China’s trade surplus surged to a record $1.2 trillion in 2025, up 20% from the previous year, underscoring the resilience of the world’s second-largest economy even as it contends with renewed trade pressure from the U.S. under President Donald Trump.
The data come as Canadian Prime Minister Mike Carney heads to Beijing on Wednesday, where he is expected to seek new trade agreements, particularly in electric vehicles and fishing exports. The visit signals a renewed push by China’s trading partners to deepen economic ties despite growing geopolitical frictions.
Commodity markets reflected the shifting global backdrop. Silver jumped as much as 5.3% to an all-time high of $91.50 an ounce, extending a rally driven by strong industrial demand and investor appetite for hard assets.
Optimism toward China is also building on Wall Street. Goldman Sachs Group Inc., BNP Paribas SA, Bank of America Corp. and Citigroup Inc. are among global investment banks upgrading recommendations on Chinese equities and the yuan for 2026. Strategists point to compelling valuations, supportive industrial policies and an improving earnings outlook, with some forecasting the currency could strengthen to as much as 6.25 per dollar.
Equity markets were mixed. European stocks opened marginally higher, rising about 0.23% on average. Japan posted another solid session, gaining 1.4%. In China, Hong Kong shares advanced 0.6%, while mainland benchmarks reversed an earlier 1.2% rally to close 0.4% lower after authorities tightened margin requirements. U.S. futures point to moderate losses at the open, as investors weigh robust Chinese data against lingering trade and policy risks.
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