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Bloomberg
China’s first-quarter total services trade fell 10.8% from a year earlier to $162.82 billion, according to the Ministry of Commerce.
Services exports in the January-to-March period declined 4.1% to 444.28 billion yuan while imports dropped 14.5% to 708.02 billion yuan, the ministry said on May 2. The narrowing of the trade deficit that started last year continues, it said. Knowledge-intensive services accounted for more than 40% of the total.
Trump renews threat of China trade war
Treasuries climbed after US President Donald Trump revived his attack on China, speculating it could have spread the coronavirus and threatening trade tariffs.
Haven demand pushed US bonds higher along with dollar and yen. Benchmark yields headed for their first drop in three days, with dismal corporate news and deteriorating economic data adding to gloom. Trump was also said to be exploring blocking a government retirement fund from investing in Chinese equities on grounds of it being a security risk.
Uncertainty created by US-China trade spats will lower global gross domestic product by 0.6% by 2021 relative to a no-trade-war scenario, Bloomberg Economics predicted last September, before the pandemic shuttered the global economy.