China’s NBS: Will step up policy adjustments, expand domestic demand
Following the publication of the high-impact China’s activity data for October, the National Bureau of Statistics (NBS) expressed its outlook on the economy during its press conference on Friday.
Key quotes (via Reuters)
China's consumer expectations improved in October.
Will step up policy adjustments, expand domestic demand.
Will consolidate trend in economic recovery.
Recent policies have showed positive effects on the economy.
Domestic demand is still insufficient.
But also noted major economic indicators recovered markedly in October.
Increasingly confident of achieving 2024 economic growth target.
Positive factors in the economy increasing, will provide solid support for Q4 growth.
China's property market is stabilizing.
There are initial signs that property prices are stabilizing.
Cash flows of property developers improving.
Policies supporting the property market are showing effects.
Optimistic about the future trend in property market.
Expect China's consumer prices to maintain modest increases.
Consumption growth still faces some constraints.
Will boost household incomes and promote consumer goods trade-ins.
Market reaction
AUD/USD is extending gains above 0.6450, up 0.18% on the day, at the press time.
Australian Dollar PRICE Today
The table below shows the percentage change of Australian Dollar (AUD) against listed major currencies today. Australian Dollar was the strongest against the Japanese Yen.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | -0.20% | -0.14% | 0.03% | -0.02% | -0.22% | -0.25% | -0.19% | |
| EUR | 0.20% | 0.07% | 0.21% | 0.19% | -0.02% | -0.05% | 0.01% | |
| GBP | 0.14% | -0.07% | 0.16% | 0.14% | -0.08% | -0.11% | -0.05% | |
| JPY | -0.03% | -0.21% | -0.16% | -0.04% | -0.27% | -0.30% | -0.23% | |
| CAD | 0.02% | -0.19% | -0.14% | 0.04% | -0.22% | -0.24% | -0.18% | |
| AUD | 0.22% | 0.02% | 0.08% | 0.27% | 0.22% | -0.03% | 0.02% | |
| NZD | 0.25% | 0.05% | 0.11% | 0.30% | 0.24% | 0.03% | 0.06% | |
| CHF | 0.19% | -0.01% | 0.05% | 0.23% | 0.18% | -0.02% | -0.06% |
The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Australian Dollar from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent AUD (base)/USD (quote).
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.
