After the Bank for International Settlements (BIS) projected dangers for a worldwide stagflationary situation, Australian Finance Minister Katy Gallagher expressed her concerns about the economic difficulties her country is currently experiencing.
After declining for two consecutive months, the overall gauge stabilized at the neutral level.
Following the lifting of the lockdown in financial capital Shanghai in June, which allowed businesses to reopen and the majority of inhabitants to leave their houses, economic activity increased.
A turnaround in small business confidence, which had been decreasing for two months, indicates this.
The Market Reaction
Markets are still cautious due to persistent recession worries and a decline in Chinese industrial profits. But as of this Monday, USD/CNY is still marginally offered about 6.6880.
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