AP reports strong China exports
The EU debt crisis could potentially plunge China into a situation similar to the global financial crisis of 2008 that severely cut demand for Chinese mass production of consumer goods. However, China Customs agency reports continued strong exports for the month of June.
Quote from AP:
“China’s customs agency on Saturday said exports were up 35 percent in June from a year ago, while imports rose almost 53 percent. The figures showed the largest monthly trade surplus so far this year, $20 billion, despite the debt problems of China’s largest trading partner, the European Union.
That should keep international pressure on China to further allow the value of its currency to rise, after China last month relaxed the yuan’s two-year peg to the dollar.
The report said exports rose 35.2 percent in June, higher than expected, while imports were up 52.7 percent. That’s compared with the same period a year ago”
You can read the full AP news item here.
If you are into currency trading this might another pointer to where the Yuan is going.
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