China State Planner: Economy faces increasing downward pressure
“China's State planner in April approved eight fixed-asset investment projects worth 18.8 billion yuan ($2.78 billion), spokeswoman Meng Wei told a news conference on Tuesday,” per Reuters.
“Will step up support for manufacturing companies, contact-intensive services, small companies and home-businesses,” adds China State Planner Spokesman Wei.
Reuters also mentioned that China's economy cooled sharply in April as data on Monday showed the country’s industrial output and retail sales fell at the fastest pace in more than two years, missing expectations.
Also read: Shanghai sets out plans for end of a painful Covid-19 lockdown
FX reactions
Given the hopes of further investments and easing of the activity restrictions, the news failed to spread disappointment among traders. That said, the AUD/USD prices remain firmer around the intraday high surrounding 0.7000 by the press time.
Read: AUD/USD renews intraday high around 0.7000 on RBA Minutes, US Retail Sales, Fed’s Powell eyed