According to Arjen van Dijkhuizen, Senior Economist at ABN AMRO, China’s recent data point to a further gradual weakening of momentum, but there are signs that policy easing is starting to kick in.
Key Quotes
“In line with our expectations, investment growth picked up to 5.8% yoy ytd in October (September: 5.4%). That mainly reflects the recovery of stated-led investment on the back of fiscal easing policies.”
“Over the past months, Beijing ordered local governments to issue more special purpose bonds to finance local infrastructure projects, while the banking supervisor cut risk weights for local government bonds. Industrial production edged up marginally, to 5.9% yoy (September: 5.8%). By contrast, retail sales slowed to 8.6% yoy (September: 9.2%), the slowest pace in five months. That likely reflects some statistical factors, such as the timing of the mid-autumn festival holidays and possibly some households holding back spending in the run-up to ‘Singles Day’ on 11 November.”
“All in all, Bloomberg’s monthly GDP estimate continued its gradual decline, falling to 6.6% yoy in October.”
“We expect the PBoC to continue taking measures to prop up lending, including further cuts of bank RRRs.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
Recommended content
Editors’ Picks

AUD/USD keeps the gradual recovery in place
AUD/USD regained balance and returned to the area beyond the 0.6500 barrier on Thursday, leaving behind the recent pullback. The pair’s rebound came on the back of the strong selling pressure in the US Dollar amid poor data, bets for further Fed rate cuts and trade uncertainty.

EUR/USD has room to advance further
EUR/USD hit fresh tops north of 1.1600 the figure for the first time since October 2021 against the backdrop of an increasingly deteriorated USD outlook. Indeed, the strong selling pressure in the Greenback came in response to another discouraging US inflation results, extra easing of the labour market, and expectations of maybe three rate reductions by the Fed this year.

Gold consolidates its gains near $3,380
Gold maintains its weekly rebound well in place, now trading in the sub-$3,400 region per troy ounce in response to the persistent selling bias in the US Dollar, declining US yields across the curve and growing geopolitical tensions.

Cardano Price Forecast: Whales acquire 310 million ADA amid potential triangle breakout
Cardano (ADA) shows weakness as it reverses from an overhead trendline of a triangle pattern. The altcoin edges lower by over 1% at press time on Thursday, fueling a steeper correction in its Open Interest. Amid weakness, Cardano whales have acquired 310 million ADA tokens so far this month, projecting increased confidence as the triangle pattern nears resolution.

US tariffs here to stay, trade deals ‘largely symbolic’
Despite legal challenges to IEEPA tariffs, US trade policy remains firm. Tariffs on steel and aluminium have doubled, and new sectoral tariffs are expected. Trade deals may emerge, but most will be symbolic. Effective tariff rates will stay high throughout 2025.