to its slowest pace in nearly two years in April, with recovery set to face numerous challenges. CSI 300 Index down -0.80%, CNYUSD down -0.68% China’s overall exports expanded better than anticipated by 3.9% last month from a year ago to $273.62 billion, compared … [Read more...] about China’s Export Growth Plunges to 2-Year Low as Strict Covid Restrictions Hamper Factories
China
China’s Services Activity Falls at Second Lowest Rate on Record
Source: S&P Global China’s services sector activity narrowed at the second-steepest rate on record in April, as tighter COVID limitations halt the industry. CNUYSD down -0.01%, CSI 300 down -0.15% The Caixin services purchasing managers’ index (PMI) dropped to 36.2 in April, the second-lowest since the survey started in November 2005 and down from 42 in March.A … [Read more...] about China’s Services Activity Falls at Second Lowest Rate on Record
China Cuts Forex Reserve Ratio as Yuan Weakens to 17-Month Low
Source: Bloomberg The People’s Bank of China has cut down its foreign currency holdings reserves following the significant depreciation of the yuan against the greenback. MCHI is down 2.91%, while KWEB is down 1.43%. The PBOC said the reserve requirement for foreign currency holdings will be slashed to 8% starting May 15 from the current level of 9%.The decline seeks to … [Read more...] about China Cuts Forex Reserve Ratio as Yuan Weakens to 17-Month Low
China’s First-Quarter GDP Beats Forecast, Growing 4.8% Year-on-Year
Source: National Bureau of Statistics of China China’s Q1 GDP rose faster than anticipated despite the impact of Covid-19 lockdowns in some cities in March. CSI 300 Index down -0.53%, CNY USD up +0.09% First-quarter GDP jumped by 4.8%, surpassing expectations of 4.4%, rising from a prior year.Fixed asset investment for Q1 jumped by 9.3% from a year ago, surpassing … [Read more...] about China’s First-Quarter GDP Beats Forecast, Growing 4.8% Year-on-Year
PBOC Cuts Bank’s Reserve Requirements as Growth Stalls
Source: Bloomberg China’s central bank has reduced its reserve requirements for most of its lenders by 25 basis points and 50% for smaller banks to cushion the slowing economy. CSI 300 is down -0.67%, USDCNY is down -0.10%. The change is expected to become effective on April 25, generating around 530 billion yuan or $83 billion of liquidity to the economy.Officials … [Read more...] about PBOC Cuts Bank’s Reserve Requirements as Growth Stalls
