GDP y/y (CNY) comes in at 4.3% against 4.2% consensus

China’s Gross Domestic Product, a key measure of economic activity, grew by 4.3% year over year. This figure, released for the period ending in the second quarter, exceeded the market consensus expectation of 4.2%. The actual print represented a 2.4% positive surprise when compared to the consensus forecast. This quarter’s growth follows the previous period’s recorded expansion of 5%.

The USDCNH currency pair showed an initial reaction following the data publication. Within five minutes of the release, USDCNH moved -3.7 pips lower. However, fifteen minutes after the economic data was published, the pair was observed trading +14 pips higher from its pre-release level. Historical data for this specific series does not yet provide measured reaction statistics, so typical market behavior for this release cannot be compared.