October trade surplus sets new record

China recorded a US$27.05 billion trade surplus for October, a record high, the Wall Street Journal reported. The previous record was US$26.91 billion, set in June. The surplus remained high despite an increase in imports and a drop in exports. Imports rose 25.5% from a year earlier, to US$80.67 billion on the back of high prices for global commodities. Exports increased 22.3% to US$107.73 billion, making it the third consecutive month they have grown beneath the 28% increase recorded in the first half of the year. The trade surplus for the year is expected to be US$250 billion, or 40% higher than last year's US$177.47 billion figure. The central bank has already raised the reserve requirement ratio for the ninth time this year in response to the large inflow of funds and a corresponding increase in lending. Commercial banks made new loans worth US$18.4 billion last month.