China’s Economy Slumps amid Zero Covid, Real Estate Plunges (again), Capital Flight Continues
#China #ChinaEconomy #Evergrande China’s Economy continued to slide in April, with real estates sales seeing their worse plunge since 2006 and major bond selloffs across China’s financial sector. Though the People’s Bank of China has lowered mortgage rates, most are saying a rate-decrease across the board is what is needed. China’s economic data for April was dismal, due in large part to its 'Zero Covid' strategy, with major declines in output, retail sales and a 6.1% unemployment rate. This coincided with a continued plunge of China’s real estate market, which fell at its sharpest pace since 2006. With the sector besieged by defaults from Evergrande, Sunac, Kaisa, etc, continued slumps in the housing market will on further impede China’s economic recovery. With the Federal Reserve raising interest rates China is undergoing a serious case of capital flight. As a result, Beijing as stopped the publication of foreign debt trades. LINKS: Making Sense of China’s Economy: • Making Sense of China’s Economy China Cuts Mortgage Rates to Counter Collapse in Home Sales: https://www.bloomberg.com/news/articl... China’s economic data disappoint in April as Covid controls weigh: https://www.cnbc.com/2022/05/16/china... China’s property down cycle worsened by lockdowns: https://asiatimes.com/2022/05/chinas-... China Stops Reporting Bond Trades by Foreigners After Selloff: https://www.bloomberg.com/news/articl... China's April new home prices see slower gains, private survey shows: https://www.reuters.com/business/chin... Canadian inflation rises to 6.8%: What you need to know: https://financialpost.com/news/econom... Coronavirus: economic toll of China’s latest outbreak ‘10 times more severe’ than Wuhan in 2020: https://www.scmp.com/economy/china-ec... As China strikes positive tone on economy, experts play down short-term impact of policy support: https://www.scmp.com/economy/china-ec... Goldman Sachs cuts its China GDP forecast to 4% on Covid controls: https://www.cnbc.com/2022/05/18/goldm... China Signals More Policy Support With 5.5% Growth Target: https://www.bloomberg.com/news/articl... China Keeps Key Interest Rate Unchanged Despite Sharp Economic Slowdown: https://www.bloomberg.com/news/articl... China Home Prices Drop for Eighth Month During Lockdowns: https://www.bnnbloomberg.ca/china-hom... A $100 Billion Comedown: Soaring Defaults Shrink Asia’s Junk-Bond Market: https://www.wsj.com/articles/a-100-bi... China Cuts Mortgage Rates to Counter Collapse in Home Sales: https://www.bloomberg.com/news/articl... China just saw a record bond sell-off. Now its main trading platform isn't publishing foreign debt trades, report says: https://finance.yahoo.com/news/china-... Mark Mitchell – Mortgage Broker London Ontario 920 Commissioners road east London, Ontario N5Z 3J1 Phone: (519)860-2102 (Call or Text) [email protected] Brokerage Lic: 10464 Broker Lic: M16001479 https://www.LondonOntarioMortgages.ca – Apply Online!! Youtube Channel: / markmitchellmortgagebrokerlondonontario Subscribe NOW for more Mortgage/Financial News/Videos. Follow me on Social Media: Instagram - / mortgagebrokerlondonontario Facebook - / londonontariomortgages Twitter - / londonmortgage1 LinkedIn - / mark-mitchell-london-s-mortgage-broker-197... TikTok - https://www.tiktok.com/@mortgagebroke... Commentary on this Channel should not be considered financial advice.
