ING’s Greater China Economist Iris Pang notes how 1Q GDP in China grew 6.8% (in line with consensus) – though the devil is in the details, according to her.
“The strong Chinese consumer bodes well for future GDP growth, while the changing composition of investment growth – away from traditional industrial sectors to more high-tech manufacturing industries – is becoming more evident. China’s changing growth engines may mean less future support for AUD – which relied more on China’s old industrial investment growth model. Short AUD/KRW may be one way to benefit from this shift in China’s growth patterns (we eye a move towards 800).”
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