China sees big surplus in H1 current account

Beijing, Sep 30 (IANS) China saw huge surplus in its current account in the first half of the year, its foreign exchange regulator said on Wednesday.

The surplus stood at $148.6 billion, up 85 percent over the same period last year, Xinhua news agency quoted State Administration of Foreign Exchange (SAFE) as saying.

SAFE attributed the surge to a surplus in goods trading, which stood at $256.6 billion, up 73 percent.

Services trading reported a deficit of $94.5 billion in the first six months, up 53 percent.

In the January-June period, the capital and financial account registered a deficit of $125.6 billion, SAFE said.

China’s foreign exchange reserve decreased $66.6 billion in the first six months, after decreasing $79.5 billion in the first quarter and adding $13 billion in the second.

SAFE predicted that in the second half of the year China’s current account will continue to see surplus while deficit will remain in the capital and financial account.

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