China trade balance +263.6B yuan vs est 240.8B

Exports and imports are higher

• Yuan exports up 10.3% vs 2.0% estimate
• Yuan imports up 15.6% vs 12.5% estimate
• Trade balance +263.5B Yuan vs. 240.8B est

Other details on trade:

• Jan-Nov Iron Ore imports up 6% YoY at 991M tonnes
• Jan-Nov Crude oil imports +12% YoY at 386M tonnes
• Jan-Nov unwrought copper imports -5% YoY at 4.24M tonnes
• Jan-Nov Steel products exports -30.7% YoY at 69.83M tonnes
• Nov iron ore imports at 94.77M tonnes
• Crude oil imports at 36.92M tonnes

With imports and exports both showing strong gains, it represents a good report. It runs counter to the desire to clean up the environment and the financial system which should slow down growth.

The NZDUSD is seeing a modest move higher. IT traded up to 0.6840. The low today reached 0.6821. The pair has a floor support at 0.68159-194 (see chart below).