The Slowdown in China's Trade Numbers

Despite we had that China trade numbers showing much stronger than expected falls in exports and imports, yet more evidence of that slowdown. Exports for June down 12.4% in dollar terms imports down 6.8%, both weaker than forecast. It looks like it's a reflection of weaker demand for Chinese exports. Look at the exports to the US down 24%. These are annualized numbers. I think if you think about what we've just said, that the US is slowing. We've got aggressive monetary tightening around the world. The rest of the world is slowing down. It will continue to slow down as we look through the rest of this year and next year. Therefore, when you've