China's trade surplus grew to $22.3 billion in June

2. China's trade surplus grows to $22 billion in June

China's trade surplus grew to $22.3 billion in June, exceeding expectations to reach its highest level in seven months, according to data released by the customs bureau Sunday.

The figure surpassed all 21 estimates in a survey of economists by Bloomberg News – their median guess was $14.2 billion – and indicates a lack of progress towards rebalancing the global economy.

The trade surplus for the first half of the year shrunk 18 percent, however, reflecting increased imports of raw materials for infrastructure projects. Exports rose to $162 billion in June and $874 billion in the first half of the year, both record highs.

The strong export performance is likely to increase pressure on Beijing from the U.S. and others to speed the yuan's appreciation, and comes despite sluggish demand in the U.S. and Europe, rising costs for Chinese manufacturers and supply-chain disruptions in Japan.