China Data Show Economic Rebound Picking Up Steam
From the New York Times:
Industrial output and retail sales for October both topped analysts’ expectations, with jumps of 16.1 percent and 16.2 percent, respectively, from a year earlier. The increases also were higher than in September, showing that the pace of recovery was continuing to pick up steam.
Separately, the customs office said exports in October had been 13.8 percent below the level of a year earlier, while imports had fallen 6.4 percent, more than expected. The drop in exports was less than that of a month ago, but the decline in imports accelerated slightly.
As a result, China’s trade surplus for the month swelled to $24 billion, nearly double the level in September, a development likely to fuel pressure on China to let its currency appreciate.