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China: Trade data suggests improvement in domestic demand - Nomura

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Apr 14, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    Research Team at Nomura, suggests that their forecast of a gradual Chinese slowdown remains intact.

    Key Quotes

    • “Export growth surged to 11.5% y-o-y in March from -25.4% in February, largely due to a low base last year; we do not view this as a sign of a significant improvement in external demand.

    • More notably, import growth rose to -7.6% y-o-y from -13.8%, led by ordinary imports, which suggests an improvement in domestic demand.

    • We see some upside risk to our Q1 GDP growth forecast of 6.6% y-o-y but maintain our 6.2% GDP growth forecast for the full year as severe structural problems in the economy remain and as the financial sector normalises.

    • We continue to expect accommodative fiscal and monetary policy, with quasi-fiscal easing playing an important role.”
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