China's efforts to sustain recovery is getting a boost from a slowing decline in exports, reports Bloomberg.
Quoting customs data cited by the state-run Xinhua News Agency, Bloomberg says that shipments dropped 15.2% in September from a year earlier. That compared with a 23.4% slide in August. The median estimate of 23 economists surveyed by Bloomberg News was for a 21% decline.
To help exporters and to keep down the prices of Chines products in overseas markets, China has halted gains by the yuan against the dollar since July 2008, after a 21% gain in the previous three years, says Bloomberg.
According to Bloomberg, a $586 billion stimulus package and an unprecedented surge in lending drove China’s rebound from the deepest economic slump in almost a decade to a 7.9% expansion in the second quarter.