China's exports jumped by 46% in February compared with a year ago, raising hopes of a strong recovery in global trade. The increase was higher than analysts' expectations of a rise of between 35% and 40%.
The recovery seems to have gained legs and this will give China's government more confidence to start revaluing the yuan.
Ren Xianfang, IHS Global Insight |
It is likely to increase pressure on the Chinese government to raise the value of the yuan, which the US in particular complains is undervalued. China's imports also rose strongly, increasing by 44.7% last month.
The rise in imports reduced China's trade surplus to a one-year low of $7.6bn (£5bn) for February. |