Exports USD y/y (CNY) comes in at 36.3% against 21.8% consensus

China’s Exports USD year over year, denominated in CNY, were released today, showing a significant beat against market expectations. The actual figure came in at 36.3%, substantially higher than the consensus estimate of 21.8%. This outcome marks a 66.5% positive surprise when compared to the consensus, and also represents an increase from the previous reading of 25%.

The USDCNH pair exhibited a relatively contained market reaction in the hour following the data publication. Five minutes after the release, USDCNH was up by 0.2 pips. This initial move reversed, with the pair trading down 2.9 pips fifteen minutes after the release. One hour following the data, USDCNH continued to trade lower, down 8.2 pips. Historical data for this specific series does not yet provide measured reaction statistics for comparison.