(Bloomberg) -- DBS Group Holdings cut its forecast for China's economic growth for this year by 50 basis points to 4.8% as Covid lockdowns dampen consumption and put supply chains under further strain.
The central bank is showing increasing restraint amid a hawkish Federal Reserve, senior economist Nathan Chow wrote in a note Monday. Room for further reductions in the reserve requirement ratio for banks is narrowing, he said.
The downgrade came after China reported on Monday the first contraction in retail sales since 2020 and worsening unemployment.
Read More: China's Covid Lockdowns Add to Global Risks as Spending Slumps
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