China’s record external surplus intensifies trade, currency and Global South friction

A reported $119.1 billion August trade surplus, driven by strong exports and weak domestic demand, reinforces concerns about China’s export dependence, RMB valuation and the risk of new foreign trade defenses. Xi’s push for a larger Greater BRICS role adds a framework for supply-chain coordination, AI cooperation and local-currency trade, while China-Africa imbalances and Chinese infrastructure, energy and reconstruction activity in Sudan expose both Beijing’s commercial reach and partner dependence. Rising German investment in China as US outlays fall suggests continued European commercial differentiation.