The RMB has gained 2% against the USD over the past few days as the USD fell against most major currencies.
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China’s oil demand has turned out much stronger than expected and may end up accounting for 75% of global growth in 2023.
China’s economy sent mixed signals in October; retail sales and industrial value-added growth beat expectations, but momentum slowed.
Industrial profits appear to be recovering, and private fixed asset investment is likely to follow suit next year.
China’s capital account saw a large deficit due to an unprecedented decline of FDI and an increase of ODI.
This year’s Central Financial Work Conference struck a more cautious tone than the last such meeting, held in 2017.
Exchange rate defense and a more sanguine economic outlook may be behind the higher market rates, and the new issuance may drive them up further.
Housing and exports are still down but their declines have slowed, and consumption has seen an ongoing recovery.
Companies are attempting to dodge restrictive trade policies by increasing their outbound investment and moving operations overseas.
Consumption saw the best holiday recovery so far this year, but the housing market declined even further, dragged down by tier-3 cities.