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Asian markets rise after Chinese trade balance data in July

2019-08-08 06:36 am | Resource: News | No Views : 61

Asian markets rise after Chinese trade balance data

Asian markets rose on Thursday after China revealed its trade balance fell less-than-expected in July and exports rose despite a trade war with the United States. The move comes at a time when US agencies are reported to be barred from buying products from Chinese Huawei and as tensions between Washington and Beijing persist after the United States accused China of currency manipulation. China, which strongly denies this rating, put its yuan early in the day to the weakest central point against the dollar since April 2008 where it was fixed at 7.0039.

China posted better-than-expected trade balance figures in July

China's trade surplus with the world reached $ 45.06 billion in July, the General Administration of Customs said on Thursday. The figure fell 11.6% from the previous month. China's trade balance with the United States was positive at $ 27.97 billion in July, down from a surplus of $ 29.92 billion in June. On an annual basis, China's trade surplus with the United States reached 168.5 billion dollars.

Moreover, China said its dollar exports in July rose 3.3% year on year. Imports fell 5.6% from the same month in 2018, but the numbers were better than market watchers' expectations amid the Beijing-Washington trade war

China's economy is under pressure from US tariffs after new measures were introduced in May. The United States recently announced that it will impose a 10% tariff on some Chinese goods as of September 1.

Asian shares trading
  • The Shenzhen Composite rose 1.19% at 7:39 am CET.
  • The Shanghai Composite rose 1.03% at the same time.
  • In Hong Kong, the Hang Sang rose 0.57% at 7:41 am CET.
  • Japan's Nikkei was 0.47% in the green at 7:41 am CET.
  • The Kospi jumped 1.27% at 7:42 am CET after reports said Japan would allow some technical material exports to South Korea after their trade dispute.
  • The Australian Standard & Poor's / ASX 200 Index rose 0.50% at 7:43 am CET.

The dollar lost 0.13% against the yen to 106.1340 at 7:43 CET.

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