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Chinese Activity Data Sap More Strength From Yuan

CNH

Offshore yuan extends losses after the release of China's monthly activity data, which miss expectations across the board.

  • Industrial output unexpectedly shrank in April, while the contraction in retail sales was deeper than forecast. The unemployment rate rose more than anticipated, while fixed assets ( and property investment growth printed below estimates.

Fig. 1: Citi Economic Surprise Index - China

Source: MNI - Market News/Bloomberg/Citi

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Offshore yuan extends losses after the release of China's monthly activity data, which miss expectations across the board.

  • Industrial output unexpectedly shrank in April, while the contraction in retail sales was deeper than forecast. The unemployment rate rose more than anticipated, while fixed assets ( and property investment growth printed below estimates.

Fig. 1: Citi Economic Surprise Index - China

Source: MNI - Market News/Bloomberg/Citi

Keep reading...Show less