China reported a larger than expected trade surplus for September, coupled with larger than expected total social financing for the month.
China’s September CPI 0.2% m/m (expected 0.3%; last 0.3%); 0.0% yr/yr (expected 0.2%; last 0.1%).
September PPI -2.5% yr/yr (expected -2.4%; last -3.0%).
September trade surplus $77.71 bln (expected surplus of $70.00 bln; last surplus of $68.36 bln).
September Imports -6.2% yr/yr (expected -6.0%; last -7.3%) and Exports -6.2% yr/yr (expected -7.6%; last -8.8%).
September New Loans CNY2.31 trln (expected CNY2.50 trln; last CNY1.36 trln).
September Outstanding Loan Growth 10.9% yr/yr (expected 11.1%; last 11.1%).
September total social financing CNY4.12 trln (CNY3.80 trln; last CNY3.12 trln)
In addition, Chinese officials are looking into establishing a new stabilization fund to support the stock market and implementing policy to boost consumption.