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Chinese Trade Surplus data came in at a historic high as rising exports suggested that rate cuts have indeed provided the desired stimulus to the economy as manufactures swung back into full production post Olympics and imports began to realize declines in the relative cost of raw commodities.

Export data showed growth continuing in high margin heavy manufactured products and electronics while exports of lower margin consumer products decline.

The narrative that the market is buying into continues to be the relative resilience of the Chinese economy as expanding domestic demand partially offsets global weakness.

Andrew Barber
Director