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
