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TD Securities analysts note that the China’s Jan-Feb activity data reports were mixed.

Key Quotes

“Retail sales eased from 9% to 8.2%/y as expected while IP disappointed stepping down from 6.2% to 5.3% (mkt 5.6%). These are two-month averages given outsized Chinese New Year distortions.”

“We see clean y/y rates for March next month, but as Q1 GDP is also released, the market won’t pay much attention (17 April, prior 6.4%/y).”