Chinese gross domestic product figures for the second quarter have exceeded expectations and have reinvigorated hopes that the global economy will soon lift out of the worst recession seen in more than 80 years.Data published today (July 16th) showed that GDP growth accelerated in the second quarter, hitting 7.9 per cent during the three-month period. Analysts polled by Reuters had broadly anticipated a 7.5 per cent rise."I've just revised my full-year forecast to eight per cent from seven per cent on this data. I was expecting a much lower figure," said Ben Simpfendorfer, China Economist at RBS in Hong Kong.Hiroaki Kuramochi, chief equity marketing officer at Tokai Tokyo Securities, added that traders are becoming more optimistic about prospects for US economic recovery ahead of its GDP data.The GDP data follows a statement from the People's Bank of China earlier this week in which it announced that the country's foreign currency reserves have topped $2 trillion for the first time, after rising $178 billion in the second quarter.