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- China’s NDRC: Economy faces more complex, severe external environment
China’s NDRC: Economy faces more complex, severe external environment
China's state planner, the National Development and Reform Commission (NDRC), announced on Friday that the economy faces a more complex and severe external environment amid weakening global economic growth, requiring arduous work to promote a continuous recovery, per Reuters.
“Economic growth is expected to continue picking up pace following the implementation of new COVID rules,” added the NDRC.
The state planner also mentioned that China will speed up the construction of infrastructure projects and expand effective investment.
AUD/USD retreats
Although the news suggests more investments from the world’s biggest commodity user, as well as a major customer of Australia, the overall pessimism in the communication weighed on the AUD/USD prices following the release. That said, the Aussie pair retreats from its intraday high to 0.6715, paring daily gains to 0.15% by the press time.
Also read: AUD/USD extends its recovery to near 0.6740 as risk off impulse eases, US PMI in focus
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