China’s swelling monthly trade surplus hit a new high in June of $26.9bn, an 85.5 per cent increase on the same month last year, as local exporters continued to leverage low costs to capture new overseas markets.

The surplus for the first half of the year has now reached $113bn (€82bn, £56bn), more than for the whole of 2005 and equal to about 8 per cent of China’s expected economic output for the first six months of this year.