China’s GDP accelerates and slows down at the same time
Thanks to a huge basis effect, China’s GDP growth soared to +18.3% yoy, but the economy actually slowed down in Q1. Monthly economic reports suggest domestic demand was recovering at the end of the quarter. Bond yield kept on falling yesterday, despite extremely robust US figures, which raises many unanswered questions. The EUR/USD exchange rate failed to break 1.20.
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