ADB cuts China’s 2020 GDP forecast to 2.3%
|In its latest growth outlook, the Asian Development Bank (ADB) on Friday, lowered its 2020 GDP growth forecast for China.
Key quotes
ADB slashes China’s 2020 GDP forecast to 2.3% vs. 5.2% previous estimate.
Sees China much lower this year.
China’s 2021 growth forecast seen unchanged at 7.3%.
Market reaction
The AUD/USD pair paid little attention to the Chinese growth downgrade, as markets are fully aware of the economic impact of the coronavirus outbreak on the global growth prospects, including China’s.
The spot is heading back towards the daily highs of 0.6068 after the Chinese Caixin Services PMI rebounded to 43.0 in March.
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