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“Chinese exports fell for the first time in three months in May, adding to risks in the world’s second-largest economy as global demand weakens.”

That was the warning from Bloomberg today as virtually all media outlets were busy highlighting China’s exports, which plunged “7.5% in May, far more than expected”, according to CNBC and similar friends.

Indeed the official data paints a rather bleak picture as far as the severity of the slowdown is concerned in the land of (once) cheap labour, spreading ...

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