This is the release of the 'yuan terms' trade balance Trade Balance CNY 278.4bn •expected 364.5bn, prior 346bn Exports -5.6% y/y. That's a very, very big miss •expected +2.5% y/y , prior +5.9% y/y Imports +2.2% y/y •expected +5.5%, prior +10.8% We'll get the USD terms soon, they normally follow in around 30 minutes or so ... tthat's an elastic time frame though - Comments from China Customs: China continues to face relatively large difficulties China will implement policies to stabilise foreign trade growth Leading indicators show that pressure on exports is likely to ease in Q4 -- While you're here .... BoA / ML ... (full story)