Earlier headlines with the yuan denominated results here
More now, the results in USD terms.
Trade balance surplus of $54.49bln
- expected is a trade surplus of $45bn
- Prior was $34.13bn surplus
Exports: -2.5% y/y
- expected is -5.2% y/y
- prior was -6.4% fall
Imports y/y -17.6%
- expected -10.3%
- prior was -16.2%
-
MNI adds:
- China May seasonally adjusted exports +9.1% m/m; apr +22.9%
- China May seasonally adjusted imports -4.3% m/m; apr +5.0
-
The big fall in imports is going to be taken as a further sign of Chinese economic weakness
- it suggests consumption continues falling
- It's the 7th consecutive month of falling imports
So, what does a 'further sign of Chinese economic weakness' even mean?
- Should we trim 'risk' (maybe sell AUD) because of it?
- Or load up on more 'cause it might prompt more Chinese stimulus efforts?
I dunno. Its Monday and I'm already tired ... I just read a Tweet as "blond market" instead of bond market. Well, either tired or I need new glasses.
