Chinese trade figures released on Thursday showed a surprise deficit in February, as the Lunar New Year pushed up imports and weighed on exports. The deficit came in at $7.3bn compared to an expected surplus of $4.95bn, according to Reuters.
A closer reading of the NPC runes may well have saved some blushes.
Chen Deming, China’s commerce minister, said just this week that China wanted to ”stabilise exports, grow imports, and shrink the trade surplus.” Meanwhile Yi Gang, the central bank governor, described the renminbi exchange rate against the dollar as being at its “closest to equilibrium”.
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