China's State Planner: The economy is under pressure from all sides

According to Reuters, on Tuesday, China’s spokeswoman, Meng Wei, said in a press conference that, "In April, China’s state planner approved eight-fixed asset investment projects worth 18.8 billion yuan (approximately $2.78 billion dollars).

May 17, 2022 - 12:18 PM 260 views

China's State Planner: The economy is under pressure from all sides

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According to Reuters, on Tuesday, China’s spokeswoman, Meng Wei, said in a press conference that, "In April, China’s state planner approved eight-fixed asset investment projects worth 18.8 billion yuan (approximately $2.78 billion dollars).

Further, China’s Spokesman, Wei added, "We will strengthen support for manufacturing companies, contact-intensive services, small firms, and home businesses."

Moreover, on Monday, Reuters displayed China’s April financial data and commented that China’s fiscal economy fell sharply because the country’s industrial output and retail sales fell to their lowest level rapidly in more than two years and missed the predictions.

The Forex Market's (FX) Reactions

The Forex traders expected more investments and hoped that the ban and activity restrictions would be lifted, but the news that China's economy had contracted disappointed them. This raised hopes that the AUD/USD currency pair would remain strong throughout the day, with prices hovering around 0.7000 points at the time of publication.

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