China Surpasses Germany to Become World's Shipping Leader
{{#rendered}} {{/rendered}}Rising economic juggernaut China has surpassed Germany as the world's export leader amid complaints from U.S. and European officials over the value of its currency, according to UK's Daily Telegraph.
As Western economic leaders demand China revalue the yuan, the World Trade Organization reported the Asian nation shipped $111 billion worth of goods in August, marking a 55 percent increase over last year's figures, the Telegraph reported.
Click here to read The Daily Telegraph article.
{{#rendered}} {{/rendered}}Treasury Secretary Henry Paulson told the Telegraph that it was in China's interest to let the yuan rise, given the clear signs of overheating. Beijing holds down the yuan through purchases of U.S. and other foreign bonds, a practice that has led to heightened inflation.
China, which has jumped up the technology ladder and handles 8 percent of global exports, allowed the yuan to break through the key barrier of 7.5 to 1 dollar yesterday.