China's Trade Balance surplus rose to $59.1 billion in May
China’s exports fell for a third month in May, while imports slumped the most in three months, Overseas shipments fell 2.8% from a year earlier in yuan value, the customs administration said in Beijing on Monday. Imports slid 18.1%, leaving a trade surplus of 366.8 billion yuan ($59.1 billion). This was better than anticipated surplus of $44.9 billion. U.S. demand helped prevent a deeper decline in shipments abroad.
The trade slowdown coincides with a slump in investment growth that is putting Premier Li Keqiang’s 2015 growth target of about 7 percent at risk. In response, officials have eased monetary policy and engineered a debt swap for local governments so they can keep funding infrastructure projects.
Data did not have any major impact on the markets with Aussie declining slightly currently being traded few points above 0.76 handle. Pair is likely to find support around 0.7550 area and resistance above 0.7660 level. There will be no major data releases in the rest of the session.
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