Recovery Signs
"This could be the beginning of an improvement in China’s
trade data," said Ding Shuang, chief China economist at Standard
Chartered Plc in Hong Kong. "When the exchange rate starts to
move it usually takes about three to six months for trade data
to respond. Last August was the beginning, so it makes sense for
the trade data to respond after three to four months. "
Going forward, Ding expects a "very stable" effective
exchange rate against a basket of currencies. "That will help
China to regain competitiveness," he said.
China imported a record amount of crude last year as oil’s
lowest annual average price in more than a decade spurred
stockpiling and boosted demand from independent refiners.
The world’s largest energy consumer increased imports by 8.8
percent to a record 334 million metric tons (about 6.7 million
barrels a day) in 2015, according to preliminary data released
by the Beijing-based General Administration of Customs on
Wednesday.