China s October trade surplus jumps to second highest of 2010
From: Xinhua
China said Wednesday its trade surplus expanded sharply to 27.15 billion U.S. dollars in October from September's 16.88 billion U.S. dollars, making the October figure the second highest this year after July's 28.73 billion U.S. dollars.
China's exports rose 22.9 percent in October from a year earlier to 135.98 billion U.S. dollars, while imports increased 25.3 percent to 108.83 billion U.S. dollars, the General Administration of Customs (GAC) said in a statement on its website.
The data, released ahead of the G20 summit scheduled for Nov. 11 and 12 in Seoul, would add pressure for a stronger yuan, analysts said.
The higher-than-expected trade surplus would definitely add pressure for the yuan's appreciation, which was likely to be a topic at the G20 summit, said ANZ Bank economist Liu Ligang.
The central parity rate of the yuan strengthened 130 basis points Wednesday to 6.6450 per U.S. dollar. The yuan is now allowed to float on the inter-bank foreign exchange market within a daily limit of 0.5 percent each way of the central parity rate.
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