Chinese exports and imports surprise to the upside in August

China's foreign trade surplus with the rest of the world receded in August to $31bn, according to statistics released overnight by the country's Customs Administration, as both exports and imports grew more quickly than expected.

That may be a possible sin of strength in the underlying economy, according to some analysts.

Exports increased at a 15.3% year-on-year pace, versus the 10% rise expected by economists at Barclays, while imports did so by 7% (Barclays: -4%).

"According to the data, this upside surprise is attributable to re-stocking of commodities and suggests improving investment demand in the wake of the latest measures to support property sales and developer financing.

"These measures can help sustain double digit property investment growth in coming months, in our view," wrote Jian Chang, Rahul Bajorla and Mitul Kotecha in a note to clients.