China's retail sales moderated in April

China's retail sales growth moderated to 10.0% y/y in April from 10.2% in March, also missing consensus expectations. As CPI inflation edged higher in April, sales growth in real terms dipped to 9.9% y/y from 10.2% prior. 

Retail sales growth moderated in both urban and rural areas, to 9.8% and 11.4% y/y in April from 10.0% and 11.5% in March, respectively. This raises concerns that prolonged economic weakness will put pressure on the labour market and consumption.