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​China's Q3 balance of payments stands in equilibrium

Xinhua Financein CFBOND
2018-11-07 09:35

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China's balance of payments saw a surplus in its current account and a deficit in its capital and financial accounts for the third quarter of 2018, according to statistics released on Monday by the State Administration of Foreign Exchange.

For the third quarter this year, China's current account, which represents flows of trade and income, had a surplus of 16 billion U.S. dollars, while its capital and financial accounts, which record the flows of financial assets and liabilities, had a deficit of 16 billion U.S. dollars.

Wang Chunying, spokeswoman of the State Administration of Foreign Exchange, said China's balance of payments for the third quarter stood in equilibrium.

"The surplus of China's current account balance had increased by 200 percent when compared to that for the second quarter. The non-reserve financial account balance had a deficit of 18.8 billion U.S. dollars, and the reserve assets had declined by 3 billion U.S. dollars," said Wang.

In detail, goods and services had a surplus of 18.6 billion U.S. dollars with 100.8 billion U.S. dollars of surplus in goods and 82.2 billion U.S. dollars of deficit in the service accounts.

Primary income had a surplus of 1.1 billion U.S. dollars, a change from a deficit of 20.7 billion U.S. dollars for the second quarter this year due to the rapid growth of earnings from China's outbound investments.

Secondary income had a deficit of 3.7 billion U.S. dollars, which is a mild decline when compared to that for the second quarter.

Direct investments had a net inflow of 1.3 billion U.S. dollars with China's outbound investment outflows of 23 billion U.S. dollars and foreign investment net inflows of 24.3 billion U.S. dollars.

"China will see an overall balance in cross-border bi-directional capital flows in the future, and the balance of current account will stay within a reasonable range," said Wang.
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