HONG KONG — China’s trade surplus soared in November to a new high, causing the Shanghai stock market to jump sharply again on Monday, as the steeply falling prices of oil, iron ore and other commodities reduced the cost of imports and China’s exports continued to capture a growing share of world markets.

China’s General Administration of Customs announced on Monday that the country’s trade surplus had leapt to $54.47 billion, easily breaking the previous record, set only in August, of $49.87 billion. Chinese exports have mostly maintained their competitiveness abroad this year despite rising blue-collar wages. The central bank intervened aggressively in currency markets early this year to hold down the value of the renminbi, an advantage for exporters, and appears to have done so again in recent weeks.

The huge trade surplus comes as the Shanghai stock market has emerged as one of the world’s best performers this autumn. It has climbed 25.9 percent since the central bank cut interest rates on Nov. 21, including a gain of 4.1 percent on Monday following the release of the trade figures.

The euphoria among stock investors appears to reflect a widespread conviction that the government will continue to stimulate the economy. Yet the export and import data on Monday showed clear signs of economic weakness even as the surplus surged.