CPI m/m (CNY) comes in at 0.2% against 0.2% consensus

China’s Consumer Price Index month over month, or CPI m/m, was released at 0.2% for the latest period. This figure aligned precisely with the market’s consensus expectation of 0.2%. The prior month’s reading for this economic series had been 0.4%. The release showed no surprise against consensus, registering 0.0%.

The USDCNH pair registered a move of +11 pips five minutes after the data was published. Fifteen minutes following the release, USDCNH was trading -3.8 pips from its pre-release level. Historically, the median one hour move for USDCNH after past CPI m/m releases has been 15 pips. For top quarter releases, moves of 24 pips or more have been observed. These historical movements are derived from three releases since 2015. The measured market reaction so far is smaller than the typical one hour median move.