MNI BRIEF: China Crude Oil Imports Accelerate In November

MNI (BEIJING) - China imported 48.5 million metric tonnes of crude oil in November, up from 44.6 mmt previously, narrowing the 3.4% y/y decline from January to October to -1.9% y/y during the first eleven months, data from the General Administration of Customs showed on Tuesday.

Inbound shipments of copper ore and its concentrates reached 2.25 million tonnes last month, down from 2.30 million tonnes in October, bringing total import growth over January to November to 2.2% y/y, a deceleration from the 3.3% y/y during the first 10 months.

Coal imports gathered pace, with January to November demand up 14.8% y/y, accelerating from the 13.5% growth during the first 10 months.

Beijing would not be completely closed to discussing a new exchange rate settlement with the U.S. aimed at allowing a moderate appreciation of the yuan, particularly against the currencies of China’s other major trading partners, MNI reported recently. (See MNI: China Not Closed To Discussing Deal On Yuan - Advisors)