China Feb USD-denominated trade balance 8 March

  • prev +51.34bln

Data finally out. No wonder they were a bit slow in declaring it. Given the yuan-based deficit this comes as no surprise and FX price reaction is limited though. AUDUSD 0.7589 just a tad lower from 0.7596

First monthly deficit in 3 years. USD terms also seeing a huge sucking in of imports. Stockpiling of commodities inc iron ore, crude oil and coal being cited.

  • Exports y/y -1.3% vs +12.3% exp vs +7.9% prev
  • Imports y/y +38.1% vs+20.0% exp vs +16.7% prev

Imports posting largest yy increase since Feb 2012

  • Feb yy trade surplus with US $10.42bln vs $14.5bln

All rather timely/coincidental as the Trump administration marches on trade deals ??