China's 3Q GDP growth slowest since 2009

Workers at the Chinese port of Qingdao. Chinese exports are likely to face tougher months ahead

That's the lowest reading since the height of the global financial crisis in 2009. The impact of American import controls has been limited, but the downturn in other parts of the economy prompted Chinese leaders to ease controls and order banks to lend. Domestic demand turned out weaker than unexpectedly solid exports, ' said Kota Hirayama, senior emerging markets economist at SMBC Nikko Securities in Tokyo.

Acknowledging these risks, central bank governor Yi Gang said on Sunday that he still sees plenty of room for adjustment in interest rates and the level of cash banks must hold as reserves. Trump will have a glowing economy to brag about for at least a few more months.

They were aimed at easing fears China was swerving away from pledges of financial reform, and that private enterprises may suffer from a strengthening state hand on the economy. This, however, could also hurt the Chinese economy, as soybeans are needed for processed food products and for animal feed, among other uses, and increased soybean prices would contribute to higher commodity prices in China.

The losses have made China's markets the world's worst-performing in 2018, with the benchmark Shanghai Composite Index down around 30 percent from a January peak and sitting at four-year lows.

The policy push comes as growth of outstanding total social financing, a reliable gauge of overall credit conditions, slowed to 10.6 percent in September from 10.8 percent in August.

Construction and manufacturing were the main drags for China's slower-than-expected third-quarter economic growth, while technology offered some support, supplementary data released yesterday showed.

More news: Mattis Calls Gen. Raziq's Death A "Tragic Loss"

Speaking on Your Money's Trading Day, investment director Jeremy Hook from TMS Capital said all indicators over the last couple of week's have pointed to a slowing China.

"Looking ahead, economic outlook is not optimistic with exports facing further headwinds as USA tariffs kick in and demand from emerging countries ebbs", said Nie Wen, an analyst at Hwabao Trust in Shanghai.

China's once high-flying automakers are now feeling the brunt of weaker consumer spending. In year-to-date terms, property sales rose 2.9 per cent in the first three quarters.

The Washington-Beijing trade fight has escalated beyond rhetoric in recent months to imposing tariffs on a wide range of each country's products, with trade penalties now on $250 billion of Chinese goods and $110 billion of USA products. Investment rose 5.4 percent in the first three quarters, down 0.6 percentage points from the first half. With uncertainty remaining over the future of the economy amid the trade war with the USA, sales of new vehicles have dropped in China, and there is speculation that sales for 2018 could drop below the previous year's figure.

The central bank has cut reserve requirements for lenders four times this year, with the latest cut taking effect on October 15, injecting more liquidity to stimulate bank lending.

"China's policy makers are trying to figure out how to react to the U.S.'s trade agenda and are less confident about their standing in the global arena compared with the past cycles", says Bin Shi, a portfolio manager at Acadian Asset Management in Boston. There's already a big acceleration in lending underway and now the PBOC is announcing new steps, ' said Ray Attrill, head of currency strategy at NAB in Sydney.

Related News:

Most liked

Former UGA RB Sony Michel Suffers Knee Injury Against Bears
Trubisky struggled against constant Patriots pressure, finishing 26-of-50 for 333 yards with two touchdowns and two interceptions. Following their meltdown in Miami last week, the Bears embraced the chance to bounce back against a team like the Patriots.

Ramiz Raja initiates Mohammad Abbas’ comparison with the greats of the game
Captain Tim Paine admitted after the loss to Pakistan that his team's batting took a step backwards during the series. For his efforts, he was named man of the match in the second Test along with man of the series.

What to expect from Apple’s October 2018 event
Apparently the iPad Pro 10.5 (2018) will be 247.64 x 178.52mm and the iPad Pro 12.9 (2018) will be 280.66 x 215mm. It's unclear whether this device will have a new redesign or simply updated specs.

Canada legalizes recreational cannabis use
Lindstrom said most states along the Canadian border have legalized marijuana for medical or recreational use. Ian Power was among the first to buy legal recreational marijuana in Canada but he has no plans to smoke it.

Floyd Mayweather accepts Khabib Nurmagomedov's challenge: 'We're fighting'
I mean, I'm my own boss. "(Floyd) can't make Khabib exhausted , we already know that", Ali Abdelaziz told ESPN's Brett Okamoto. But you don't have to win to get paid and let's be honest, that's what this is all about in the end. "He's insane .

Barnier: Brexit deal at 90%, Ireland a 'sticking point'
The extension idea has angered pro-Brexit U.K. politicians, who see it as an attempt to bind Britain to the bloc indefinitely. Britain says it has not asked for an extension, but May has not yet come up with proposals for unblocking the border logjam.

Texas Woman Leaves 2-Year-Old Boy on Stranger's Doorstep
Authorities say deputies with the Montgomery County Sheriff's Office responded to a home in Spring, Texas Wednesday evening. A woman dialed 911 after she heard a knock at her door and then found a 2-year-old boy standing on her doorstep by himself.

Alexis Sanchez Exit From Man United Looking Likely
I saw him as a bit selfish, someone who played for himself sometimes. He's moaning at his players and what he hasn't got.

How to book iPhone XR - cheaper alternative to iPhone XS, XS Max
More than a month after Apple originally held its special iPhone media event, pre-orders for Apple's iPhone XR are finally live. And the new Depth Control feature allows users to adjust the depth of field both in real-time and after the image is taken.

Russian Orthodox Church to cease communion relations with Patriarchate of Constantinople
The Holy Synod of the Russian Orthodox Church made a decision to withdraw from Eucharistic communion with Constantinople . Many Ukrainian Christians accuse the Russian Church of favouring Russian-backed rebels in eastern Ukraine .

Canelo Alvarez signs highest-earning sports contract of all time
Now Alvarez will seek to join a small and illustrious list of three-division world champions from Mexico as he steps up to 168 pounds to challenge Fielding.

Beto O’Rourke Borrows 'Lyin' Ted' Insult As He Repeatedly Attacks Sen
But polls that once showed O'Rourke within striking distance of a monumental upset now suggest Cruz may be edging further ahead. Cruz said people of both sexes need to be protected from harassment and abuse, adding "we need to protect everyone's rights".

Prince Harry gets newspaper credit for photo of Meghan Markle with lookalike
The video, taken by Seven News , could be a telling snapshot of how Prince Harry will interact with his new baby. She placed her left hand on her hip and stubbornly refused to move forward and say hello to a bemused prince.

How to watch Brewers vs. Dodgers, NLCS Game 5
But the Dodgers again struggled at the plate after going 0 for 10 with runners in scoring position during a 4-0 loss in Game 3. Throughout the playoffs, Chris Taylor has been a hitting machine for Los Angeles, posting a slash line of.353/.450/.647.

Australia PM faces backlash over potential Israel embassy move
At the same time, it must be noted that the new Australian government is not about to recognize Palestinian statehood. On Tuesday, Mr Morrison said his thinking had been guided by Australia's former ambassador to Israel, Dave Sharma.