Chinese Exports Rally In December

This sharp contraction of trade of the Asian giant, to 24,590 billion yuan (3.740 billion dollars), contrasts sharply with the ambitious 6% increase that Beijing was aiming for, thus missing its target for the fourth consecutive year.

State funds may have entered to buy stocks after the Shanghai index fell below the lowest levels reached in last year’s rout, according to Galaxy Securities. China’s imports of high-tech products increased 0.7 percent in 2015 year on year. Neither EconoTimes nor its third party suppliers shall be liable for any errors, omissions or delays in content, or for any actions taken in reliance thereon.

Natural resources from Africa such as iron ore and oil have helped fuel China’s economic boom, and it became the continent’s largest trade partner in 2009, giving it growing diplomatic influence.

Japan’s Nikkei plummeted as much as 4 percent Thursday morning, while the Hang Seng in Hong Kong fell as much as 2.1 percent. It was slower than an 8 percent decline expected by economists and a 6.8 percent decrease posted in November.

Brands gained after it reported on Tuesday that sales at its restaurants in China rose by around 1% in December, compared to its 3% decline the previous month.

China’s main stock indexes fell, with the Shanghai Composite Index trading down 1.3% and the CSI300 index off 1%, below their September lows.

The indexes have lost about 15 per cent so far in 2016 and are not far from their 2015 lows, chalked up during August after losing more than 40 per cent from early June.

The data indicated that the Chinese economy may be stabilizing, easing fears over a China-led slowdown in global growth.

Since the last China-centred turmoil, the US Federal Reserve has embarked on a path of rate rises, and the European Central Bank has providing the eurozone with more financial support to stimulate economic growth.

In other currency-pair trading, the euro declined against the dollarEURUSD, -0.2118% at $1.0829 from $1.0854.

China’s central bank has allowed the yuan to weaken more than 5% against the dollar since August.

And Tokyo, which has also fallen for six straight days, surged 2.7 percent by the break. Onshore, where the currency can trade up or down 2% from the PBoC’s daily fix, the yuan traded at 6.5866, broadly unchanged from the previous day.