Driven by strong export growth in August and a dual boost from AI, the RMB strengthened against the trend, bringing short-term benefits; Shanghai gold saw a surge and then a retreat in August alongside continuous ETF inflows — 0909 Macro Update

Driven by strong export growth in August and a dual boost from AI, the RMB strengthened against the trend, bringing short-term benefits; Shanghai gold saw a surge and then a retreat in August alongside continuous ETF inflows — 0909 Macro Update

华尔街见闻2026/09/10 00:35

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In August, export growth rebounded to 25%, import growth rose to 28.2%, and the trade surplus reached 119.09 billion US dollars. The main supports were the global PMI recovery and the high boom in the AI industry. Integrated circuits and automatic data processing equipment contributed 11.3 percentage points to export growth. Exports of new energy vehicles maintained high growth, and imports of AI goods continued to rise.
Since 2026, the US Dollar Index has generally increased, but the Renminbi experienced independent appreciation. In the first eight months, both the onshore spot exchange rate and the CFETS RMB index appreciated by about 4%. Three short-term positive factors supported the Renminbi's strength against the trend: the trade surplus in goods hit a record high for the same period, US-China economic and trade tensions eased, and macroeconomic narratives improved marginally.
In August, Shanghai Gold rose about 8.49%. At the start of the month, unexpected negative non-farm data triggered a breakthrough above 900 yuan. In mid-month, a weaker US dollar, easing inflation, and accelerated central bank gold purchases pushed prices to a high of 1006.82 yuan. By month-end, hawkish remarks from Waller and profit-taking took effect. Global gold ETF holdings saw net inflows for the second consecutive month, with a net increase of 2.22 million ounces in August.

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Driven by strong export growth in August and a dual boost from AI, the RMB strengthened against the trend, bringing short-term benefits; Shanghai gold saw a surge and then a retreat in August alongside continuous ETF inflows — 0909 Macro Update

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