The National Bureau of Statistics of China is going to release the newest GDP Growth Rate Data for the fourth fiscal quarter of the previous year.
The recorded statistics are going to signify the most recent consequences of the ongoing trade war between the US and China on the local economy.
The findings of the report are going to be especially crucial because they are expected to highlight the strain of the imposed American tariffs prior to the finalisation of phase one of the trade deal negotiations between the two countries.
Market experts project no changes in the annual GDP growth rate, which is currently at 6 per cent – the lowest level on record since Q1 of 1992.
China GDP Growth Rate. Image source: TradingEconomics.com
If the Chinese growth rate does indeed remain unchanged at 6 per cent on an annual basis, the muted performance of the world's second-largest economy would be sustained for the second consecutive quarter.
Donald Trump had previously asserted that he is in no rush of removing all of the tariffs that his administration has imposed on China, despite the successful implementation of phase one of the trade deal negotiations.
Consequently, the subdued GDP growth rate in China may remain muted well into 2020, in spite of the slow inroad that has been made in deescalating the global trade tensions.
Meanwhile, the USDCNY pair is testing the strength of the significant support level at 6.8808, which is also the 61.8 per cent Fibonacci Retracement level.
USDCNY 1D Price Chart. Image source: Trendsharks ©, created with TradingView.com
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