China has delayed the publication of key economic data one day before its scheduled release, in a move that took by surprise analysts and markets amid growing expectations on the Asian giant’s economic outlook.
China’s National Bureau of Statistics updated its schedule on Monday for a number of economic indicators, including the GDP, as “delayed”. Pending data also include quarterly retail sales, industrial production and monthly unemployment rates.
On Friday, the country’s customs authority also postponed the release of monthly trade data.
As the ruling Communist Party gathers, China is facing a huge backdrop of a faltering economy.
Most analysts expect third-quarter growth to remain weak in the second biggest economy, as strict Covid restrictions, a growing crisis in real estate, and slowing global demand continue to pressure the Asian giant economy.
As the IMF and World Bank recently downgraded China’s GDP growth forecasts for this year, economists polled by Reuters have expected China’s GDP to expand by 3.4% in the third quarter from a year earlier, far from the government’s target of around 5.5%.
Also, according to Reuters, China’s major state-owned banks were spotted swapping yuan for U.S. dollars in the forwards market and selling those dollars in the spot market, a playbook move used by China in 2018 and 2019 to stabilize yuan