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China consumers proving resilient amid economic gloom
As China prepared to celebrate the year of the monkey in early February, there were many who wondered if the celebrations would be muted because of the effects of the perceived economic slowdown as Q4 GDP growth came in at 6.8 percent. That was lower than expected and came as industrial production slowed, exports and imports remained sluggish and prices fell, highlighting deflationary pressures in the economy.On the face of it, the sluggish economy, coupled with a weaker Renminbi making overseas travel more expensive, might bode ill for the regional and indeed global casinos. However, the consumer sector has shown surprising strength.
Devaluation of the Renminbi to hurt Macau’s exports, tourism
Macau’s Monetary Authority said the devaluation of the Chinese Renminbi would undermine the city’s export competitiveness and tourism industry in the short term but...
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