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Trade surplus rebounds, putting pressure on yuan
By Wang Yanlin |
August 10, 2010, Tuesday
|
Online Edition
Online Edition
CHINA'S trade surplus unexpectedly surged last month due to weaker growth in imports, which analysts said may increase pressure over the appreciation of the yuan.
The surplus in July jumped 170 percent from a year earlier to US$28.7 billion, the General Administration of Customs said today.
The gap compared with US$20.1 billion in June, US$19.5 billion in May, US$1.7 billion in April, and a deficit of US$7.2 billion in March.
"The fast rising surplus represents a continued strong recovery in external demand, while imports growth is moderating because of a cooling economy in the domestic market," said Xue Jun, a CITIC Securities analyst.
Exports in July advanced 38.1 percent from a year earlier to US$145.5 billion while imports only increased 22.7 percent to US$116.7 billion, down sharply from the expansion of 34.1 percent in June.
The accumulated trade surplus in the first seven months was still 21.2 percent less than the same period of last year,standing at US$83.9 billion.
"The yawning trade gap may renew calls for a stronger yuan when the Chinese currency remains relatively stable after the authorities decided to scrap the peg to the US dollar," said Li Maoyu, an analyst at Changjiang Securities
Co.
The yuan has appreciated against the US dollar to 6.77 from 6.83, less than 1 percent since China announced to make its foreign exchange regime more flexible on June 19.
The surplus in July jumped 170 percent from a year earlier to US$28.7 billion, the General Administration of Customs said today.
The gap compared with US$20.1 billion in June, US$19.5 billion in May, US$1.7 billion in April, and a deficit of US$7.2 billion in March.
"The fast rising surplus represents a continued strong recovery in external demand, while imports growth is moderating because of a cooling economy in the domestic market," said Xue Jun, a CITIC Securities analyst.
Exports in July advanced 38.1 percent from a year earlier to US$145.5 billion while imports only increased 22.7 percent to US$116.7 billion, down sharply from the expansion of 34.1 percent in June.
The accumulated trade surplus in the first seven months was still 21.2 percent less than the same period of last year,standing at US$83.9 billion.
"The yawning trade gap may renew calls for a stronger yuan when the Chinese currency remains relatively stable after the authorities decided to scrap the peg to the US dollar," said Li Maoyu, an analyst at Changjiang Securities
Co.
The yuan has appreciated against the US dollar to 6.77 from 6.83, less than 1 percent since China announced to make its foreign exchange regime more flexible on June 19.
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