Holiday Economic Figures Solid Enough, But Not Overwhelmingly Strong

MNI (London) - A quick update on the Chinese holiday economic activity numbers has been provided, along with ’19 (pre-COVID) comparisons.

• Wire headlines noted that domestic tourism revenue hit CNY753.4bn for the eight-day holiday period, representing a 1.5% increase vs. 2019.
• 826mn domestic trips were made in the window, representing a 4.1% increase vs. ’19 levels. Still, that number was shy of the pre-holiday projection provided by the country’s tourism ministry (just under 900mn).
• These numbers add some sway to the economic stabilisation case re: China, although they were not overwhelmingly ‘strong,’ and seem to be less encouraging when compared to the Labour Day/Dragon Boat festival equivalents seen earlier this year.
• USD/CNH shrugged off the data, continuing to hold above the CNH7.30 mark.
• Participants now look to the resumption of mainland market dealing and the monthly economic data deluge, both of which are set to take place next week.