S&P Global released its latest outlook report on the Chinese economy,  citing a cut to the 2023 growth forecast for China.

The agency trimmed forecasts for China’s Gross Domestic Product (GDP) to 5.2% from 5.5% this year.

“China's recovery should continue but at an uneven pace, S&P Global added.

The S&P Global downgrade comes in line with many global banking giants such as Nomura, Citibank, UBS and Goldman Sachs.

Market reaction

Despite the above headlines, AUD/USD is trading better bid at around 0.6688, tracking the S&P 500 futures higher.