中国结构性顺差扩张无疑将给人民币升值带来更多压力。再者，疲弱的美元和中国逐渐柔和的通胀前景将使得有关当局一方面可加快人民币兑美元名义汇率的升值步伐，另一方面可保持人民币经贸易加权后实际有效汇率的升势更趋平稳。--任贤方（音）和桑顿(Alistair Thornton)，环球通视(IHS Global Insight)

China's trade surplus widened sharply to $31.5 billion in July, its highest monthly level since January 2009, government data showed Wednesday. Exports were surprisingly strong, rising 20.4% from a year earlier, while imports rose 22.9%, below expectations. Analysts weigh in:

外部需求坚挺给中国的增长提供了重要支持，也加强了我们的观点：尽管中国制造业近几个月来略显疲态，但中国并未出现经济“硬着陆”。展望未来，较为疲弱的美欧经济增长显然对中国出口商的前景构成重大威胁，但这一点会被中国内需的大力推动(包括持续的基础设施支出和保障房建设)所抵消。--杰克逊(Brian Jackson)，加拿大皇家银行翻译公司(Royal Bank of Canada)

The expansion of China's structural surplus will certainly add more pressure for RMB appreciation. Moreover, both a weakening USD and a softening inflation outlook in China will allow authorities to step up the pace of nominal appreciation against the dollar, whilst maintaining a smoother trend on a real effective trade-weighted basis. Xianfang Ren and Alistair Thornton, IHS Global Insight

所有这些强劲数据都超出了大家的普遍预期，这说明中国的出口竞争力和拉动进口的内需处于相对良好的状态……从过去的情况来看，美国季度GDP增长要比中国出口增长超前约两个季度。所以美国增长放缓的痛苦可能会在今年余下时间及2012年初逐渐为中国出口商所感受到。另外，进口增长也将在商品价格下滑和国内经济软着陆的基础上呈现下行趋势。--陆挺、胡伟军(音)、志小佳(音)和邦德(TJ Bond)，美国银行/美林深圳英语翻译(Bank of America-Merrill Lynch)

This strength in external demand is providing significant support to Chinese growth and reinforces our view that China is not seeing a 'hard landing' despite some pullback in the manufacturing sector in recent months. Looking forward, weaker growth in the United States and Europe clearly represent a major risk to the outlook for Chinese exporters, but this will be offset by significant drivers of domestic demand, including ongoing infrastructure spending and public housing construction. Brian Jackson, Royal Bank of Canada