China's industrial profits rebound 1.1% y/y in May, Aussie tests 0.7000

The latest data published by China’s National Bureau of Statistics (NBS) showed that profits earnt by China’s industrial firms in May rose 1.1 y/y vs. a 3.7% drop seen in April.

In April, the drop in industrial profits was attributed to the cut in VAT.

The Aussie cheers the upbeat Chinese macro news, testing daily tops just shy of the 0.70 handle while the Kiwi looks to regain the 0.67 handle.