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China’s trade surplus hits record high in October

by ChemOrbis Editorial Team -
  • 09/11/2015 (14:08)
According to data released by China’s General Administration of Customs, the country’s exports declined 6.9% on the year while imports posted a larger decrease of 18.8%, bringing China’s trade surplus to a record high of $61.64 billion in October. Economists’ initial expectation had called for a decrease of 3% in exports while imports were expected to slip by 16% following a 20.4% slump in September.

Combined data for both exports and imports fell 8.5% in the first ten months of the year compared with the same period of the preceding year.

China’s economy grew 6.9% in the third quarter, falling below 7% for the first time since the first quarter of 2009. The Chinese government has lowered interest rates six times since November and cut reserve requirements for banks four times this year in order to spur the slowing economy. However, the recent data signaled that economic challenges remain and the Chinese economy needs more stimulus measures.

The possibility that the US Federal Reserve could implement a rate increase also exerts downward pressure especially on developing economies as the US dollar is already on a stronger note against many emerging countries’ local currencies.
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