Not surprisingly, the Chinese economy took a hard hit from the containment measures that led to a month-long standstill in February, Amy Yuan Zhuang, an analyst at Nordea, reports. Key quotes “The GDP growth in Q1 was an unprecedented low of -6.8% y/y (-9.8% q/q), more negative than market consensus (-6.5% y/y) and less so compared to our forecast (-10% y/y). It’s the first contraction of economic activities since data began in 1992.” “The CNY and CNH have not seen large movements on the back of the release, and Chinese equities are in the positive territory.” “The PBoC has hesitated to cut the benchmark one-year rate but it is too early to write off a rate cut just yet given the high uncertainty surrounded the COVID-19 development and the longer time it takes to recover in China.” 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 EUR/JPY: Looking for further weakness – Commerzbank FX Street 2 years Not surprisingly, the Chinese economy took a hard hit from the containment measures that led to a month-long standstill in February, Amy Yuan Zhuang, an analyst at Nordea, reports. Key quotes “The GDP growth in Q1 was an unprecedented low of -6.8% y/y (-9.8% q/q), more negative than market consensus (-6.5% y/y) and less so compared to our forecast (-10% y/y). It’s the first contraction of economic activities since data began in 1992.” “The CNY and CNH have not seen large movements on the back of the release, and Chinese equities are in the positive territory.” “The PBoC has hesitated… 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.
