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Wan LixinOpinion deputy editor of Shanghai Daily
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Glut in current account seen reasonable
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CHINA’S current account surplus remained in a reasonable range in the first quarter, the country’s foreign exchange regulator said yesterday.
The current account surplus stood at US$19 billion in the first quarter, with the goods trade surplus standing at US$81.7 billion while the service trade posted a deficit of US$60.1 billion, the State Administration of Foreign Exchange said in a statement.
The capital and financial account recorded a deficit of US$19 billion in the first quarter, with a deficit of US$100 million for the capital account.
The non-reserve financial account deficit narrowed markedly to stand at US$21.5 billion, down 87 percent year on year, as outbound direct investment plunged by 64 percent year on year to reach US$20.9 billion.
China’s reserve assets including forex reserves declined by US$2.6 billion in the first three months, narrowing the decrease by about 100 percent compared with the previous quarter.
The country’s international balance of payment is basically balanced thanks to steady structural reforms and a stable economy, the statement added.
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