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China July Trade Surplus Shrinks to $24.4 Billion

China's trade surplus shrank slightly to $24.4 billion in July from a record high of $26.9 billion in June as both exports and imports increased much faster than expected.

But the surplus beat forecasts of $22.5 billion, and the rolling 12-month total increased to $239 billion from $229.15 billion, handing more ammunition to U.S. critics who say China gains an unfair trade advantage by keeping the yuan undervalued.

Exports in July were up 34.2% from a year ago, while imports were up 26.9%.