China’s Trade Surplus Rises to Record $14.6 Billion – Nerys Avery

From Bloomberg:

China had a record trade surplus for the third straight month in July, adding to pressure on the government to let the yuan gain faster.

The surplus widened to $14.6 billion from $14.5 billion in June, the Beijing-based customs bureau said today on its Web site. Exports jumped 22.6 percent and imports increased 19.7 percent, the statement said.

China has pledged to curb a ballooning trade surplus that’s left the financial system flush with cash which is being spent building factories and apartments that the country may not need. With the gap set to top last year’s record $102 billion this year, Premier Wen Jiabao may be pressed to let the yuan rise faster to slow the inflow of money and avoid trade sanctions from the U.S. [Full Text]

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