Reaction to China GDP data
Optimism over the underlying growth momentum of the Chinese economy in 2017 has continued to improve, following official figures showing that GDP output grew by 6.9 percent over the first quarter of 2017. This represents stronger growth than was expected and does point towards the Chinese economy making a turnaround after consecutive years of declining growth. What has been impressive about the rebound has been the ongoing signs of domestic economic strength, and by this I mean consistency in domestic consumption with retail sales and a recent trade balance release being just a few pieces of economic data that has surprised to the upside.
Jameel Ahmad, VP of Corporate Development and Market Research at FXTM
