Tags: CHINA | ECONOMY | EXPORTS

China Exports Likely Surged 50 Percent in May

Wednesday, 09 Jun 2010 09:16 AM

Chinese exports in May grew about 50 percent from a year earlier, sources said on Wednesday, a figure that blew past expectations and fueled a big jump in domestic stocks.

The key Chinese stock index , which had been in negative territory, climbed nearly 3 percent as the strong export growth reassured investors who have been worried that a double-dip in the world economy would weigh on China.

Exports, which are scheduled to be reported as part of broader trade data on Thursday, were expected to rise 32 percent year-on-year in May after recording a 30.5 percent pace in April.

The numbers also sparked what looked to be a tentative return of risk appetite in markets more globally.

The Australian dollar reversed the day's losses versus the U.S. dollar, while shares in Hong Kong also wiped out earlier losses to rise more than 1 percent.

The surprisingly strong exports came alongside figures showing that the domestic economy was performing in line with relatively strong expectations, three sources said.

Chinese consumer prices in May rose 3.1 percent from a year earlier, accelerating from 2.8 percent in April, a senior government official told an internal investor conference on Wednesday, according to the sources present at the meeting.

The official also told the audience that new loans in May reached 630 billion yuan ($92.2 billion), falling from 774 billion yuan in April.

"The official unveiled those figures during the meeting, but they're basically in line with our forecasts," one of the sources said.

Economists polled by Reuters expect annual CPI inflation to reach 3.0 percent in May, new loans to stand at 600 billion yuan and export growth to be around 32 percent.

Consumer inflation and other activity data are due on Friday. Money and lending figures could be published by the central bank at any time.

Chinese economic indicators are often circulated widely in markets and government circles ahead of their official release, and are sometimes subject to last-minute revisions.

© 2017 Thomson/Reuters. All rights reserved.

 
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Chinese exports in May grew about 50 percent from a year earlier, sources said on Wednesday, a figure that blew past expectations and fueled a big jump in domestic stocks. The key Chinese stock index , which had been in negative territory, climbed nearly 3 percent as the...
CHINA,ECONOMY,EXPORTS,
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2010-16-09
Wednesday, 09 Jun 2010 09:16 AM
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