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Chinese exports stabilise in April as currency starts to weaken
CHINA's exports stabilised in April as the value of the currency decreased, while imports extended declines to 18 months, reports Bloomberg News.
"China's exports stayed positive in April, but with gains flattered by yuan depreciation," said Bloomberg Intelligence economists Tom Orlik and Fielding Chen.
The lack of a sustained trade rebound adds to pressure for more government stimulus to help boost growth, which they say will slow this year to 6.5 per cent.
Exports are weakening according to cumulative data with shipments falling 2.1 per cent in dollar volume January to April year on year.
March exports jumped 11.5 per cent in dollar terms due to recovering global demand and a low comparison base versus last year, said Sheng Laiyun, a spokesman for National Bureau of Statistics.
Said Commerzbank economist Zhou Hao: "China's data improvement in March is short-lived. The market has to prepare a little bit for the downside risk in other Chinese data and some sort of market correction might be inevitable."
China's oil imports rebounded amid strong buying by independent refiners that pushed crude demand to record highs.
Inbound shipments totalled 32.5 million tonnes topping 7.96 million barrels a day, near the 8.04 million record set in February.
"China's exports stayed positive in April, but with gains flattered by yuan depreciation," said Bloomberg Intelligence economists Tom Orlik and Fielding Chen.
The lack of a sustained trade rebound adds to pressure for more government stimulus to help boost growth, which they say will slow this year to 6.5 per cent.
Exports are weakening according to cumulative data with shipments falling 2.1 per cent in dollar volume January to April year on year.
March exports jumped 11.5 per cent in dollar terms due to recovering global demand and a low comparison base versus last year, said Sheng Laiyun, a spokesman for National Bureau of Statistics.
Said Commerzbank economist Zhou Hao: "China's data improvement in March is short-lived. The market has to prepare a little bit for the downside risk in other Chinese data and some sort of market correction might be inevitable."
China's oil imports rebounded amid strong buying by independent refiners that pushed crude demand to record highs.
Inbound shipments totalled 32.5 million tonnes topping 7.96 million barrels a day, near the 8.04 million record set in February.
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