China's monthly trade surplus rose 88 percent to reach a record 370 billion yuan ($59 billion) in January, data showed Sunday, as imports dropped sharply on lower commodity prices and sluggish domestic demand. Exports from the world's second-largest economy also fell -- by 3.2 percent year-on-year -- to 1.23 trillion yuan ($197 billion), the customs administration said on its website. Imports fell 19.7 percent from a year earlier to 860 billion yuan ($138 billion), the largest drop in more than five years. The country's trade surplus, long a source of tensions with its trading partners, rose above a previous all-time monthly high of $54.5 billion posted in November. Economists said the figures reflected continued downward pressures on China's economy, which grew at its slowest pace in 24 years last year and is expected to slow further in 2015. But they also warned that the data may have been affected by short-term factors, such as a crackdown on commodity financing and the later date of China's Lunar New Year holiday this year. The trade surplus soared 47.2 percent in 2014 to a record $382.46 billion. China's huge trade surpluses were long a source of friction with the United States as the workshop of the world pumped out manufactured goods and US debt mounted, but the issue has receded in more recent years. China's economy grew 7.4 percent in 2014, its weakest for almost a quarter of a century, and slower than the 7.7 percent in 2013. "China's manufacturing sector is under great pressures as both external and domestic demand remains sluggish," Li-Gang Liu, Greater China economist for Australian bank ANZ, said in a statement. "Today's poor trade data could add depreciation pressures on the RMB exchange rate," he added. Exports to the EU fell by 4.4 percent year-on-year in January, while imports fell by 6.9 percent, the customs data said. The fall in Chinese imports was led by a decline in imported iron ore and crude oil, the data showed, in part reflecting recent low prices for commodities such as oil. "The much weaker than expected import data not only reflects the fall in commodities prices but also implies weakening domestic demand," Japanese finance company Nomura said in a note. The trade data was consistent with a official survey last weekend showing manufacturing activity contracted for the first time in more than two years, suggesting weakening growth momentum, Nomura said. - Further slowdowns ahead - China's leaders are trying to pull off a managed slowdown of the Asian giant to make growth more sustainable and led by consumer spending as in other major economies. The slowdown last year prompted some intervention by authorities to establish a floor on growth even as they tout a retooling of the country's economic model that is expected to result in further slowdowns in the years ahead. Such intervention has continued this year, with the central bank announcing Wednesday an across-the-board cut in the percentage of funds banks must hold in reserve. That move followed the bank's decision in November to cut benchmark interest rates for the first time in more than two years. Premier Li Keqiang has said publicly that weaker GDP growth is no problem so long as its quality remains high and job creation remains resilient. Creating jobs in the world's most populous country is a political priority for the ruling Communist Party, which depends largely on economic growth to bolster domestic support.
Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting
- The Daily Beast
Screenshot/TwitterWASHINGTON, D.C.—A group of white supremacists stormed through downtown Washington, D.C. on Saturday evening, bearing American flags and mildly menacing plastic shields while marching to the beat of a snare drum down the steps of the Lincoln Memorial. But after chanting aggressively about their plans to “reclaim America,” their intended show of force stalled spectacularly when they lost their ride.While the group had marched through the city with threatening chants about their
- The Daily Beast
Photo Illustration by Elizabeth Brockway/The Daily Beast/GettyCNN fired star primetime anchor Chris Cuomo on Saturday after the network said “new information” emerged on the extent of his involvement with his brother’s battle against sexual harassment allegations.Cuomo is “livid” at his termination and in talks with lawyers, a person familiar with the matter told The Daily Beast. “This is not how I want my time at CNN to end. But I have already told you why and how I helped my brother,” Cuomo sa
"We've seen no remorse," but they're "obviously sullen," said Oakland County Sheriff Michael Bouchard.
