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7 November 2022 | Other

October results showed Chinese weak economic data and determination to contain the spread of COVID

USDJPY
USDCNY
Brent
WTI Light Crude Oil

According to the results of October, a certain declined was registered in Chinese export and import. A notable trade surplus has also grown less than it was previously forecasted. Such data might signal possible difficulties for Asian markets, as China is the most prominent trading partner for most countries in the region.

Over the weekend, the government of China also confirmed its determination to continue its strict policy of containing the spread of COVID. The statement has negatively affected the markets’ hopes of possible revival of oil demand from the world’s major crude oil importer.

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