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.