强劲的石油、大豆需求推动中国进口激增，削减顺差。中国7月份的贸易数据出人意料地上涨，出口同比增长7.2%，进口同比增长4.1%，为一年多来最大的年度增长。强劲的大宗商品需求支撑了这些数据，大豆进口同比增长18.5%，原油出货量同比增长11.5%。

Strong oil, soybean demand drives China import spike, cuts surplus.China's July trade data surprised to the upside, with exports rising 7.2% yoy and imports jumping 4.1% yoy — the largest annual gain in over a year. Strong commodity demand underpinned the figures, as soybean imports surged 18.5% yoy and crude oil shipments rose 11.5% yoy.

暂无中文版本，请点击原文

China’s 10-year government bond yield fell to around 1.69% on Thursday, as investors reacted to the release of trade data. The country’s trade surplus rose to USD 98.24 billion in July 2025 from USD 85.27 billion a year earlier, though it was the smallest amount since April and fell short of the projected USD 105 billion. Still, exports grew by 7.2% year-on-year — the fastest pace in three months — easily surpassing forecasts of a 5.4% rise, fueled by a temporary reprieve from tariff pressures ahead of an August deadline. Meanwhile, imports surprised to the upside, climbing 4.1% annually — the strongest in a year — sharply contrasting with expectations of a 1% decline. Regarding the latest progress on the trade truce, President Donald Trump remarked that the US and China are “very close” to extending the current agreement, set to expire on August 12. He also indicated a willingness to meet with Chinese President Xi Jinping before year-end, should both sides finalize a formal agreement.

暂无中文版本，请点击原文

The offshore yuan steadied around 7.18 per dollar on Thursday, as investors digested the latest trade figures. China’s trade surplus expanded to USD 98.24 billion in July 2025, from USD 85.27 billion a year earlier. However, it was the smallest surplus since April and fell short of the forecasted USD 105 billion. Nevertheless, export growth reached a three-month high of 7.2% year-on-year, well above market expectations of a 5.4% increase, driven largely by a temporary easing of tariff pressures ahead of the looming August deadline. At the same time, imports unexpectedly surged to a one-year high, rising 4.1% annually and defying forecasts of a 1.0% decline. Regarding the latest trade truce development, President Donald Trump said the US and China are “very close” to extending the agreement set to expire on August 12. He also expressed a willingness to meet with Chinese President Xi Jinping by the end of the year if a formal agreement is reached between the two economic powers.

在急于满足特朗普关税最后期限的情况下，中国7月出口额达到最高预测。中国7月份的出口超出预期，因为制造商充分利用了北京和华盛顿之间脆弱的关税休战，在本月晚些时候即将到来的最后期限之前发货。

China's July exports top forecasts amid rush to meet Trump tariff deadline.China's exports beat forecasts in July, as manufacturers made the most of a fragile tariff truce between Beijing and Washington to ship goods ahead of a looming deadline later this month.