7 June 2024 – Chinese exports increased by 7.6% in May, continuing their rise for the second month in a row. And the ECB has announced the expected first interest rate cut and revised expected economic growth upwards.
China’s exports rose by 7.6% in May
China’s exports rose faster in May for the second time in a row. This indicates that Chinese companies are succeeding in finding buyers abroad, giving the economy a further boost.
Exports from the world’s second largest economy rose by 7.6% in value terms in May compared to the previous year, according to the latest customs data.
Analysts currently assume that Chinese exports will continue to grow in the coming months.
ECB initiates interest rate turnaround
As expected, the European Central Bank (ECB) has lowered its three key interest rates by 0.25 percentage points each, having previously left them unchanged for nine months. The rate cut had been verbally prepared for a long time by the members of the Governing Council, including ECB President Christine Lagarde.
Due to the continued slight increase in inflation, the ECB is keeping a low profile with further interest rate forecasts and is relying on data-based decisions.
The ECB also expects stronger economic growth in 2024 than was forecast in March.
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