May's trade surplus came in at a record $105.43bn against an $88.70bn consensus, with imports up +27.4% year-on-year, the strongest domestic demand reading of the cycle. PBOC FX reserves rose to $3.442tn as it absorbed inflows to cap renminbi appreciation.
China's May exports and imports both topped expectations, pushing the trade surplus to a record $105.43 billion and highlighting resilient external demand. Source
