So Mr Moreno's latest wheeze involves responding to a vanishing current-account surplus with strict import controls, which will undermine growth.

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According to the report, a surge in the petroleum import bill and a decrease in the surplus on income accounted for the deficit's increase.

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Import prices for miscellaneous manufactured articles, from which China derives the bulk of its trade surplus with the U.S., are still declining, despite the weaker dollar.

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Export and import figures are yet to be released, making it hard to assess what specifically has fuelled this latest trade surplus.

BBC: NEWS | Business | China trade surplus at new high