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Share08 September 2019Chinese exports fell by 1% compared to last year in August (against forecasts of + 3%), in the midst of the clash over duties with the United States. The decrease announced today comes after the rebound of + 3.3% in July.
China's trade surplus also fell sharply in August to $ 34.83 billion, from $ 44.58 billion in the previous month, while imports continued to fall for four months to 5.6% on an annual basis, in line with the July figure.
Washington imposed new tariffs on September 1, intensifying its high-pressure campaign to force Beijing into a new trade agreement. China said Thursday that new talks with the United States will be held in Washington in early October.
In a sign of continued pressure on the Chinese economy, the central bank in Beijing announced on Friday that it would reduce the deposit reserve requirements for banks. The measure would allow us to estimate 126 billion dollars in additional loans to companies facing an economic slowdown. China's GDP growth was 6.2% year-on-year in the second quarter, the lowest rate in three decades.