Forget the weather, it must be the smog. China just announced total carnage in its trade data for March:
- CHINA’S MARCH IMPORTS FALL 12.3% Y/Y IN YUAN TERMS; EST. -11.3%
- CHINA’S MARCH EXPORTS FALL 14.6% Y/Y IN YUAN TERMS; EST. +8.2%
- CHINA’S MARCH TRADE SURPLUS 18.16 BILLION YUAN; EST 250B YUAN
So what exactly was the Chinese stock market ‘discounting’?
Trade Surplus collapses… (economists knew about year-end and forecast +250bn!!!)