CNY News

The manufacturing sector in China slipped further into contraction territory in April, the revised survey from HSBC Bank showed on Monday, with a PMI score of 48.9.

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The services sector in China expanded at an accelerated pace in April, the latest survey from HSBC showed on Wednesday, with a PMI score of 52.9.

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The Chinese government has decided to cut import tariffs on consumer goods such as cosmetics, shoes, clothes and diapers in June, in a bid to boost domestic consumption amid slowing economic growth. Import taxes on some products will be lowered by an average over 50 percent, starting June 1, the Ministry of Finance said in a statement on Monday.

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The manufacturing sector in China remained in contraction in May, the latest report from HSBC Bank showed on Monday, with a manufacturing PMI score of 49.2.

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Exports in the world's second largest economy, China, fell for a third consecutive month in May, highlighting slowing demand in the country.

Exports fell 2.5% from a year ago in dollar denominated terms, and 2.8% in yuan denominated figures.

Both figures were above expectations, but the slide in imports has sparked worries on the domestic end.

Imports tumbled 17.6% in dollar terms, while yuan-denominated imports plunged 18.1% - falling for the seventh month.

Zhu Haibin, economist at JP Morgan said Monday's data shows that the economy will struggle to meet the government's trade growth target even with the export rise.

"Imports are still much weaker than expected. Exports are doing fine, even though we are still talking about a year-on-year decline, but in terms of momentum they've rebounded a bit after the collapse in March," he told Reuters.

"This year the government set up the target of trade growth at 6%, which at this moment, is still impossible to achieve, particularly with the weak imports."

Domestic demand in China continues to be weak despite stimulus measures by the government and central bank to boost growth.

The central bank had lowered interest rates just last month, which was the third time in six months to spur lending and economic activity.

The drop in imports led China's trade surplus to $59.5bn in May, up nearly 75% from April.

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Consumer prices in China were up 1.2 percent on year in May, the National Bureau of Statistics said on Tuesday. That was slightly below expectations for 1.3 percent, and it was down from 1.5 percent in April.

EURUSD M5: 38 pips price movement by CNY - CPI news event:

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China's central bank on Wednesday sharply cut the inflation projection for the year and lowered the growth forecast slightly as it expects the government measures to underpin the momentum.

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The Chinese manufacturing sector continued to contract in June, albeit at a slower pace, HSBC Bank said on Tuesday with a preliminary PMI score of 49.6.

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The services sector in China continued to expand in June, albeit at a slower pace, the latest PMI from HSBC Bank showed on Friday, with a PMI score of 51.8.

NZDUSD M5: 23 pips price movement by CNY - HSBC Services PMI news event :

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Chinese exports increased at a faster-than-expected pace in June, while imports fell less-than-expected, official data showed Monday.

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