China's Industrial Profits plunge 34.9% YoY in March, Aussie unfazed
The latest data published by China’s National Bureau of Statistics (NBS) showed on Monday that profits earnt by China’s industrial firms in March plummeted 34.9% YoY to 370.668billion yuan due to the economic fallout of the coronavirus pandemic.
The January to March month industrial profits also plunged by 36.7% YoY.
Further details (via Reuters)
The decline compares with a 38.3% slump in January-February, which was the steepest decline since at least 2010.
Liabilities at industrial firms rose 5.4% on year at end-March, versus a 5.3% increase as of end-February.
Market reaction
The Asian traders seem to ignore the awful Chinese industrial data, as the China proxy, the Aussie dollar stands resilient to the slump in the Chinese Industrial Profits, in light of the upbeat market mood.
At the press time, AUD/USD challenges weekly highs at 0.6439, up 0.75% on the day.
Author
Dhwani Mehta
FXStreet
Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.
