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China Export decline slows in September
Published on: 2009-10-14
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China’s exports fell at the slowest pace in nine months in September, adding to evidence that the global economy is emerging from its deepest postwar recession.


Shipments dropped 15.2% to $115.9 billion from a year earlier, the customs bureau said on its Web site today. The median estimate of 23 economists surveyed by Bloomberg News was for a 21% decline. In August, exports slid 23.4%.


Stocks climbed in Shanghai after shipments to the U.S. and the European Union rose to the highest value since the nation’s export collapse began in November. China, the world’s fastest- growing major economy and second-biggest exporter, may next week report an 8.9 percent expansion in gross domestic product, a Bloomberg News survey of economists shows.


“This reflects a continued rebound in global demand,” said David Cohen, an economist at Action Economics in Singapore.


The Shanghai Composite Index rose 2.1% as of the 11:30 a.m. local time break in trading. Yuan forwards climbed to the highest in more than 13 months as traders bet that, after halting gains against the dollar from July 2008 to aid exporters, the central bank will let the currency appreciate at least 2.5% in the next year.


“The dollar peg will break in the first quarter of next year,” said Paul Cavey, an economist with Macquarie Securities in Hong Kong.
 

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