China trade balance
- China trade balance USD comes in at 80.6 billion versus expected 70.6 billion.
- Previous 70.62 billion
- Exports YoY felt -14.5% versus expectations -12.5% (previous -12.4%)
- Imports YoY fell -12.4% vs expected -5.0% (previous -6.8%)
Although the surplus was higher, the mix of both imports and exports declining is not a good number.
Other details:
- China July trade balance +575.7 bln yuan versus 491.25 billion yuan
- China Jan-July dollar-denominated exports -5.0% y/y
- China Jan-July dollar-denominated imports -7.6% y/y
- China Jan-July yuan-denominated exports +1.5 % y/y
- China Jan-July iron ore imports up 6.9% at 669 mln metric tons
- China Jan-July trade balance +$489.57 bln
- China Jan-July yuan-denominated imports -1.1 % y/y
- China Jan-July trade balance +3.39 trln yuan
The offshore USDCNH has come off highs that took the price up to 7.23167. The current price trades at 7.2187. The high price today was the highest since July 20 but fell short of the July 19 high at 7.23634.
