China's trade surplus and money supply for July, released Friday by authorities, were higher than expected, the Wall Street Journal reported. The July trade surplus was US$24.36 billion, the second-highest so far. Exports increased 34% from a year earlier to US$107.74 billion and imports increased 27% to US$83.39 billion. Beijing had tried to ease its rising trade surplus in early July through extensive cuts on value-added tax rebates on exports. The M2 money supply rose 18.5% from a year earlier to US$5.07 trillion. Money growth was also the second-fastest expansion so far; it was expected to grow by only 17.1%. Lending at all financial institutions was up 16.5% year-on-year, and new yuan lending for the year to date has reached 87% of the amount for the whole of last year.
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