According to the Chinese Bureau of Statistics, the local retail sales slowed down a little bit in April 2016, down to 10.1% as opposed to 10,5% seen over the previous reporting period, Market Leader reports.
It appears that Chinese retail sales slowed down mainly due to car sales. The thing is that in April 2016, Chinese consumers showed less interest in new cars. To be more specific, the car sales growth in March equal to 12.3% while in April the figure dropped all the way down to 5.1%.
We remind you that the retail sales figures are viewed as the index evaluating the total amount of money gained from selling consumer goods. These figures can be further used to study the changes going on in the local consumer market. This is also an important index showing the overall well-being of the country’s population.
FOREX
Masterforex-V Academy reports that the Renminbi is still being pressed and trading lower against the U.S. Dollar, somewhere around 6,5388. This means that USDCNY is still ralying.
The key level of resistance is represented by MF pivot 6,5540. Alternatively, a break below MF pivot 6,4922 is going to indicate the completion of the existing bullish tendency in the market of USDCNY, Masterforex-V Academy experts say. If that’s the case, the Chinese Yuan is going to get stronger versus its American counterpart.
