24 May '11, 5am

China's current account surplus down 18% in Q1

BEIJING : China's current account surplus fell 18 per cent in the first quarter of 2011 from the same period last year, official data showed Tuesday. The current account surplus -- the broadest measure of trade with the world -- reached US$29.8 billion in the first three months of the year, the State Administration for Foreign Exchange (SAFE) said in a statement. That was markedly lower than the US$102.1 billion seen in the fourth quarter of last year, according to revised SAFE data. Net inflow of direct investment into China, the world's second-largest economy, totalled US$42.6 billion in the first quarter compared with US$39.1 billion in the last three months of last year. In 2010, China's current account surplus surged 17 per cent on year to US$305.4 billion, according to the revised data, as US and European demand for Chinese exports recovered after the global financia...

Full article: http://www.channelnewsasia.com/stories/afp_world_business...

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