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According to analysts at TD Securities, it appears that the Chinese authorities are targeting stability rather than engineering a rebound.

Key Quotes

“CPI rose 2.5%/y in April, in line with consensus expectations, while PPI grew 0.9%/y.”

“Credit data was also released for April, which slowed after the record expansion in Q1. Aggregate Financing was RMB 1.36t vs the median RMB 1.65t forecast with new loans RMB 1.02t vs RMB 1.2t forecast.”