China sees trade surplus triple
China’s trade surplus with the rest of world more than tripled to $102bn (£58bn) in 2005, official figures show.
Exports for the year jumped by 28.4% to $762bn, while imports rose by just under 18% to $660.12, China’s General Administration of Customs reported.
The soaring surplus, up from $32bn in 2004, could add to concerns among China‘s major trading partners.
US critics say China‘s yuan currency remains undervalued, giving the country an unfair trade advantage.
Beijing last year revalued the yuan for the first time in a decade, allowing it to appreciate against the dollar within a narrow trading band.
But many economists believe the currency could strengthen to 7.75 yuan to the dollar – rather the current level of just under 8.1 yuan – if China allowed it to trade freely.
Source: BBC.
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