China’s imports in August fell 14.3% in yuan-denominated terms from a year ago due to weaker commodity prices globally, according to data released today.
After weeks of market volatility, China has recently revised its 2014 economic growth down from 7.4% to 7.3%, its lowest for nearly 25 years.
Exports also fell by 6.1%. China’s import surplus rose to $60.24bn.
However, despite weak export data fuelling fears that China is going through a deeper economic slowdown that initially thought, Asian stocks rose on Tuesday after a six-day losing streak and the dollar firmed against the safe-haven Japanese yen.