Monday, January 30

China

China Q4 GDP Slows on COVID Woes, But Beats Expectations
China

China Q4 GDP Slows on COVID Woes, But Beats Expectations

The Chinese economy grew at a slower pace in the fourth quarter of 2022, data showed on Tuesday, as disruptions caused by the country’s now relaxed zero-COVID policy weighed heavily on business activity, although the reading still beat expectations. Chinese gross domestic product (GPD) grew at an annualized rate of 2.9% in the three months to December 31, data from the National Bureau of Statistics showed. The reading was higher than expectations for growth of 1.8%, and down from the third quarter’s reading of 3.9%. GDP was flat in the fourth quarter from the three months to September 31, ducking expectations for a 0.8% decline. This brought China’s overall GDP in 2022 to 3%, lower than the 4.4% growth estimated by President Xi Jinping during his New Year’s address. It was also down signif...
Japan Upgrades Q3 GDP as Global Recession, COVID Risks Linger
China

Japan Upgrades Q3 GDP as Global Recession, COVID Risks Linger

Japan's economy, the world's third-largest, shrank less than initially estimated in the third quarter, bolstering a view that it is slowly recovering from COVID-19 doldrums even as major export markets show further signs of weakening. Separate data showed the economy had recorded its first current account deficit in eight years in October, reflecting high import costs imposed on households and businesses by a decline in the yen's value to multi-decade lows this year. The revised 0.8% annualised quarterly contraction in gross domestic product (GDP) released by the Cabinet Office on Thursday compared with economists' median forecast for a 1.1% annualised decline in a Reuters poll and an early official estimate of a contraction of 1.2%. The revision was driven by upward change in private inve...
China GDP grows 2.3% in 2020, back to pre-Covid pandemic trajectory
China

China GDP grows 2.3% in 2020, back to pre-Covid pandemic trajectory

By Administrator_India Capital Sands China’s economy roared back to pre-pandemic growth rates in the fourth quarter as its industrial engines fired up to meet surging demand for exports, pushing the full-year expansion beyond estimates and propelling its global advance. Gross domestic product climbed 6.5 per cent in the final quarter from a year earlier, pushing growth to 2.3 per cent for the full year. That leaves the world’s second-largest economy driving global growth and potentially passing US GDP sooner than previously expected. The V-shaped recovery from the biggest slump on record was engineered by getting Covid-19 under control and deploying fiscal and monetary stimulus to boost investment. Growth accelerated as the nation’s factories revved up to meet demand for medica...
China Sets Weaker Yuan Fix in First Sign Record Rally May Slow
China

China Sets Weaker Yuan Fix in First Sign Record Rally May Slow

By Administrator_India Capital Sands China set its daily yuan fixing at a weaker-than-expected level, the first signal that policy makers may want to rein in this quarter’s rapid appreciation in the currency. The People’s Bank of China’s reference rate was set at 6.7872 on Tuesday, after the spot rate weakened 0.51% overnight. That’s almost 60 basis points weaker than the average estimate in a Bloomberg survey, the largest gap on the weak side in about two months. Still, the currency strengthened 0.22% to 6.7897 per dollar as of 9:35 a.m. in Shanghai. “The market is growing increasingly concerned that the PBOC will guide the yuan weaker due to the rapid rally in the currency recently,” said Tommy Xie, an economist at Oversea Chinese Banking Corp. “We need to see a few more d...