CNY/RUB Trading forecasts and signals

Data released on Monday by China's statistics office shows that the country's economy continues to recover from the crisis caused by the coronavirus pandemic. According to the results of the 1st quarter, the gross domestic product showed an increase of 18.3% compared to the indicator for the corresponding quarter of last year. According to the forecast of the Chinese authorities, this year the growth rate of the economy may exceed 6%. At the same time, analysts predict an annual GDP growth of at least 8%. The State Administration of China also reported a 17.7% year-on-year increase in retail sales in April to 3.3 trillion yuan. The figure is significantly higher than the volume of sales before the outbreak of the pandemic. Thus, compared to April 2019, retail sales in the country increased by 8.8%. In the four months of this year, Chinese retail sales increased by 29.6% compared to a year ago. It reached 13.8 trillion yuan. The volume of oil and gas production in the country increased in the period from January to April by 1.9% and 11.6%, ...