Little Changed In Wake Of Mixed Data

When it comes to domestic data, the stronger than expected Q1 GDP & Mar industrial production prints were offset by a surprise uptick in the unemployment rate and softer than expected retail sales data (with localised COVID restrictions presenting continued downside risks to the latter). This leaves USD/CNH little changed post-data dump, hovering around CNH6.3835, with a rough CNH6.3800-6.3900 range in play thus far (give or take a few pips at either end). Note that NBS rhetoric that accompanied the data release sounded familiar warnings re: downside risks to Chinese economic growth, while reaffirming the need for more active policy support. Meanwhile, the Bureau flagged the broader difficulties that businesses face at present, in addition to seasonal headwinds when it came to describing the uptick in the unemployment rate.