China’s July trade data (Yuan terms): Exports & imports miss expectations

China's trade balance for July, in Yuan terms, came in at CNY+321.2 bn vs +293.55 bn expected and +294.30 bn last. Exports came at 11.2% y/y vs 14.8% expected and 17.3% last, while imports were +14.7% y/y vs 22.6% expected and 23.1% last.

For the January to July period:

Trade surplus of 1.6tln yuan

Exports +14.4% y/y in yuan

Imports +24% in yuan 

The data is a negative input for the Aussie, as imports data is a big miss on expectations, which re-ignited concerns over China’s external demand.