China's exports likely to grow 50% in May

摘要

Chinese exports in May grew about 50% from a year earlier, sources said a figure that blew past expectations and fuelled a big jump in domestic stocks. The key Chinese stock index, which had been in negative territory, climbed nearly 3% as the strong export growth reassured investors who have been worried that a double-dip in the world economy would weigh on China. Exports, which are scheduled to be reported as part of broader trade data were expected to rise 32.0% year-op-year in May after recording a 30.5% pace in April. The numbers also sparked what looked to be a tentative return to risk appetite in markets more globally. The Australian dollar reversed the day's losses versus the US dollar, while shares in Hong Kong also wiped out earlier losses to rise more than 1%. The surprisingly strong exports came alongside figures showing that the domestic economy was performing in line with relatively strong expectations, three sources said. Chinese consumer prices in May rose 3.1% from a year earlier, accelerating from 2.8% in April, a senior government official told an internal investor conference according to the sources present at the meeting. The official also told the audience that new loans in May reached 630 billion yuan ($92.2 billion), falling from 774 billion yuan in April. "The official unveiled those figures during the meeting, but they're basically in line with our forecasts,"one of the sources said. Economists polled by Reuters expect annual CPI inflation to reach 3.0% in May, new loans to stand at 600 billion yuan and export growth to be around 32%.