China’s crashing imports assure more CNY depreciation
The 19% y/y slump in China's trade was the biggest decline since May 2009 and the seventh decrease over the last 12 months. Disappointing China figures ahead of G20 meetings are far from rare, but the long term trend in the data is another reminder that Beijing will cut its benchmark lending/borrowing rates and pave the way for further CNY depreciation. Full charts & analysis.
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