China’s business morale hits lowest in almost a decade in December

According to a survey conducted by the World Economics Survey, China's Business Confidence Index dropped to 48.1 in December vs 51.8 in November.

Additional takeaways

China’s December Business Confidence Index at the lowest since January 2013 when data began to be compiled.

China’s December Business Confidence Index compiled after surveying companies during Dec 1-16.

The survey suggests strongly that the growth rate of the Chinese economy has slowed quite dramatically, and may be heading for a recession in 2023.

Market reaction

AUD/USD is unfazed by the dismal Chinese data, as it benefits from a broadly weaker US Dollar, courtesy of the slide in the USD/JPY pair.

The spot was last seen trading at 0.6715, adding 0.51% on the day.