- The Daily Beast
Rochester Hills District CourtThe parents of alleged school shooter Ethan Crumbley pleaded not guilty to involuntary manslaughter charges on Saturday, shortly after they were nabbed by fugitive teams “hiding” in an industrial building in east Detroit. James and Jennifer Crumbley appeared emotional throughout the arraignment. Jennifer cried as she said she understood the charges against her. James smiled, laughed, shook his head, and raised his eyebrows at various points. Meanwhile, defense lawye
- WXYZ-Detroit Videos
A Florida woman who has a son with Ethan Crumbley's father Jason describes their relationship.
- Good Housekeeping
Current 'Jeopardy! champion Amy Schneider is on a consecutive game winning streak. Read about the records she's shattering during her time on the game show.
Lewis Hamilton snatched pole position for the Saudi Arabian Grand Prix on Saturday as championship leader Max Verstappen smashed into a wall and could only manage third place.
- Eat This, Not That!
Ever notice how the last place we tend to lose fat is in the belly? Abdominal fat oftentimes seems impossible to lose and chances are it's because it's visceral fat—"a type of body fat that's stored within the abdominal cavity between your vital organs: liver, intestines, pancreas, etc," says Jillian Michaels—creator of The Fitness App by Jillian Michaels. While it can be challenging to lose, there are ways to help reverse visceral fat and get rid of the stubborn excess weight. Eat This, Not Tha
- KOAT - Albuquerque Videos
Several senators in New Mexico are speaking out against Governor Michelle Lujan Grisham. A lengthy lawsuit was filed in the state's supreme court on Wednesday by Democratic Senator Jacob Candelaria (District 26) and Republican Senator Greg Baca (District 29).
- NBC Sports BayArea
Draymond Green made Warriors history with a very unique stat line against the Suns Friday night.
Elderly Asian man who was kicked while in his walker at the beginning of COVID faces attacker in court
The event: Rong Xin Liao was waiting for a bus near Eddy and Leavenworth Streets in Tenderloin, San Francisco on Feb. 20, 2020, when a man darted out and kicked him on his seated walker. Eric Ramos Hernandez, 24, was eventually arrested and charged in connection with the incident. Following his release, Hernandez was arrested and convicted of another trespassing misdemeanor in Santa Clara County.
- Best Life
Blood clots are a crucial part of the body's ability to heal from injury. That's because when you get wounded, your circulatory system quickly gets to work at plugging any open blood vessels by clumping at the injury site. However, in many cases, blood clots within your body can pose a potentially serious risk to your health, leading to heart attack, stroke, and other life-threatening conditions.That's why experts are sounding the alarm about one thing you may be wearing that can heighten your r
- USA TODAY
From Friday until Sunday, the Big Island of Hawaii is under a blizzard warning. A foot of snow and winds up to 100 mph are expected.
When Elizabeth Hurley posts a new snapshot to her Instagram, everyone stops and stares. Whether she’s promoting her newest bikini from her collection, Elizabeth Hurley Beach, or flashing her dazzling smile, she’s never afraid to “show off” for the camera. On Dec 2, Hurley posted a video of herself smiling from ear to ear and […]
- NBC Sports BayArea
Juan Toscano-Anderson said his dunk Friday was the best of his career and JaVale McGee had an epic response.
- NBC Sports Boston
Here's what the Boston Red Sox may have to pay Kyle Schwarber in order to re-sign the free-agent slugger this offseason.
“I didn't look!”
Jim Cramer: Buy these 4 'bargain basement' stocks to take full advantage of the omicron selloff — wait too long and you'll kick yourself
The market is nervous about omicron. Cramer says it's time to pounce.
- Sooners Wire
247Sports' Josh Newberg's crystal ball prediction has former Oklahoma Sooners quarterback Spencer Rattler winding up at UCLA in the Pac-12.
Whether you track your steps with a wearable fitness tracker or through your phone, knowing how much you've walked in a day can be an extremely useful tool for weight loss. Many of us are sitting for a majority of the day, which can ultimately have a negative impact on our body and brain.