China Commerce Ministry: Expect retail sales to grow 5% per year in 2021-25 period

Reuters came out with the news quoting China Commerce Ministry suggesting upbeat retail Sales growth during the 2021-25 period.

Key quotes

Expects retail sales in the 14th five-year plan period, from 2021 to 2025, to grow by an average of 5% per year, and trade in goods to grow by 2% per year.

Will explore setting up a pilot zone ‘to respond to trade frictions’, and improve the ‘unreliable entity list’ system.

FX implications…

The news could do little to placate the risk-off mood, led by the coronavirus (COVID-19) woes. That said, the USD/CNH remains pressured around the highest levels since late April, marked the previous day, near 6.4900 by the press time.