Monday, official data showed that China's consumer prices declined for the third consecutive month in April on an annual basis.

According to the National Bureau of Statistics, consumer prices fell 1.5% year-on-year in April, roughly in line with expectations for a 1.4% decline after the 1.2% fall in March and the 1.6% contraction in February.

The bureau also said that producer prices declined 6.6% annually in April, falling for the fifth consecutive month. It was more than expectations for a 6.3% contraction after the 6% annual fall in March and the 4.5% decline in February.

In other news, the Bank of Korea said South Korea's L money supply, representing the country's the broadest measure of money supply, grew 10.6% year-on-year in March, slower than a 10.8% rise in February. Meanwhile, the M2 measure of money supply rose 11.1% annually in March, compared to an 11.4% growth in February.

Industrial production in Malaysia declined 14.4% year-on-year in March, slower than a revised 14.6% drop in February, the Department of Statistics said. Economists expected a fall of 15%. Industrial output has now fallen for the seventh consecutive month in March.

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