China’s Vice Commerce Minister: Foreign trade faces uncertainties and huge pressure

Dhwani Mehta FXStreet

China's Vice Commerce Minister said in a statement on Wednesday, the country’s foreign trade stabilization faces uncertainties and huge pressure hit by domestic and external factors.

When asked about slowing trade growth, he said that “Chinese importers and exporters are under pressure due to logistics problems and soaring raw material prices.”

China will adopt targeted measures to lower costs and improve logistics for foreign trade firms, he said.

His comments come a day ahead of the release of China’s trade balance data.

Meanwhile, a PBOC official was reported as saying that the central bank will guide financing costs lower.

The central bank official also said that they will keep the yuan reasonably stable and strengthen the currency's flexibility.

Market reaction

AUD/USD was last seen trading modestly flat around 0.7225.

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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