With battle lines being drawn in a nascent “currency war”, China’s customs administration was under a lot of pressure on Wednesday to put a bit of spin on the country’s huge trade surplus.
In its official release announcing September’s trade data, the customs administration pointed out that the surplus of $16.9bn was the lowest in five months and also noted that month-on-month import growth hit a record high.
There was no mention that the $145bn worth of Chinese exports in September was only slightly lower than the record export figure recorded in July.
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