05 Feb '11, 3am

@jozzjonz Home World China's trade surplus shrinks ... and shrinks: by Fan Gang Throughout last year, China was

Throughout last year, China was criticised by the United States Congress (and many others) for "manipulating" its currency in order to maintain an advantage for exports and thus preserve its trade surplus. China's behaviour, it was alleged, was the source of today's huge global imbalance. China, however, refused to accept the blame and declined repeated US demands to undertake a large revaluation. The exchange rate of the yuan against the US dollar rose only about 3 per cent between June last year and the year's end. According to an analysis used by some American economists and politicians, the low rate of currency appreciation, combined with Chinese export growth of 31 per cent last year over 2009, should have increased China's trade surplus by a wide margin. In fact, China's trade surplus decreased by 6.4 per cent last year compared to 2009. And that decline follows a 30...

Full article: http://www.todayonline.com/World/EDC110205-0000142/Chinas...

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