Beijing under pressure for more economic support as manufacturing sector struggles to pick up
The Chinese currency, meanwhile, has fallen almost 6 per cent against the dollar this year as disappointing economic data and a strengthening US dollar piled pressure on the exchange rate, despite a number of direct and indirect measures by Chinese authorities to discourage bets against the currency.“Crossing this level raises the possibility of the [People’s Bank of China] adjusting the currency band to a weaker level,” said Ken Cheung, chief Asia foreign exchange strategist at Mizuho Bank.
But Beijing has refrained from enacting sweeping stimulus measures to revive growth, which expanded just 0.8 per cent in the second quarter on the previous three months. Sluggish consumer sentiment led to price deflation in July, while factory activity slowed for a fifth straight month in August. Car exports soared 104.4 per cent during the January-August period, reflecting China’s huge output of electric vehicles, while crude oil shipments by volume were up 14.7 per cent year on year and soyabean import volumes jumped 17.9 per cent, the customs authority said.
“It’s not just China, but if you look at the other Asian countries, their August trade numbers are also better,” said Robin Xing, chief China economist at Morgan Stanley.
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