Goldman Sachs: China'S Trade Deficit In The First Quarter Is Seasonal &Nbsp, And The Future Surplus Will Continue To Rebound.
Investment bank Goldman Sachs said Monday that China first appeared in the first quarter of this year in seven years.
trade deficit
It clearly shows that the economic imbalance has improved.
However, this quarter's deficit is only seasonal and does not show that the economy has really become a balance.
According to data released by China Customs on Sunday, although the trade deficit did not show up in March, it was a surplus of US $140 million, but in February, the largest monthly deficit in seven years was 7 billion 300 million US dollars, and the total deficit in the first quarter was also $710 million.
Goldman Sachs said in its research report that China's trade deficit in the first quarter was mainly supported by the Effective RMB.
Exchange rate appreciation
However, it is expected that the trade surplus will rebound in the future, so the Chinese government should promote further appreciation of the renminbi.
The central parity of RMB against the US dollar was quoted at 6.5401 yuan on Monday, and its foreign exchange earnings reached a new high for sixth consecutive days.
According to the latest Reuters survey, the renminbi will appreciate to 6.24 in the year to come.
RMB appreciation pressure
Material continues.
The report and analysis pointed out that China's export growth momentum continued strong in March because of the steady global demand.
And import growth tends to be soft because of domestic tightening policy to suppress demand.
Goldman Sachs said that as China's policy tightening continued, imports are expected to decline further in the coming months.
The customs had released data and showed that exports increased by 35.8% in March, and imports increased by 27.3% over the same period last year, all far exceeding the Reuters survey median, reversing the expected decline in February.
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