China’s trade balance rises to $105.43B
China’s May trade balance, exports, and imports were higher than expected. Exports increased 19.4% year-over-year, while imports rose 27.4% year-over-year.
The trade balance was $105.43B, exceeding the expected $92.1B. This is higher than the prior month’s $84.82B.
China’s retail passenger car sales dropped 22.1% year-on-year in May to 1.51 million units. The European Central Bank is expected to raise its deposit rate by 25 basis points to 2.25% on Thursday.
The People’s Bank of China set the USD/CNY reference rate at 6.8147, stronger than the estimated 6.7809.