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Gold Prices Fall Amid Rate Jitters; Copper Steady as China Stimulus Eyed 
The ANZ-Roy Morgan China Consumer Confidence Index declined to 144.0 in May, down from 145.0 in the previous month. Despite the slight fall in the headline index in May, the reading remains at the second highest reading over the past twelve months, second only to that in April 2016.
“Sentiment remains elevated following April’s strong rebound. Despite the slight fall in the headline index in May, consumer confidence remains well above the average level over the past year." ANZ said in a report.
Number of respondents who expect China to have 'good times' over the next year declined to 55.8 pct (prev 56.1 pct), while those who expect economic 'bad times' rose to 17.2 pct from 14.0 pct in April. Inflation expectations eased further to 3.67 pct from previous 4.02 pct in May.
9.5 pct (from 46.9 pct) of the respondents said that their families are 'better off' financially, while, 18.4 pct (prev 16.3 pct) said that they are 'worse off. On the outlook for their own personal financial situations, 66.4 pct (prior 68.7 pct) of the respondents expect their families to be 'better off' next year, compared with 6.4 pct who expect conditions to be 'worse off'.
"Strong consumption will continue to be a cornerstone of the Chinese economy, with private consumption contributing 5.7ppt towards the GDP growth of 6.7% in Q1 2016. This development will continue to underpin a decent growth momentum in Q2 GDP which is forecast to be 6.5%.” adds ANZ.
