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China producer prices drop again in February

China producer prices drop again in February

China’s producer prices data returned to decline again after the rise in January, in light of what the country is going through a misty period due to the outbreak of the Corona virus.

The data announced this morning showed a decrease in the PPI in China by 0.4 percent in February, while the previous reading was 0.1% up and expectations were for a decline of 0.3 percent.

As for the consumer price index, it soared 5.2 percent on annual basis, matching market expectations, compared to a prior of 5.4 percent.

This data comes at a time when the country is sinking into taking all preventive measures against the outbreak of the Corona virus, as the latest report from the World Health Organization revealed an increase in the number of people infected to 114,000 worldwide.

Meanwhile, the death toll from the virus has now reached over 4,000, but China continued to report cases of recovery from time to time, as well as the slowdown in the number of new infections inside China.

Asian stocks closed today on a relative rise in its indicators, as Japan's Nikkei closed 0.85% higher to settle at 19867.12 points. The Hang Seng of Hong Kong finished at 25,392.51 points, up 1.41 percent. The MSCI Asia Pacific Index, however, closed 4.38% lower at 149.70 points.

As of 09:30 GMT, the US dollar was 0.03 percent down at 6.9514 versus the offshore yuan, while it was 0.05 percent up at 6.9482 against the onshore yuan.

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