September 11, 2006 – China’s trade surplus jumped from $14.6 billion to a record $18.8 billion in August, providing further evidence China must revalue their artificially low currency.
China had a record $102 billion trade surplus in 2005, up drastically from $32 billion in 2004. China’s surplus for 2006 is already up to $95.6 billion, nearly reaching last year’s total with four months remaining. By undervaluing their currency by up to 40 percent over the last decade, China has cost the U.S. thousands of manufacturing jobs. The artificially low yuan also led to the U.S.’s record $202 trade deficit with China last year.
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