China’s trade surplus reaches two-year high in July

| August 10, 2011 | 0 Comments

Figures from the Customs Agency today have revealed China’s trade surplus ballooned in July as exports soared.

The country’s trade surplus rose to $31.5 billion (£19.3 billion) last month – up from $22.3 billion in June.

Exports rose 20.4% in July on an annual basis – up from 17.9% in June. Meanwhile, imports were 22.9% higher on the year.

The figures are closely monitored because China is the world’s largest exporter and is now the world’s second largest economy, after the US.

According to analysts, the figures will mean China’s currency policy will again be in the spotlight.

Many argue that China is keeping the value of its currency low to help its exporters at the expense of overseas competitors.

Trade groups have argued that the yuan, also referred to as the renminbi, is kept up to 40% below what its value should be against the US dollar.

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