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Aussie falls after Chinese exports plunge
The Australian dollar fell after China released trade balance data in the Asian session on Monday.
Exports in the word’s second largest economy plunged last month and surprised markets that expected a rise. The data raised concern ahead of what will be closely-watched first quarter growth figures due on Wednesday.
Exports tumbled 14.6 percent from the year-ago period, according to figures from the National Bureau of Statistics, which cited weak global demand and the impact of the lunar new year as factors behind the decline.
This compares with a rise of 12 percent rise that was forecast following the 48.3 percent surge in February.
Imports meanwhile slid 12.3 percent, a tad worse than the expected 11.7 percent fall and after diving 20.5 percent in the month before. The trade surplus for the month totaled $3.08 billion as a result, short of the $43.8 billion forecast.
China’s growth target was lowered to “around 7%” for 2015 compared to 7.5% in 2014 by Chinese authorities. Apart from GDP, China also releases industrial production and investment data.
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