China's trade surplus with US at new high

China’s trade surplus with the US reached a new record for the first time since the global economic downturn began in 2008, Bloomberg reported. The surplus rose to US$28 billion in August – China’s exports to the US rose to US$35.3 billion while US exports to China slipped to US$7.3 billion. Some analysts believe this was due to retailers stocking up on Chinese-manufactured goods for the upcoming holiday shopping season. Others seized on the news as further evidence that China is using a suppressed currency to bolster its export manufacturing industry at the expense of the US. A biannual report from the US Treasury on China’s currency is due out Friday.