SHANGHAI, Oct. 21 (SMM) – China’s National Bureau of Statistics released the results of major economic data today, with major indicators pointing to a stabilization in China’s economic growth in September.
“The higher-than-expected GDP growth during 3Q, up 7.3 percent from a year earlier, will be good for short-term financial markets, but risks from trust default and cash strains will be increasing during the rest of the year, turning banks wary of granting loans,” an analyst from Guosen Futures told SMM in an interview.
If Chinese government sticks to its economic reform, market worries over economic growth will be growing, he said, boding ill for metals market.
Another analyst from Guotai Junan Futures expects metal prices to retreat again after a brief rally, pointing to no improvement in end-user consumption.
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