China trade surplus tops $1 trillion for the year after October exports jump 35.2%

China's trade surplus hit $105.28 billion in October and crossed $1 trillion for the calendar year, according to data the General Administration of Customs released Tuesday, November 10. Exports rose 35.2% from a year earlier to $412.33 billion, and imports climbed 41.6% to $307.05 billion, their fastest pace in the cycle. The reaction was split. The iShares China large-cap ETF, FXI, rallied 3.8% to $34.46, yet the currency stayed quiet: the dollar-yuan rate held near 6.665 and the dollar index gained 0.43% to 102.09. A surplus this large is a force the currency market is pricing quietly, not ignoring it.

Key Takeaways The October goods surplus was $105.28 billion, below the $125.8 billion fo…