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CHINA'S CURRENT ACCOUNT SURPLUS HITS US$162.9 BLN IN FIRST HALF.
BEIJING, Nov 1 Asia Pulse - China's current account surplus hit US$162.9 billion in the first half, up from about US$90 billion in the same period of last year, the State Administration of Foreign Exchange (SAFE) announced on Wednesday.
Meanwhile, the nation saw its capital and financial account surplus hit US$90.2 billion, more than doubling the US$38.9 billion surplus for the corresponding period of last year.
An SAFE official attributed the surplus to high depositary rate which further widened the gap between deposits and investment and soaring fixed assets investment which boosted the country's manufacturing capacity.
"China's booming economy has consolidated foreign investors' confidence which resulted in surging foreign direct investment into the country," said an SAFE official.
The official said strong demand in the international market and sluggish ...
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Source: HighBeam Research, CHINA'S CURRENT ACCOUNT SURPLUS HITS US$162.9 BLN IN FIRST HALF.