Back
13 Jan 2016
China: Trade data surprisingly better than expected reading – Deutsche Bank
FXStreet (Delhi) – Research Team at Deutsche Bank, notes that this morning’s release of the latest Chinese trade numbers was surprisingly better than expected reading.
Key Quotes
“In Yuan terms, exports were up +2.3% yoy in December (vs. -4.1% expected) from - 3.7% in November. It was the first positive reading since June last year. Imports printed at -4.0% yoy (vs. -7.9% expected) from -5.6% the prior month. It was a similar story in USD terms with exports rising to -1.4% yoy (vs. -8.0% expected) from -6.8%, while imports (-7.6% yoy vs. -11.0% expected) were down less than expected.
With the currency front and centre at the moment, that data will likely provide a lift to the PBoC. Speaking of which, the CNY fix was again set unchanged this morning, with moves in the onshore and offshore currencies a lot more subdued relative to recent days (the overnight CNH HIBOR is back down to 8% after two days of massive moves higher).”
Key Quotes
“In Yuan terms, exports were up +2.3% yoy in December (vs. -4.1% expected) from - 3.7% in November. It was the first positive reading since June last year. Imports printed at -4.0% yoy (vs. -7.9% expected) from -5.6% the prior month. It was a similar story in USD terms with exports rising to -1.4% yoy (vs. -8.0% expected) from -6.8%, while imports (-7.6% yoy vs. -11.0% expected) were down less than expected.
With the currency front and centre at the moment, that data will likely provide a lift to the PBoC. Speaking of which, the CNY fix was again set unchanged this morning, with moves in the onshore and offshore currencies a lot more subdued relative to recent days (the overnight CNH HIBOR is back down to 8% after two days of massive moves higher).”