March 21, 2010 / 2:24 AM / 10 years ago

China could report trade deficit in March

An employee counts U.S. dollar banknotes at a branch of Huaxia Bank in Shenyang, Liaoning province March 18, 2010. REUTERS/Sheng Li

BEIJING (Reuters) - China’s trade balance could turn to a deficit in March, commerce minister Chen Deming said on Sunday, adding that adjustments to the yuan’s value would not by itself resolve global trade imbalances.

Chen, speaking at the China High Level Development Forum, said that in the three years from 2005 to 2008, the yuan had appreciated by more than 20 percent while the trade surplus increased.

In 2009, he added, the yuan was steady but the trade surplus fell by 34 percent.

“A country’s currency appreciation is very limited in helping to rebalance global trade,” he said. “I personally expect that China could possibly have a trade deficit in March.”

Reporting by Langi Chiang; Editing by Ken Wills

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