Fall in monthly imports underlines lacklustre consumer demand in world’s second-largest economy
Chinese stocks and bond prices climbed on Tuesday following a pledge by the country’s leaders to implement “moderately loose” monetary policy to revive economic growth in the world’s second-largest economy. The CSI 300 stock index rose as much as 3.3 per cent at the open before paring gains to be 1.4 per cent higher, while yields on China’s benchmark 10-year bonds slipped five basis points to 1.
“The contraction of imports is consistent with the weak data,” said Zhiwei Zhang of Pinpoint Asset Management in a note. “The politburo meeting yesterday signalled domestic demand next year. The market is anxiously waiting for details on what exactly the government will do.” China’s exports in November rose 6.7 per cent from a year earlier, below analysts’ forecasts in dollar terms.
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