June 10, Tuesday

High-level Voice: 
According to the National Bureau of Statistics, in May, the CP| fell 0.2% month-on-month and 0.1% year-on-year; the PPI dropped 0.4% month-on-month, consistent with the previous month, and fell 3.3% year-on-year.

Overall Sentiment: 
Yesterday morning, the National Bureau of Statistics and the General Administration of Customs released data simultaneously, with no surprises.
Inflation data continued to decline, but the Bureau no longer emphasized the absence of deflation. Import and export data showed little change, with exports still growing and imports continuing to fall. A director from the Customs Administration provided some optimistic outlooks. The differing tones in the two agencies' interpretations suggest which data is more positive.