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Policy easing by Peoples bank of China (PBOC) might be helping real economy to recover from the slump.
Though it is little early to confirm, however some of the underlying data and sentiment is pointing to recovery, if not at least stabilization of downside pressure.
- This month's release pointed at stabilization in industrial production, retail sales and recovery in house prices so far. Today report from MNI showed sentiment improved substantially.
- The MNI China Business Indicator jumped 7.6 per cent in June to 53.5, its highest level since January. A score above 50 suggests optimism. Chart courtesy financial times.
According to MNI, they survey about 200 companies listed in Shanghai and Shenzhen stock exchange.
Though cost of loan reduction is clearly a factor behind the optimism, recent rally in Chinese stock market could have feed to the optimism.
Chinese stock market corrected over the good news as it would mean fewer stimulus from PBOC and Government. Chinese benchmark stock index is down close 11% this week.
It is advisable to await further evidence that growth has returned, before going bullish on Chinese economy and those linked to it like commodity currencies.
