China's 10-year government bond yield fell to around 1.63%, despite better-than-expected economic data. Reports released on Friday revealed that the Chinese economy grew by 5.4% year-on-year in Q4, surpassing market expectations of 5% and improving from a 4.6% expansion in Q3. For the full year, economic growth reached 5%, meeting Beijing's target of "around 5%." Additionally, industrial output rose 6.2% year-on-year in December, exceeding forecasts and November's 5.4% gain. Retail trade also grew by 3.7% in December, beating the expected 3.5% and rising from 3% in November. Meanwhile, new home prices fell 5.3% year-on-year, marking the smallest drop since August and easing from a 5.7% decrease in November. These stronger-than-anticipated figures highlight the impact of stimulus measures introduced since September to bolster China’s economic recovery. However, the unemployment rate edged up to a three-month high of 5.1%, compared to market expectations and the prior month's 5%
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