Sue Trinh, Senior Currency Strategist at RBC Capital Markets, suggests that the China’s monthly activity data were released overnight, but the main highlight was Q3 GDP growth which came in as expected at 6.7%y/y, unchanged from Q2.
“However, the flat GDP growth reading underscores the rising credit intensity of growth - aggregate financing increased 18%q/q. GDP growth remains propped up by state sector expenditure and real estate investment. Finally, RMB weakness to date has done little to shift the needle on net exports, which were a 10.4% drag on YTD GDP growth.”
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