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China current account surplus slips as capital account soars

PUBLISHED : Friday, 07 February, 2014, 12:10pm
UPDATED : Friday, 07 February, 2014, 2:41pm
 

China posted a US$188.6 billion current account surplus for last year – slightly lower than in the previous year – and a US$242.7 billion surplus in its capital and financial account – a massive turnaround from the deficit in 2012 – preliminary data from the country’s foreign exchange regulator showed on Friday.

In the fourth quarter, China had a US$49.8 billion surplus on the current account and a US$81 billion surplus on its capital and financial account, the State Administration of Foreign Exchange said.

China’s current account surplus last year was equivalent to 2 per cent of its gross domestic product, Reuters calculations based on the data showed.

In 2012, China’s finalised current account surplus was US$193.1 billion, while it ran a US$16.8 billion deficit on its capital and financial account.

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