Bankinter : Several positive data in China. While Retail Sales (Jan+Feb) improve to +3.5% year-on-year, as expected vs -1.8% previously, Industrial Production (Jan+Feb) improves to +2.4% year-on-year vs +2.6% esp. and +1.3% previously. Also, the Unemployment Rate (Feb) rebounds to 5.6% vs 5.3% esp. and 5.5% previously. Finally, the PBoC injected the largest amount of liquidity since December 2020 via a medium-term credit line. Specifically, it amounted to CNY 281 billion ($41 billion) net.
Opinion: positive data. The reopening of the economy after the pandemic and the celebration of the Chinese New Year are the main reasons behind this improvement in indicators. We expect the situation to continue to improve as the year progresses. The government expects the economy to grow by 5% this year, some way down from the historical average of +8.2%.