China: Wider than expected trade surplus - TDS

Research Team at TDS, notes that China’s trade surplus was wider than expected at $US52b via imports falling sharply by -12.5%/yr (mkt –7%) and July exports fell 4.4%/yr (mkt –3.5%). 

Key Quotes

“The devaluation of the yuan by China is helping buffer the effects of tepid global demand. CNY iron ore imports jumped from 8.3% to 88.4mt a 2016 high.  Market ignored this report as well as the as-expected 3.2b foreign reserves report on the weekend.”