China's September trade weakens
BEIJING (AP) — China's September trade surplus stayed high at $16.9 billion amid pressure from Washington and others to ease currency controls they blame for job losses amid a slowing global recovery.
Export and import growth both weakened, hurt by slower global demand and a moderation in the rapid expansion of China's economy, the world's second-largest, data showed yesterday.
The trade gap narrowed from August's $20 billion level but might reinforce demands by American lawmakers for Beijing to ease exchange rate controls they say give China's exporters an unfair price advantage and are costing US jobs.
"The trade surplus will stay large" for the rest of this year, said Sun Fanghong, a Pingan Securities economist. "This will be a reason for the United States to pressure China over its exchange rate."
Export growth fell to 25.1 percent from August's 34.4 percent as Europe's financial crisis helped to cool global demand. Import growth also fell to 24.1 percent from August's 35.2 percent, a negative sign for economies that look to relatively robust China to drive sales of their goods.