China's Exports Rise a Whopping 46%

Posted Mar 10th 2010 9:50AM by Connie Madon
Filed under: China, Economic Data, Currency

China's exports rose 46% in February, signaling a sharp pickup in consumer demand in the United States and Europe. China reported a $7.6 billion trade surplus for the month.

This is the third month of increases in exports and the fastest in three years. Orders from the U.S., Europe and Japan accounted for almost half of the growth.

China's imports also rose by 45% over the previous year, led by crude oil for its factories.

Western governments are complaining that China keeps its currency, the renminbi, pegged to the dollar, making Chinese exports artificially cheap. Chinese Prime Minister, Wen Jaibao, said that exchange rates would remain: "basically stable" for now.

Moody's Economy.com, an economic research organization, stated that the data "reflects the dramatic improvement in the trade sector."

In another development, China established strict new rules governing bankers' pay. Payment of 40% or more of an executive's salary must be delayed for a minimum of three years and could be withheld if the bank does poorly. This puts China out front when it comes to global regulation of the banking industry.

Tags: china, exports, imports, inthenews, renminbi

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Reader Comments (Page 1 of 1)

3-10-2010 @ 11:26AM

page114 said...

The Tiger (China) is gobbling up the girl from Niger(USA) after all.
"There once was a lady from Niger (USA) that went for a ride on the Tiger (China)-They came back from the ride with the "lady" (USA) inside and a smile on the face of the Tiger (China)