Risk Appetite Boosted as China's Exports not Affected by European Crisis

Risk-sensitive assets including oil and commodity currencies remain firm as China's exports surged +48.5% y/y (+10.9% m/m seasonally adjusted) in May, exceeding market expectations of +32%. What's more encouraging is that China's export to EU jumped +49% y/y in May, compared with +28% in April. This suggested the impacts of sovereign crisis in the region were limited so far.

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Risk Appetite Boosted as China's Exports not Affected by European Crisis