Commodity currencies have come off the boil as a bigger-than-anticipated dive in China imports disquieted investors, resulting in lower stock markets across Asia, along with softer commodity prices. While September trade data out of China showed a record surplus in yuan terms, this was not the case in dollar terms, and the 17.7% y/y dive in imports commanded most attention as the data suggest that demand conditions in China are flagging. The import drop extended from the 14.3% y/y decline seen in August. Exports, meanwhile, fell by 1.1% m/m.