China's economic activity returned to moderate in April after recording strong growth in the first quarter after retail sales data showed a weaker -than -expected reading.
In the Asian session, the National Bureau of Statistics (NBS) reported retail sales increased by 17.7%, falling short of expectations of a 24.9% increase in April. It also showed a decline from year -on -year growth of 34.2% recorded in March.
According to analysts, China is still seeing an unbalanced recovery, in which employment, household income, consumption, manufacturing investment, the services and private sectors have yet to return to pre-pandemic levels.
According to the NBS, although China’s economy has stabilized at a stronger level in April, it is still challenged by pandemics and uneven recovery around the world as well as a weak recovery base in the country itself.
The country’s top leaders recently described the recovery as unbalanced and unstable, as well as vowed to work to drive a recovery in domestic demand.
Following data readings that missed expectations, the Aussie and New Zealand dollars traded slightly lower during the Asian session and gave room for safe-haven trading to rise.
