collected by :John Locas
One dollar USDCNY, -0.0260% bought 6.911 yuan in recent trade, compared with 6.9025 yuan at the close of local trading on Tuesday.
The Chinese yuan weakened on Wednesday, touching its softest level against the dollar in nearly two months after official data revealed that in February the world’s second-largest economy recorded its first trade deficit in three years.
China’s balance of trade declined from a surplus to a deficit of $9.2 billion last month, compared with expectations for a $27 billion surplus.
China reported on Tuesday that its foreign-currency reserves climbed back above the $3 trillion mark last month, the first rise in eight months.
“Despite being well aware of distortions caused by the Lunar New Year, investors were surprised by the news that China recorded a trade deficit in February,” said Marc Chandler, global head of currency strategy at Brown Brothers Harriman, in a Wednesday research note.
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The Chinese government on Sunday announced its lowest growth target for more than two decades, at around 6.5 per cent.
Jasper JollyChina recorded its first trade deficit in three years in February as imports in the world’s second largest economy surged.
Read more: Biggest US trade deficit since 2012 fans the flames of Trump’s nationalismThe US yesterday announced a $30.2bn trade deficit with China, by far the largest with any individual country.
Kit Juckes, global strategist at Societe Generale, said China’s trade balance is in a longer-term “deteriorating trend”.
During the election campaign last year US President Donald Trump identified reducing the trade deficit with China as a vital part of his economic policies.
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Nigeria recorded N290bn trade deficit in 2016 – NBS
Nigeria recorded a trade balance of -N290.13 billion out of the total trade value of N17.34 trillion recorded in 2016.
Throughout 2016, Nigeria exported goods worth N8.53 trillion as against goods worth N8.82 trillion the country imported, resulting to a 6.47 per cent trade deficit.
Analysis showed that the N17.43 trillion total trade value recorded last year was higher than the N16.29 trillion recorded in 2015, a year that the country did not record trade deficit because the country exported more than it imported.
Further analysis of the report showed that the country started reversing the trade deficit in the fourth quarter of 2016.
Crude oil export value of N6.99 trillion dominated exports from Nigeria throughout 2016 as against N1.53 trillion recorded for non-crude oil export and N344.37 trillion for non-oil exports.