China| Recessionary trade surplus continued, helping to offset tension of capital flight

Summary

The “recessionary trade surplus”, a widening trade surplus resulting from a mix of weak exports and even weaker imports, continued through September, unaffected by recent fluctuations of the RMB exchange rate. September exports registered a year-on-year decline of -4.5% y/y (consensus: -6.0%), marginally narrowed from the August outturn of -5.5% y/y.

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