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China's GDP expanded at the weakest pace since 2009

Wednesday, Apr 15 2015
China’s economy expanded at the weakest pace since 2009 last quarter, with output, investment and retail data pointing to a deepening slowdown. GDP rose by 7% in the three months through March from a year earlier, in line with market forecasts. While China’s leaders have signaled tolerance for a slower expansion as they seek to rein in debt risks, corruption and pollution, today’s reports speak to the case for policy makers to deploy greater stimulus. 
 
Premier Li Keqiang’s government has already relaxed home-purchasing rules, cut interest rates twice and reduced the reserves banks must set aside in recent months. Industrial production rose 5.6% in March from a year earlier, the weakest since November 2008, and well below expectations on 6.9% growth. The premier last month said policy makers will step in to support the economy if jobs and wages are hurt by the slowdown. Statistics bureau commentary on the labor market changed the description of the labor market to “basically stable,” from “stable overall” in the prior quarter.
 
After the data Aussie was pushed lower and is currently being traded slightly below 0.76 handle. Pair is likely to find support around 0.7550 and resistance above 0.7650 area. Later today, in the US session, Empire State Manufacturing Index and Industrial Production figures are scheduled for a release.
More in this category: « Westpac's consumer sentiment index down by 3.2% Empire State Manufacturing Index fell in April »

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