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1st Ld-Writethru: China's current account surplus grows

Xinhua, March 31, 2016 Adjust font size:

China's current account surplus rose 19 percent year on year to 330.6 billion U.S. dollars last year, or 3 percent of gross domestic product, the foreign exchange regulator said Thursday.

The goods-trade surplus hit 567 billion U.S. dollars in 2015, but the service trade posted a deficit of 182.4 billion U.S. dollars, the State Administration of Foreign Exchange (SAFE) said in a statement on its website.

Deficit under the capital and financial account rose to 142.4 billion U.S. dollars at the end of December, up from 121.9 billion U.S. dollars at the end of the third quarter of 2015, according to the statement.

Reserve assets, most of which are foreign exchange reserves, decreased by 342.9 billion U.S. dollars last year, compared with an increase of 118.8 billion U.S. dollars in 2014.

China started to post deficits on its capital and financial accounts in the second quarter of 2014 due to rapid increases in overseas investment and speculation on the depreciation of the yuan.

The country will continue to run a current account surplus, capital and financial account deficit in 2016, the SAFE said, adding that risks of cross-border capital movements will be generally under control.

SAFE aims to strike a balance between facilitating trade and investment and controlling risks in 2016, according to the statement.

In addition, SAFE also pledged to step up capital inflow and outflow supervision as well as crack down on foreign exchange violations. Endi