17 Dec 2018

Crosby Research: Macro Scorecard: Retail sales growth accelerated in Nov … if we excl. the weak auto sector

Despite liquidity of China’s financial system having improved in Nov according to PBOC data reported on 11Nov, retail sales appeared to have worsened as YoY growth slowed from 8.6% in Oct to 8.1% in Nov, which was the lowest since May 2003, when China was severely hit by the outbreak of SARS with retail sales grew merely 4.3% YoY.