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Chinese data disappoints; inflation above expectations

Chinese data over the weekend was poorer-than-expected overall. Inflation in China for February increased to 1.1% vs 0.8% expected (MoM) , while the yearly rise in prices stood at 3.2% in February vs 3.0% expected.

The annual producer price index in February saw a 1.6% decline vs -1.5% expected, with the industrial production up 9.9% in February from a year earlier vs +10.5% expected. Retail sales (YoY) in February also disappointed at +12.3% vs +15.0% expected, while urban investment (YTD) (YoY) in February saw a reading of +21.2% vs +20.8% expected.

According to Eamonn Sheridan, editor at Forexlive: "The higher inflation figures out of China over the weekend have started chatter about tightening there (the chatter is a little premature IMO, its only one month’s data), but the weaker than expected industrial production and spending data argue for continued looseness. Therein lies the dilemma."

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