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China: Trade data surprisingly better than expected reading – Deutsche Bank

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 13, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    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).”
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