An employee works on the production line of a tyre factory under Tianjin Wanda Tyre Group, which exports its products to countries such as US and Japan, in Xingtai, Hebei province, China May 21, 2019. — Reuters pic
On Friday, the central bank cut banks' reserve requirements for the seventh time since early 2018 to free up more funds for lending, days after a cabinet meeting signalled that more policy loosening may be imminent. Many analysts expect export growth to slow further in coming months, as evidenced by worsening export orders in both official and private factory surveys. More US tariff measures will take effect on October 1 and December 15.
China reported a trade surplus of US$34.84 billion last month, compared with a US$45.06 billion surplus in July. Analysts had forecast a surplus of US$43 billion for August.August saw dramatic escalations in the bitter year-long trade row, with Washington announcing 15 per cent tariffs on a wide range of Chinese goods from September 1. Beijing hit back with retaliatory levies, and let its yuan currency fall sharply to offset some of the tariff pressure.