摩根士丹利：中国经济-关税产生影响，通缩压力加剧

Core CPI held up, for now: Core CPI YoY remained robust at 0.5%Y (vs. 0.5% in March) and 0.7% MoM SAAR. In April, core goods prices (home appliances, cars and mobile phones) were largely stable on the back of the trade-in program; tourism- related prices slightly improved, such as tourism services (-0.5%Y vs. -0.9% in March) and hotel rooms, which is included in miscellaneous services (6.6%Y vs. 6.2% in March). Apart from core prices, food inflation was the highest in 5 months, led by fruit and beef amid co ...