China’s trade surplus jumped in July to its highest level in 18 months, raising new questions about whether the country’s currency remains undervalued despite government efforts to introduce a more flexible exchange rate.
The trade surplus for July increased to $28.7bn, well ahead of the $20bn recorded the month before and significantly above analyst forecasts, according to data released on Tuesday.
The pace of increase in exports actually fell last month to 38.1 per cent, year-on-year, down from 43.9 per cent in June. However, import growth slowed even more, moving up 22.7 per cent against 34.1 per cent in June.
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