China's July exports contracted the most since the start of the pandemic. It shows a tough external market for the world's factory when it needs it the most.

• China's exports contracted 14.5% on-year in July, worse than the 12.5% fall analysts had expected.
• Imports into China fell 12.4% on-year in July, far more than the 5% decline analysts had expected.
• The two readings reflect weak demand both, externally and internally for China's post-COVID economy.

China's facing a double whammy of more bad news in its post-COVID economy, as its imports and exports are both down in July.