China's current account surplus plunges in H1

China's current account surplus plunged 40 percent from a year earlier to 103.5 billion U.S. dollars in the first half of 2016, official data showed Friday.

During the same period, the proportion of China's current account surplus to GDP dropped to 2 percent from 3.3 percent a year ago, the State Administration of Foreign Exchange said in a statement.

The proportion is "still at a reasonable and balanced level," the statement said.

The goods trade surplus, a major contributor to the current account surplus, dropped 9 percent year on year to 229.8 billion U.S. dollars in the first half due to a sluggish global economic recovery and poor demand.

The service trade deficit surged 40 percent to 113.5 billion U.S. dollars.

China's current account has witnessed a surplus for 22 consecutive years, mainly due to strong exports in manufactured goods. The proportion of the surplus to China's GDP reached a peak of 10 percent in 2007. Endi