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China managed a record mainland trade surplus in September, but the impact of the strong headline data was undone by the fact that it was the product of a far larger than expected - 20.4% y/y (in USD terms) drop in imports.
This is suggestive of weak domestic demand and indicates that China is having difficulty in transitioning into an economy led by internal consumption rather than its external sector. The decline in exports at -3.7% y/y was not as much as feared.
The Chinese trade data undermined the recent better tone in Asian bourses. That said, yesterday's announcement by the PBoC of an expansion of a scheme that allows banks to borrow from the central bank using credit assets as collateral supported hopes of further policy stimulus going forward, notes Rabobank.
