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China’s GDP at lowest level since Q1 2009 – Deutsche Bank

FXStreet (Delhi) – Research Team at Deutsche Bank, note that the latest Chinese Q3 GDP release showed that the number has dropped one-tenth and below 7% to 6.9% yoy.

Key Quotes

“That’s the lowest since Q1 2009 although the print was ahead of street expectations of 6.8% as growth in the services industry quickened and helped to offset some of the further slowdown in the manufacturing industry.”

“The rest of the data was on balance slightly negative. Although September retail sales (10.9% yoy vs. 10.8%) rose one-tenth and above market to the highest level since December 2014, there was less optimism to come out of the monthly industrial production (5.7% yoy vs. 6.0% expected) and fixed asset investment (10.3% yoy ytd vs. 10.8% expected) readings, falling four-tenths and six-tenths respectively from August – the latter to the slowest gain since 2000. Overall the better GDP will give hope that stimulus is kicking in but the data is still ambiguous elsewhere.”

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