Chinese July trade data published this morning showed a surplus 310 billion yuan, equivalent to US $45 billion – but who knows for how long as this exchange rate has fluctuated quite a bit over the last week. Exports grew 3.3 per cent during the month as opposed to a 1.3 per cent drop in June, taking the annualised rate to 10.3 per cent, and a lot better than June’s 6.1 per cent growth. Meanwhile imports fell 5.6 per cent in July having fallen by 7.3 per cent in June; the annualised rate now stands at a meagre 0.4 per cent growth reversing June’s 0.4 per cent decline.
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