China's trade balance misses expectations in September

China's trade balance for September, in yuan terms, came in at 278.4bn CNY vs 300bn expected and 346bn last. Exports came much worse than expected at -5.6% y/y vs 2.5% expected and 5.9% last, while imports were +2.2% y/y vs +5.5% expected and 10.8% last.

The release in USD terms will hit the wires within the next hour approximately. The data is a negative input for the Aussie, as both exports and imports missed expectetions by a fair amount, especially the former. 

Comments from China Customs on the data are also crossing the wires, noting that "China continues to face relatively large difficulties", adding that "China will implement policies to stabilise foreign trade growth." China Customs also said that "leading indicators show that pressure on exports is likely to ease in Q4."