Also, the National Bureau Statistics of China reported a better-than-forecast rise in exports at 11.3% in the year to June vs. the 9.9% consensus. Imports in the year to June came in weaker than expected at 6.3% vs. expectations of a 12.7% increase.
“While exports came in slightly better than forecast, a steep decline to 47.5 from 50.4 in New Export Orders suggests a sharp drop ahead,” says Bloomberg’s Michael McDonough. “Weak Chinese import growth (6.3%)—signifying the domestic sector is still slowing—likely provided the impetus for the recent rate cut.”
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