China: Weaker-than-expected data opens the door for further policy easing – Commerzbank
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Activity data from April all came in below market expectations and suggest China’s recovery is losing steam, economists at Commerzbank report.
“April’s data point to weakness in manufacturing, while consumer spending also slowed after a strong recovery.”
“Given the disappointing data for April, policymakers will likely need to maintain, or even step up, their policy stimulus effort.”
“It will take time for new credit to filter through to the economy. The question is how long. Cutting lending rates further may not necessarily help much. However, rate cuts could signal further easing stance of the central bank so it may still be a useful step to take.”
“More policy support helps. However, the key to the economic recovery lies in private sector confidence.”
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