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Yuan Extends Losses As China's Activity Data Miss Expectations

CNH

USD/CNH extended gains to fresh session highs after the release of a rather underwhelming set of China's economic activity indicators. The rate topped out at CNH6.4423 before trimming gains and last operates +62 pips at CNH6.4408. It remained within the confines of yesterday's range in the process.

  • Industrial output rose 5.3% Y/Y, undershooting expectations of a 5.8% growth, while fixed assets and property investments also missed forecasts. Retail sales registered the most spectacular miss, rising 2.5% Y/Y vs. exp. of an increase by 7.0%. The unemployment rate matched forecasts and remained unchanged at 5.1%.
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