In August, the US trade deficit in international goods and services expanded 8.8% from July to reach US$46.35 billion. The trade deficit in July was revised down from the initial $42.78 billion to $42.58 billion.
In the highly-respected trade deficit with China, the US trade deficit with China in August expanded from US$25.92 billion in July to US$28.04 billion, reaching a record level. Prior to this, the US record deficit against China was US$27.96 billion set in October 2008.
The report showed that US imports to China increased by 6.1% in August to a record $35.29 billion. At the same time, exports to China fell by $92 million to $7.25 billion.
Some analysts believe that this US trade deficit data may further fuel US trade protectionism and further increase US pressure on the appreciation of the renminbi.
Chinese Foreign Ministry spokesman Ma Zhaoxu said at a press conference held on the 14th Beijing time that the appreciation of the renminbi will not solve the problem of the US trade deficit and will not solve the imbalance of the world economy. He also said that China's determination to promote the reform of the RMB exchange rate formation mechanism is unwavering. This reform is to form a floating exchange rate system based on market supply and demand, with reference to a basket of currencies for adjustment, and to gradually increase the flexibility of the RMB exchange rate and maintain the basic stability of the RMB exchange rate at a reasonable and balanced level. This is not only beneficial to China, but also beneficial to the world.
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