China's trade surplus halves to $6.5b

China's exports surged in January in a sign of rebounding global demand and trade surplus fell to a nine-month low, possibly easing pressure on Beijing to allow its currency to rise.
China's global trade surplus fell 55 percent from a year earlier to $6.5 billion, customs data showed Monday. Exports soared 37.7 percent more than double December's growth rate to US$150.7 billion, while China's strong domestic demand drove explosive import growth of 53.5 percent to US$144.3 billion.
China's trade surplus has narrowed in recent months as its rapid growth drives demand for foreign goods, while demand for its exports has weakened. China's demand for imports has been driven by robust economic growth that hit 9.8 percent in the final quarter of last year. Growth is expected to moderate this year but remain strong as Beijing tries to steer the expansion to a more sustainable pace.
The country's surging exports fueled accusations that Beijing is keeping its yuan undervalued to give its exporters an unfair price advantage, leading to increasing pressures for China to let yuan appreciate.
Beijing promised more exchange rate flexibility in June and the yuan has risen by about 3.6 percent against the US dollar since then. Analysts expect the currency to rise by about 5 percent this year.