China trade outperforms amid tech boom and US rebound
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https://think.ing.com/snaps/tech-boom-and-us-rebound-drives-china-trade-outperformance/
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4 itemsChina trade outperforms amid tech boom and US rebound
The desk interprets recently outperforming trade data from China as a potential tailwind for the CNY, as the nation sees a significant rebound in exports, particularly to the US. According to a recent note released by ING, China's trade surplus hit $104 billion in May, driven by external demand and base-effect dynamics from the previous year. This better-than-expected export growth, at 19.3% year-on-year against a 15.0% forecast, notably includes a 35.4% year-on-year increase in exports to the US, the strongest since 2021. Per the full note [source], while exuberance may shift based on future data that normalizes post-trade war conditions, the current positive momentum provides a supportive backdrop for the CNY's stabilization against the USD amid a recovering global landscape.