(Updates with comment from the the Economist fourth paragraph).
April 10 (Bloomberg)--China had a trade surplus of $ 140 million in March, the Customs Office reported on its Web site today.This number from a deficit of 7.3 billion in February. The median estimate in a Bloomberg News of 24 economists survey was a deficit of $ 3.4 billion. Exports grew by 35.8% a year earlier and imports rising 27.3%.Currency controls and trade surpluses increased foreign exchange reserves of China in a world record and emphasize global economic imbalances that could fuel a repetition of the financial crisis. The nation may be able to claim progress made this year, with UBS AG for a surplus of 12 months to as little as $ 140 billion, the least since 2005.Smaller surpluses are likely "as strong economic growth stimulates imports and fragile external demand reduces the growth of exports" Shen Jianguangan economist based in Hong Kong to Mizuho Securities Asia Ltd., said before the release of today. Shen has previously worked for the Monetary Fund International and the European Central Bank.Higher oil costs have to enlarge the import bill of the nation, with crude for may delivery traded at more than $111 a barrel in New York last weekthe highest since 2008.China held the gains of the yuan against the dollar to 4 per cent last year, with us Secretary of the Treasury Timothy f. Geithner continuing to describe the currency as "substantially undervalued." The yuan has reached a record of 17 years of 6.5350 per dollar on April 8. currency operations a speech in Nanjing, China, March 31, Geithner highlighted the gap between the flexible currencies and the "tightly managed" exchange rate controls capital of some emerging countries. The incompatibility of the threat of a fuel protectionism and poses risk of inflation for the emerging countries with undervalued exchange rates, he said, without naming specifically the Central Bank of China.China to announce the latest figures for holdings of currency of the country in the coming dayswhich soared to 2.98 billion in the first quarter, according to the median estimate in a Bloomberg News of economists survey.The most important exporting country of the world surplus was 183 billion last year and 196 billion in 2009, down from 295 billion in 2008, customs data showed. While the United States focuses on the yuan as cause of an imbalance in bilateral trade, China highlights U.S. restrictions on exports of high technology products.-Zheng Lifei, Sophie Leung. With the help of Jay Wang at Singapore. Editors: Paul Panckhurst, Nerys Avery.
To communicate with the staff of Bloomberg News for this story: Zheng Lifei in Beijing at lzheng32@bloomberg.net
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To contact the editor responsible for this story: Paul Panckhurst in the ppanckhurst@bloomberg.net
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