Pressure On China As Trade Surplus Soars – Richard McGregor

From Financial Times:

Pressure on Beijing to revalue its tightly managed currency is set to intensify in Europe after booming exports to the region powered China to a $24bn in September as growth of sales to the US slowed.

China’s trade surplus jumped 69 per cent to $185.65bn for the first nine months of the year, surpassing the amount for the whole of 2006 and adding to rising angst in the European Union over Beijing’s currency regime.

Growth in exports from China to Europe has been outpacing sales to the US, even before recent scares in North America over the safety of some Chinese-made goods. This year, Europe overtook the US as the biggest destination for Chinese exports. “The rise of European market is good news for sustaining Chinese export growth, but, in the end, it might prompt Europe to become more actively engaged in pressing on China’s currency,” said Yiping Huang, of Citigroup, in Hong Kong. [Full Text]

Read also China’s trade surplus hits $185.7 bln in first 9 months by Xinhua.

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