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Premier Wen warned about it yesterday, and overnight we got more evidence of a Chinese slowdown. Their overall trade surplus actually increased to $31.7 billion from $18.7 billion month to month in June, but it was the way it happened that was discouraging. Primarily, it was a drop in year-over-year import growth to 6.3% from 12.7% in the previous month, indicating the deceleration in their domestic economy. And turning over to exports, the news wasn't great there either. Growth slowed from 15.2% to 11.3%. They cited less demand from the US as a driving factor.
So there you go, more fresh data confirming the breakdown in global activity.
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