This weekend, China posted some ugly trade numbers for July. Exports plunged 8.9 percent year over year, while imports tumbled 8.6 percent in the same period. Both figures also represented a sharp deceleration from the prior month, and both came in worse than expected. Of course, we've been talking about the Chinese economic slowdown for some time. But that slowdown is now affecting much of the world. You can easily see the ramifications by looking at Chinese trade data compared with such currencies as the Peruvian sol and the Chilean peso (both of whose economies have big commodity components) or even the price of copper. As China slows, these currencies are plunging as one of their biggest customers fades away.
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