China's current account surplus remains in reasonable range
Video PlayerClose
BEIJING, Sept. 28 (Xinhua) -- China's current account surplus remained in a reasonable range in the first half of this year, the country's foreign exchange regulator said Thursday.
The current account surplus stood at 69.3 billion U.S. dollars in the first six months, accounting for 1.2 percent of the nationalGDP, according to the State Administration of Foreign Exchange (SAFE).
The non-reserve financial account recorded a surplus of 67.9 billion dollars, SAFE data showed.
A surplus in both accounts showed improvement in the economic structure, stable cross-border capital flow and controllable risks in the balance of payments, SAFE said in a report.
China will see basic equilibrium in the balance of payments in the second half of this year, a SAFE statement quoted an unnamed spokesperson as saying.
Positive factors will include a recovering global economy, stabilizing commodities prices, a steady domestic economy and greater opening-up of the financial market, the SAFE spokesperson said.
Meanwhile, the SAFE report said it needs to keep a close eye on the influence of the U.S. Federal Reserve's plan to start unwinding its balance sheet from October, a further step to end its loose monetary policy.
As the world's biggest emerging market economy, China will inevitably face certain pressure on capital flow, according to the report.
However, it said the Fed's pace of normalizing its monetary policy has been relatively steady, noting that economic fundamentals remain the key to guard against risks.
China's economic development has been stable with a positive outlook, a current account surplus, controllable external debt and around 3 trillion dollars of forex reserves, all of which will cushion the economy against changes in the external environment, according to SAFE.
The current account surplus for the second quarter of this year stood at 50.9 billion dollars, while the quarterly non-reserve financial account surplus was 31.1 billion dollars.
The country's international investment position is also sound, with 1.75 trillion dollars of net external assets at the end of June, according to SAFE.
Related articles
Moyes leaving West Ham at the end of the season. Lopetegui linked as the replacement
LONDON (AP) — David Moyes will leave his role as West Ham manager when his contract expires at the e2024-05-07Scenic spots keep locals coming back
Although the country's tourism has hit a roadblock due to the ongoing COVID-19 pandemic, many to2024-05-07Row erupts over bizarre claim William Shakespeare's works could have been written by a WOMAN
William Shakespeare's mastery of the English language has remained unchallenged for centuries.But a2024-05-07China's local 'two sessions' convey confidence in 2024 economy
As provincial-level governments across China unveil their gross domestic product (GDP) targets for 22024-05-07Congo military releases 2 Kenya Airways staffers held for 2 weeks over cargo dispute
NAIROBI, Kenya (AP) — The Republic of Congo’s military has released two Kenya Airways staffers who w2024-05-07Art reshapes rural scene in SW China village
Gan Xiaxue makes a leather product at "Lotus Cave" in Bishan District, southwest China's Chongqing,2024-05-07
atest comment