Chinese ADRs and ETFs rose in overnight trading. CHAU, XPeng rose over 4%; Alibaba, Li Auto rose over 3%; NIO, JD.com, PDD rose about 2%. China A50 index futures turned positive after a initial decline of 1.4%.

China’s trade surplus is on track to hit a fresh record this year.

The difference between Chinese exports and imports is set to reach almost $1 trillion if it continues to widen at the same pace as it has in the year to date, according to Bloomberg calculations. The goods trade surplus soared to $785 billion in the first 10 months, according to data released last week, the highest on record for that period and an increase of almost 16% from 2023.