EnergyScan

The Chinese economy accelerated in Q4, but signs of weakness appeared in December

China’s GDP ended 2020 stronger than expected with a 6.5% yoy GDP growth. Yet, retail sales slowed down unexpectedly, even before the country faced the pandemic resurgence, which suggests the start of 2021 may be more difficult. The Chinese economy posted an average 2.3% GDP growth in 2020. US markets are closed for Martin Luther King’s day, but the trend is rather negative, as there are doubts about the ability of Joe Biden to implement his economic program, while US economic reports released at the end of last week confirmed the strong negative impact of the pandemic. The USD kept on strengthening, touching 1.2065 vs the euro overnight.

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