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China Trade Data Sees Export Growth Slow, Trade Surplus Narrow, USD/CNH Rises

CHINA DATA

USD/CNH has risen post the release of the May trade data, getting above 7.1300 before selling interest emerged. We were last in the 7.1270/80 region. G10 FX impact has been muted, although the AUD is down a touch.

  • Exports were noticeably weaker than expected at -7.4%y/y, versus -1.8% forecast and +8.5% prior. Imports were a touch better expected, printing at -4.5% y/y, versus -8.0% forecast. This leaves the trade surplus down to %65.81bn, versus $95.45bn forecast.
  • Hong Kong equities are a down a touch, but still sit near +1% higher for the session.
  • Brent crude is slightly offered, tracking just below $76/bbl, near session lows.
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