China’s trade surplus soared to a record high in July for the third consecutive month, fuelling calls for policymakers to allow a more rapid appreciation of the renminbi.

Data released on Thursday showed July’s trade surplus hit $14.6bn (€11.4bn, £7.7bn), up 40 per cent year-on-year and topping the previous records of $14.5bn set in June and $13bn in May.