China Statistics Bureau comments:
- consumption main driving force
- most indicators in March better than expected
- many external uncertainties as global growth slows
The data:
- AUD blowing past its session and overnight high - China data beats (stimulus kicking in)
- China March Industrial production 8.5% y/y (expected 5.9%)
- China March Retail sales 8.7% y/y (expected 8.4% y/y)
- China March Investment in fixed assets (excl. rural): 6.3% y/y (6.3%)
- China Q1 GDP: 1.4% q/q (expected 1.4%) and 6.4% y/y (expected 6.3%)
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As I said earlier - question on the data's veracity follow closely behind these releases. Something to be aware of is such questions are only raised when the data is 'good', never bad. I sometimes wonder if those questioning it are aware of this bias?
As I also said earlier, stimulus impacts showing through. We've already been seeing this in stabilising and improving PMIS.
