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Beijing (AFP) Nov 10, 2010 China's trade surplus grew in October as both exports and imports rose sharply on-year, the government said Wednesday, adding to pressure on Beijing to let its currency appreciate ahead of the G20 summit. China's trade surplus expanded to 27.15 billion dollars in October, customs authorities said, before a Group of 20 summit that is expected to focus on rebalancing the global economy. China's exports increased 22.9 percent in October from a year earlier, totalling 135.98 billion dollars, while imports rose 25.3 percent to 108.83 billion dollars, according to the data. The Chinese figures -- combined with US data that was expected to show a trade deficit of about 45 billion dollars later on Wednesday -- were likely to fuel debate over trade imbalances, Brian Jackson, a senior strategist at Royal Bank of Canada, told AFP. "The main point that's going to attract tension is the disparity in trade balances," Jackson said. "That's going to be a real stark contrast and that's just going to add to pressure on China to do more on the currency," he added. Critics claim the yuan is undervalued by as much as 40 percent, giving Chinese exporters an unfair trade advantage by making their shipments artificially cheap. China set the yuan's central parity rate -- the middle of the currency's allowed trading band -- at 6.6450 to the dollar on Wednesday, the strongest rate since currency reform in 2005. The figures were released as deputy ministers preparing for the G20 summit were having heated debates in Seoul over currencies, economic imbalances and the US Federal Reserve's stimulus plan, officials said. "We had to physically open the door to the meeting, the debate was so hot. We were lacking oxygen," Kim Yoon-Kyung, spokesman for the summit preparation committee, was quoted as saying by Dow Jones Newswires. The officials discussed some specific potential targets for current-account imbalances and the issue of avoiding "competitive devaluation" of currencies, Kim said, but declined to comment further. China's top central banker Zhou Xiaochuan has said he rejects any form of "shock therapy" to reevaluate the yuan, saying the currency would move gradually towards an "equilibrium" level.
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