China’s industrial output has expanded at a slower annual rate than anticipated in October.

Total production grew 5.3% year-on-year in October, while slowing from a 5.4% growth in September.

In comparison, market consensus had pointed to a 5.6% YoY growth.

October’s deceleration was mostly due to a sharp slowdown in electricity, heat, gas and water production and supply activities, up by 5.4% YoY versus 10.1% YoY in September.

In the meantime, production growth picked up in both manufacturing (5.4% YoY from 5.2% YoY in September) and mining (4.6% YoY from 3.7% YoY in September).

Within the manufacturing segment, output grew the most in:

– computer and communication (10.5% YoY);
– non-ferrous metal smelting (7.7% YoY);
– chemicals (6.9% YoY);
– automobiles (6.2% YoY);
– oil and natural gas (5.8% YoY);
– heat production (5.5% YoY);
– coal, mining and washing (4.5% YoY);
– railway, ship and aviation (4.4% YoY);
– general equipment manufacturing (2.4% YoY).

On the other hand, output contracted for non-metallic mineral products, by 2.6% YoY.

The Chinese Yuan was little changed on the day against the US Dollar, with the USD/CNY currency pair last trading at 7.2307.

The Forex pair was holding not far from yesterday’s 15-week high of 7.2460.

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