China’s NBS: Economy bounced back and is stabilizing

Following the release of the second-quarter Chinese GDP data and June activity numbers, China’s National Bureau of Statistics (NBS) released a statement, via Reuters, with the spokeswoman expressing her take on the macro data and economic prospects.

Key quotes

“Employment and prices generally stable.“

“Market expectations turning for the better.”

“Economy has a strong ability of self-adjustment.”

“Think we can continue recovery in the second half of the year.”

“Macro policies will see their effects better reflected on the ground.”

“COVID-19’s impact on world economy creates some challenges for us at home.”

We will maintain flexibility in economic policy.”

“Retail sales data shows consumption recovery still needs to be bolstered.”

“Consumption will be further facilitated with progress in epidemic control.”

“Government measures to bolster employment have made good progress.”

“China will make every effort to stabilise employment.”

“China still faces employment pressure.”

Market reaction

The sentiment remains tepid amid the continued rise in the coronavirus cases in the Asia-pac region while markets ignore the upbeat macro news.

AUD/USD remains on the offers below 0.70 while USD/JPY struggles near 107.00 amid negative Asian equities and US stock futures.

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