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China revises up Q3 capital and financial account surplus
By Zhang Fengming |
December 28, 2010, Tuesday
|
Online Edition
Online Edition
CHINA revised up its capital and financial account surplus to US$15.2 billion in the third quarter, the country's top foreign exchange regulator said today.
The State Administration of Foreign Exchange had revised up the figure by almost US$10 billion from a US$5.7 billion it reported in November, the regulator said on its website, without disclosing the reason of the difference.
After the revision, China's capital and financial account surplus still dropped 65 percent year on year during the quarter. The country maintained its current account surplus for the third quarter at US$102.3 billion, up 103 percent than a year ago.
Economists said the revision is not a trend-setting indicator.
Lu Zhengwei, an Industrial Bank senior economist, said the revision of foreign direct investment is the main driver of the capital and financial account revision. "The foreign direct investment data could have wild fluctuations as record data showed," he said.
Meanwhile, economists said a more valuable yuan is widely expected in 2011, which could allure more speculative capital flow.
Standard Chartered Bank's Research Head Stephen Green said he expected the yuan to appreciate 6 percent in 2011.
The State Administration of Foreign Exchange had revised up the figure by almost US$10 billion from a US$5.7 billion it reported in November, the regulator said on its website, without disclosing the reason of the difference.
After the revision, China's capital and financial account surplus still dropped 65 percent year on year during the quarter. The country maintained its current account surplus for the third quarter at US$102.3 billion, up 103 percent than a year ago.
Economists said the revision is not a trend-setting indicator.
Lu Zhengwei, an Industrial Bank senior economist, said the revision of foreign direct investment is the main driver of the capital and financial account revision. "The foreign direct investment data could have wild fluctuations as record data showed," he said.
Meanwhile, economists said a more valuable yuan is widely expected in 2011, which could allure more speculative capital flow.
Standard Chartered Bank's Research Head Stephen Green said he expected the yuan to appreciate 6 percent in 2011.
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