Home China: Coronavirus following its course – Nordea
FXStreet News

China: Coronavirus following its course – Nordea

As the spread of the coronavirus is slowing in China, domestic activities are gradually being resumed. The development is in line with the expectations of economists at Nordea. USD/CNY trades at 7.015.

Key quotes

“We keep our forecast for Chinese GDP growth in 2020 at 5%, versus our pre-coronavirus estimate of 5.9%.” 

“On a quarterly basis, we expect the economy to be hit the hardest in Q1, with growth at a modest 2.8% y/y, followed by a recovery in Q2 and Q3.”

“The risks are tilted to the downside. The service sector, which accounts for more than 50% of GDP, has seen a slower restart than the manufacturing sector. That could offset some of the production recovery.”


FX Street

FX Street

FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions.