Yuan terms China trade figures
China trade balance: CNY 34.46bn
- expected CNY 252.3bn, prior was CNY 271.16bn
Exports -16.6% y/y
- expected 6.6%, prior 13.9%
Imports -0.3% y/y
- expected 6.2%, prior was 2.9%
USD terms
China trade balance: USD 4.12bn surplus
- expected $26.2bn, prior was $39.16bn
Exports -20.7% y/y
- expected -5.0%, prior 9.1%
Imports -5.2% y/y
- expected -0.6%, prior was -1.5%
Wow …. terrible data …. but do bear in mind the January / February distortions caused by lunar new year holiday timings
Exports biggest drop in 3 years.
AUD down a little, not huge.
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ps. the first number to cross the wires was the the yuan terms exports number, which a major wire showed to be +16.6% y/y
Which I thought … "No way'"…. and sure enough a few moment later they issued a correction to -16.6%.
Algos not happy :-D
Uh-oh :-D
