Zhou Xiaochuan

economy - Trading deficit might triple - PBOC

The always cheerful governor of the People's Bank of China, China's central bank, Zhou Xiaochuan has announced that the country's trade deficit with its major trading partners might triple this year.
Zhou gave his interview in the prestigious financial magazine Caijing, quoted here by the Financial Times.
While the Chinese renminbi was allowed to float marginally against the US dollar it was pegged to for a decade, that did not make any dent in the trade balance.

“In the major global economies, the influence of domestic consumption on the trade balance is far greater than that of foreign exchange rate adjustments. This is the situation in Japan, as well as the United States,” Mr Zhou said in an interview with Caijing, a business magazine.
Mr Zhou and the commerce ministry said Thursday they expected China’s trade surplus to triple this year to about US$100bn.