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Over the weekend release of economic dockets from China, continued to pose weakness in broader economy and China's exports.
Key highlights -
- Exports registered their biggest drop in four months. Exports were down by -8.3% on yearly basis compared to median expectations of just 1.5% drop.
- Imports were down by -8.1% on yearly basis, broadly in line with expectations.
- As a result, trade surplus shrank to $43.03 billion in July from 53.25 billion in June.
Domestic indicators too providing evidence of continued sluggishness.
- Consumer price index came at +1.6% in July, much lower than target of 3%.
- Producer price index dropped by -5.4% on yearly basis, lowest in six years.
As of now People's Bank of China (PBOC) has roared more than actually bite. It has not participated aggressively in monetary policy easing, however some further easing is expected from PBOC.
With CPI, well below target and energy prices taking a second dive down this year, PBOC has ample room for easing this year.
Chinese stock market is up 4.77% today so far, thanks to intervention, currently trading at 3922.
