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China Consumer Prices Slip 0.1% On Year In May
(RTTNews) - China's overall inflation was down 0.1 percent on year in May, the National Bureau of Statistics said on Monday.
That beat forecasts for a decline of 0.2 percent but was unchanged from the April reading.
On a seasonally adjusted monthly basis, consumer prices fell 0.2 percent - in line with expectations and down from 0.1 percent in the previous month.
The bureau also said that producer prices stumbled 3.3 percent on year versus forecasts for a drop of 3.1 percent after falling 2.7 percent a month earlier.
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China Manufacturing Activity Contracts For First Time In 8 Months
China's manufacturing activity contracted for the first time in eight months in May as the rise in US trade tariff damped export orders, survey results from S&P Global showed on Tuesday. The Caixin manufacturing Purchasing Managers' Index unexpectedly fell to 48.3 in May, down from 50.4 in April. The score was seen at 50.8.
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China Cuts Loan Prime Rates For First Time In 7 Months
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China Industrial Output Growth Tops Expectations; Retail Sales Disappoint
China's industrial production increased more than expected in April despite trade tariff hikes and the unemployment rate dropped marginally but growth in retail sales fell short of expectations signalling weaker domestic demand, official data revealed on Monday. Industrial output logged an annual growth of 6.1 percent in April after rising 7.7 percent in March.
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China Unveils Monetary Easing Measures
The People's Bank of China reduced its benchmark interest rate and reserve requirement ratio and also unveiled a slew of measures to support economy hit by trade tariffs. The PBoC cut the 7-day reverse repo rate by 10 basis points to 1.4 percent. The new rate takes effect on May 8.
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China Service Sector Growth Softens In April
China's service sector grew at the slowest pace in seven months in April as disruptions to goods trade amid fresh tariffs negatively impacted new work of some service providers, survey data from S&P Global revealed Tuesday. The Caixin Services Purchasing Managers' Index fell to 50.7 in April from 51.9 in March. The reading was forecast to drop moderately to 51.7.
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China Manufacturing Activity Shrinks On Weak Exports
China's manufacturing activity contracted in April as tariff threats damped export orders, official purchasing managers' survey data from the National Bureau of Statistics revealed Wednesday. The official manufacturing PMI slid to 49.0 in April from 50.5 in March. This was the lowest score in 16 months and also remained below forecast of 49.7.
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China Holds Benchmark Lending Rates As Expected
The People's Bank of China left its interest rates unchanged for the sixth successive session on Monday. The central bank retained its one-year loan prime rate at 3.10 percent. Likewise, the five-year LPR, the benchmark for mortgage rates, was 3.60 percent, unchanged from the previous month. The decision matched expectations.
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