China's overall goods trade surplus surged +21% YoY, to a record $1.1 trillion in the first 11 months of 2025. This is already higher than the last full-year record of $990 billion. China's trade surplus has nearly TRIPLED since 2019. In November alone, the surplus jumped to $112 billion, the 3rd-largest monthly surplus on record. Exports rose +5.9% YoY last month, significantly outpacing a +1.9% increase in imports. This is all despite the -29% YoY decline in shipments to the US, the steepest since August, marking the 8th consecutive month of double-digit declines. China has more than offset the US decline by ramping up shipments to the EU, Africa, and other emerging countries. China increasing trade with non-US partners 😆 image
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China’s official gold reserves rose +30,000 troy ounces in November to a record 2,305 tonnes. This marks their 13th consecutive monthly purchase. As a result, China’s gold reserves are now up to a record $311 billion. This represents 9.3% of the country’s total official FX reserves. China's gold reserves have TRIPLED since 2020, driven by both the purchases and surging gold prices. Gold remains extremely hot. image