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Chinese export boom

News that China's exports surged 50% in the 12 months ended May have helped to energize the market today. Although the data is not yet official, I've indicated on this chart of China's exports (with a red arrow) where the May data would be based on the report. May '10 exports are now 10% higher than they were in May '08 (this data is not seasonally adjusted), before the global slowdown hit. This news strongly suggests that China's economy has made a complete recovery, and that has to be good news for the global economy as well.

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