From Bloomberg:
China’s trade surplus rose 14.7 percent in November to the third highest on record, adding fuel to U.S. Treasury Secretary Henry Paulson’s demands for faster yuan appreciation.
The gap climbed from a year earlier to $26.28 billion, the Chinese customs bureau said today on its Web site. That compared with the $26.55 billion median estimate of 20 economists surveyed by Bloomberg News.
Paulson, who’s in Beijing for talks until Dec. 13, says the yuan needs to appreciate more quickly to reduce global trade imbalances and defuse protectionism. China has cut export rebates and increased imports to curb the swelling trade surplus, while fending off calls for stronger currency. [Full Text]
