摩根斯丹利-xx宏观经济-出口疲软但仍处于反弹通道-20170808-morganstanley-chinaeconomics：exportssoftenedbutremainedrobust.pdfVIP

August 8, 2017 08:40 AM GMT MORGAN S ANLEY AS IA LIMI ED CChhiinnaa EEccoonnoommiiccss Jenny Zheng, CFA ECO NO MIS Jenny.L.Zheng@morganst +852 3963-4015 Exports Softened But Remained Robin Xing ECO NO MIS Robin.Xing@morganst +852 2848-6511 Robust Zhipeng Cai ECO NO MIS Zhipeng.Cai@morganst +852 2239-7820 Bottom Line: Both exports and imports growth decelerated and missed market expectations in J uly. Beyond monthly volatility, we expect external demand to