China’s economy contracted for the first time in over four decades due to the coronavirus-inflicted slowdown, per Standard Chartered Bank. USD/CNY is trading at 7.072. Key quotes “GDP contracted 6.8% y/y in Q1 versus growth of 6% in Q4 (Figure 1). However, economic activity improved in March, with the decline in industrial production narrowing to 1.1% y/y from 13.5% y/y in January-February.” “We now expect quarterly GDP growth of 3.0% y/y in Q2-2020 (4% prior), 6.0% in Q3 (5%), and 6.1% in Q4 (5.5%). Our growth forecast for 2020 remains unchanged at 2.5%.” “We upgrade our 2021 GDP growth forecast to 7.5% from 5.8% prior, as we estimate growth of 18% y/y in Q1-2021 due to favourable base effects.” “We maintain our expectation for another 80bps of cuts in the reserve requirement ratio (RRR) in Q2-Q3, a 25bps cut to the benchmark deposit rate in Q2, and another 10bps cut in the medium-term lending facility (MLF) rate in Q3.” 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. View All Post By FX Street FXStreet News share Read Next Wall Street opens sharply higher as risk rally remains intact FX Street 2 years China’s economy contracted for the first time in over four decades due to the coronavirus-inflicted slowdown, per Standard Chartered Bank. USD/CNY is trading at 7.072. Key quotes “GDP contracted 6.8% y/y in Q1 versus growth of 6% in Q4 (Figure 1). However, economic activity improved in March, with the decline in industrial production narrowing to 1.1% y/y from 13.5% y/y in January-February.” “We now expect quarterly GDP growth of 3.0% y/y in Q2-2020 (4% prior), 6.0% in Q3 (5%), and 6.1% in Q4 (5.5%). Our growth forecast for 2020 remains unchanged at 2.5%.” “We upgrade our 2021 GDP growth forecast… Top Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
