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China reports $7.3 bln trade deficit in February |
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2011-3-14
China's trade surplus fell 6.4 percent year on year to 183.1 billion U.S. dollars in 2010, according to GAC figures.
Market observers said the sudden deficit was linked to a rising yuan, instabilities in external markets, and rising labor costs.
Tan Yalin, an expert at the China Institute for Financial Derivatives at Peking University, said the deficit could help reduce pressure for the yuan to appreciate, but it was not a positive sign for Chinese exporters.
The foreign markets are turning to other countries for manufacturing with the strengthening of the yuan, and China's exporters need to figure out how to maintain the competitive edge in future, she told Xinhua.
The Chinese currency renminbi (RMB), or the yuan, on Monday strengthened to an all-time high of 6.5651 per U.S. dollar. On Thursday, the central parity rate of yuan was set at 6.5713 per U.S. dollar.
The yuan has appreciated nearly 4 percent since June 19 last year when the People's Bank of China, the central bank, announced it would further reform the exchange rate formation mechanism to improve the yuan's flexibility.
Source:Xinhua
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