China reported a smaller than expected trade surplus for May as exports fell more than expected.
China’s May trade surplus $65.81 bln (expected surplus of $92.00 bln; last surplus of $90.21 bln). May Imports -4.5% m/m (expected -8.0%; last -7.9%) and Exports -7.5% yr/yr (expected -0.4%; last 8.5%)
China’s biggest banks have reportedly been encouraged to cut their deposit rates.