Reuters make a few more pertinent points on China's trade balance data earlier today:
- China's imports grew at the fastest pace in more than two years ... fueled by its strong thirst for commodities from coal to iron ore
- Exports also unexpectedly rose, reflecting a pick-up in both domestic and global demand
- "The improvement reflects a strengthening in global demand, with recent business surveys suggesting that developed economies are on track to end the year on a strong note" (comment from Julian Evans-Pritchard, China economist of Singapore-based Capital Economics)
More:
- China's imports of major commodities including iron ore, crude oil, coal, soybeans and copper all surged by volume in November, despite a sharp weakening in its yuan currency
- China import of iron ore the third highest monthly tally on record
- Largest volume of coal imports in 18 months ... adding to stocks ahead of winter demand
- Copper imports surged 31 percent ... "The rise in copper imports reflected in part a rise in Shanghai Futures Exchange inventories and stronger demand from the Chinese power and construction sectors," said Vivek Dhar, a commodities analyst with Commonwealth Bank in Melbourne. "The debate dividing the market is whether this growth can be sustained into next year, or will things flatten out. This isn't necessarily clear just yet."
