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Commerzbank says China's industrial profit growth slowed to 21.1% year on year in May, down from 24.7% in April. The bank expects June PMIs to slip into contraction and sees weak consumption and investment weighing on the yuan.
It still sees scope for a 10bp PBoC cut in the second half.
A weaker Chinese economy and softer yuan can dampen import demand for feed commodities, though the link to near-term grain prices is indirect.
在过去 398 次看涨的宏观事件之后,人民币(每 USD 的 CNY) 在 5 个交易日内中位数变动 +0.0%(56% 上涨;中间一半区间为 -0.3% 至 +0.5%),20 个交易日内为 +0.0%。
各商品基准价相对事件前最后收盘价的变动。历史数据汇总同类过往事件;仅描述已发生的情况,不代表未来走势。不构成投资建议。