Chinese data points to softer Q4 GDP – UOB

UOB Group’s Economist Ho Woei Chen, CFA and Senior FX Strategist Peter Chia assessed the recently published Chinese data and the impact on GDP figures.

Key Quotes

“The bulk of China’s macroeconomic data for October have been released and they have broadly pointed to a weakened outlook in 4Q19 in the key areas of manufacturing, private consumption demand and investment”.

“Despite signs of growth moderation, we do not expect the People’s Bank of China (PBoC) to adopt a significantly more aggressive monetary easing stance ahead”.

“Weighed by trade and economic uncertainties, we maintain our view of a higher USD/CNY, towards 7.30 by 2H next year”.