China PPI y/y comes in at 5% against 4.8% consensus

China’s Producer Price Index year over year came in at 5%. This figure was higher than the consensus expectation of 4.8%. The actual print represented a 4.2% surprise compared to the consensus. The previous month’s reading for PPI year over year was 3.8%.

Following the release, USDCNH initially moved +11 pips within five minutes. Fifteen minutes after the data, USDCNH was trading -3.8 pips from its pre-release level. For context, the median one hour move for USDCNH after past releases has been 15 pips, with top quarter releases seeing moves of 24 pips or more. The current measured moves are relatively small compared to the typical one hour median move. Directional reliability statistics are not yet available for this event.