China’s trade surplus fell 53.5% year-on-year in January to US$6.45 billion, state media reported. This narrowing came on the back of 51% import growth and 37.7% export growth, compared with import growth of 25.6% and export growth of 17.9% in December. According to the General Administration of Customs, the growth sprang largely from the front-loading of trade activity in advance of the Lunar New Year holiday. The narrowing of the surplus is unlikely to head off complaints from the G20, which is set to discuss the renminbi’s valuation in Paris this week. However, any criticism is likely to have a limited effect on China’s currency and trade policies: Yi Gang, vice governor of the central bank, said on the weekend that the renminbi is at the "right level," and Vice Commerce Minister Zhong Shan said that China had no plans to curb exports. Instead, it will seek to boost imports and outbound foreign direct investment to re-balance trade.