I be thinking the reason why China's trade surplus seems to be shrinking is that more and more trade is being done in the local currencies of China and partners. This is facilitated by swap lines between the central banks of China and the trade partner and these swap lines are state secrets and so are hidden from analysis such as this. In the extreme case that China does all its trade in either Yuan or local currencies, then this trade surplus statistic used be economists will reflect only the trade between China and the US. That is what I think.wonder collapsing or being threat?