China’s trade surplus fell 53.5 percent to $6.45 billion in January, as both exports and imports increased sharply ahead of the Lunar New Year holidays in the country, the General Administration of Customs said on Monday.
The US trade deficit of goods and services rose to $40.6 billion in December compared with a deficit of $38.3 billion in November, the commerce department said on Friday.
A bill that seeks to punish China’s undervalued currency with import tariffs was introduced on Thursday by Senators Olympian Snowe (R-Maine) and Sherrod Brown (D-Ohio).
Chinese President Hu Jintao is meeting with Congressional leaders on Thursday, with discussion of the yuan on the agenda.
China will not bow to foreign demand for faster gains in the yuan and will stick to its gradualist approach in currency reform, senior officials said on Friday, indicating Chinese President Hu Jintao may push back if President Barack Obama presses him on the issue next week.
Chinese exporters are coping well with a rising yuan, and Beijing will stick to plans for gradual reform in the currency, a senior central bank official said on Friday.
Data showed on Monday the Chinese trade surplus narrowed in December, easing the conflict between Beijing and Washington over rising U.S. trade deficit even as Chinese President Hu Jintao is scheduled to meet President Obama in the White House on January 19.
Inflation will be the biggest concern for the emerging markets in 2011 and an important economic gauge to watch in the new year.
Chinese officials expect the country's exports to slow next year and trade surplus to narrow as the government comes under pressure to increase its imports.
Apple’s iPhone has been widening US trade deficit with China even though it is entirely designed and owned by an American company, says a study.
US trade deficit declined sharply in October to reach a nine-month low as exports rose, the US commerce department said on Friday.
China’s trade surplus rose in November raising fresh fears about renewed criticism from the US and Europe over Beijing’s currency policy.
As countries like China and Russia phase out the usage of U.S. dollars for international trade -- including but not limited to oil trade -- its status as the world's reserve currency will continue to slide.
China and Russia announced on Tuesday to renounce US dollar and use their domestic currencies in bilateral trade.
More monetary tightening is expected in China by the end of the year, as the surging loan growth raises more concerns than food price inflation, says a research report.
Jim Rogers speaks to IBTimes about the Chinese economy, the yuan policy, and the demise of General Motors.