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March 31, 2017

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China sees surplus in current account

CHINA’S current account surplus stood at US$196.4 billion last year, the country’s foreign exchange regulator said yesterday.

The surplus of goods trade fell 14 percent from 2015 to US$494.1 billion last year, while the service trade posted a deficit of US$244.2 billion, up 12 percent year on year, the State Administration of Foreign Exchange said.

The current account surplus last year took up 1.8 percent of the country’s gross domestic product, SAFE said in a statement.

The capital and financial account had a surplus of US$26.3 billion in 2016, with a deficit of US$300 million for the capital account and a deficit of US$417 billion for the non-reserve financial account, said SAFE.

Reserve assets, most of which are foreign exchange reserves, fell by US$443.7 billion last year.

In the fourth quarter of last year, China’s current account surplus was US$11.8 billion, SAFE said.


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