Headline export growth slowed sharply last month. US tariffs remained a drag, but the latest slowdown was led by shipments to other markets, suggesting that the renminbi's recent trade-weighted appreciation may be weighing on China's export competitiveness. A partial rollback of US tariffs as part of the recent trade “deal” may offer some support to exports. But any gains are likely to be limited, not least because easing US-China tensions appear to be adding to the tailwinds behind renminbi appreciation.
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