China’s Trade Balance: Surplus widens more than expected in February amid a surge in exports
China’s Trade Balance for the January-February period, in Chinese Yuan terms, came in at CNY 890.8 billion, as compared to the previous figure of CNY540.90 billion.
Exports rose sharply by 7.1%% YoY during the reported period, higher than the 1.9% expected. The country’s imports, meanwhile, climbed 3.5% YoY vs. 0.2% booked previously.
In US Dollar terms, China’s trade surplus rose to $125.16 billion versus the +103.7 billion expected and +75.34 billion in December.
FX implications
The AUD/USD pair reacts little to the upbeat data and sticks to its modest intraday gains just below a nearly two-week high touched on Wednesday.
(The story was corrected at 03:35 GMT on March 7 to say that China’s Trade Balance pertains to the January-February period instead of only February).
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