The State of China’s Economy in Q3 2024
China’s economy showed resilience in the third quarter of 2024, with an annual growth rate of 4.6%, slightly lower than the previous quarter’s 4.7% but higher than market expectations of 4.5%. Here is a breakdown of the key economic indicators:
Gross Domestic Product (GDP) Performance
- Annual GDP growth rate: 4.6%
- Quarterly GDP growth rate: 0.9%
- Expectation: 1.0%
Retail Sales and Industrial Production
- September Retail Sales YoY: 3.2% (vs. expected 2.5%)
- Industrial Production YoY: 5.4% (vs. expected 4.6%)
Fixed Asset Investment
- Year-to-date (YTD) YoY growth: 3.4%
- Expectation: 3.3%
AUD/USD Reaction to China’s Data Dump
Despite the mixed data from China, the Australian Dollar (AUD) showed resilience against the US Dollar (USD), with the AUD/USD pair trading just above 0.6700. At the moment, AUD/USD is up by 0.20% to trade at 0.6708.
Australian Dollar Price Today
The Australian Dollar (AUD) remained strong against major currencies today, with the following percentage changes:
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | -0.17% | -0.15% | -0.11% | -0.05% | -0.15% | 0.00% | 0.08% | 0.02% |
| EUR | 0.15% | 0.00% | 0.03% | 0.10% | 0.00% | 0.06% | 0.05% | 0.11% |
| GBP | 0.08% | 0.02% | 0.00% | 0.05% | 0.03% | 0.11% | 0.01% | 0.05% |
| JPY | 0.14% | 0.07% | 0.04% | 0.00% | 0.10% | 0.05% | 0.01% | 0.11% |
| CAD | 0.15% | 0.00% | 0.03% | 0.10% | 0.00% | 0.06% | 0.05% | 0.11% |
| AUD | 0.00% | 0.06% | 0.11% | 0.05% | 0.15% | 0.00% | 0.08% | 0.17% |
| NZD | 0.08% | 0.05% | 0.01% | 0.11% | 0.05% | 0.08% | 0.00% | 0.08% |
| CHF | 0.02% | 0.11% | 0.05% | 0.11% | 0.11% | 0.17% | 0.08% | 0.00% |
The heat map displays the percentage changes of major currencies against each other, showcasing the strength of the Australian Dollar against its major counterparts.