October 19, 2020

CHINA’S RECOVERY CONTINUED BUT A BIT SOFTER THAN EXPECTED

CHINA’S RECOVERY CONTINUED BUT A BIT SOFTER THAN EXPECTED

Market Commentary
19/10/2020

Highlights:

China’s Q3 GDP growth picked up to 4.9% yoy, a bit softer than expected.
However, monthly activity data suggest the recovery is still strengthening and broadening to the demand side.
We maintain our 2020 growth forecast of 2.1% , although weaker activity in Q3 highlights downside risks. China will most likely be one of the few countries around the globe able to post positive real growth in 2020.
Given the ongoing demand recovery, we expect the PBoC to stay on the side-lines for the time being.

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MARKET COMMENTARY: CHINA’S RECOVERY CONTINUED BUT A BIT SOFTER THAN EXPECTED

October 19th, 2020

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