China trade balance for November: $ 54.5bn (expected +$43.95bn)

China trade balance for November: $ 54.47bn

• expected +$43.95bn, prior was $45.91bn

Exports for December, y/y: +4.7%

• expected +8%, prior was 11.6%

Imports for December, y/y: -6.7 %

• expected +3.8%, prior was 4.6%

That’s a record high for the surplus … but coming on the back of lower than expected imports and exports (just not as much) the markets are reading the data as a negative and chattering already about further RRR cuts in China

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AUD lower – imports into China much lower than expectations and exports not as strong as expected seemingly weighing on it