China will have a trade surplus of $100 billion this year despite a narrowing trade surplus, according to a report released by JP Morgan Chase yesterday.

China announced a trade deficit of $7.3 billion in February, the largest monthly deficit since April 2004. The figure is most likely distorted by the effects of the Lunar New Year holiday, but China will continue to run deficits in March and April before reversing in May, the report said.

A trend towards a trade surplus for the whole year is unchanged and China's full-year surplus will be between US$100 billion and 110 billion, the report estimated.

China's business press carried the story above on Tuesday. China.org.cn has not checked the stories and does not vouch for their accuracy.