China's export growth slowed sharply to 1% on year in May from 14.7% in April, reflecting a crackdown on invoicing, which is thought to have distorted the April data, especially regarding Hong Kong. Imports slipped 0.3 vs +16.8% the previous month, while inflation fell to 2.1% from 2.4% and producer prices slid 2.9%, with the figures indicating reduced domestic demand. Along with other data, the indicators helped depress market sentiment.
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