China’s Commerce Ministry: Economy sees growing risk of weakening external demand in Q4

Speaking at a regular news conference, China’s Commerce Ministry spokesperson Shu Jueting said that the economy is facing growing risks of slowing external demand in the fourth quarter.

Key quotes

"Looking into the fourth quarter, the risk of slowing external demand is expected to increase.”

"The consumption market continues a recovery and growth trend, but due to unexpected factors including the COVID outbreaks, market entities in sectors of brick and mortar retail, catering and accommodation still face huge pressure.”

“Expect consumption to rebound as policy support takes effect.”

Market reaction

AUD/USD is under heavy selling pressure after meeting stiff resistance above 0.6500. China’s economic worries add to the downside in the pair, which is trading at 0.6466, down 0.43% on the day, as of writing.