USD/CNY: Continued Shanghai lockdown weighs on the yuan – Commerzbank USDCNY China TradeBalance Coronavirus Banks
China's trade data for April came in roughly in line with market expectations. On one hand, the export growth slowed to small single digit, from 14.7% in the prior month. On the other hand, the import halted growth for two consecutive months, reflecting the soft domestic demand due to the virus restrictions. The overall trade sector is therefore facing strong headwinds.”
“The Shanghai lockdown implies a further disruption to global supply chains as well as a negative impact on Chinese domestic demand. Clearly, the market is pricing in economic weakness and risk of capital outflows, on the back of continued Shanghai lockdown.”Information on these pages contains forward-looking statements that involve risks and uncertainties.
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