China’s exports expanded by 3.3% year over year in July, reversing a decline the month earlier and beating economists’ expectations. The improvement was even more stark in yuan terms with a 10.3% growth likely helped by the yuan devaluation from May. Export growth is being largely supported by semiconductors where there was a 31.7% jump after a 17.1% rise in 2Q. The sector accounted for nearly one-third of the dollar value of export growth. Yet, downstream electronics exports contracted with telecoms products dropping 9.4% and computers down 6.1%. One year on from the start of the trade ...