China’s trade surplus shot up to $31.5bn in July – the biggest in more than two years – on the back of surprising export strength, signalling that the global economy is more resilient than investors have feared in recent weeks.
But the widening of the trade surplus, up from $22.3bn in June, could also reignite foreign criticism of Beijing’s policy of holding down the value of its currency.
With the US and Europe struggling with debt woes and sluggish economic recoveries, they have looked to Chinese demand as a key external source of growth. In the past, large Chinese trade surpluses have sparked allegations that Beijing has effectively used a cheap renminbi to steal jobs from other countries.
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