[China Glass Network] China's State Administration of Foreign Exchange ("AC") announced yesterday the first quarter of this year's balance of payments.
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Foreign reserves increased by 138 billion US dollars, a year-on-year increase of 188%, still facing the pressure of capital inflows. China's State Administration of Foreign Exchange (referred to as "foreign exchange bureau") yesterday announced the balance of payments in the first quarter of this year, the first quarter, China's international balance of payments often Projects, capital and financial projects (including net errors and omissions) continued to show a surplus, with foreign exchange reserves increasing by $138 billion in the quarter, an increase of 188% from the same period last year.
Analysts pointed out that such data shows that under the pressure of increasing global liquidity, emerging market countries including China still face capital inflow pressure.
It can be seen that in the case of a sharp increase in foreign reserves, the current account surplus in the previous quarter was only 29.8 billion U.S. dollars, which was down by 18% on a comparable basis.
Current account surplus decreased by 18% year-on-year
According to preliminary estimates by the foreign exchange bureau, in the first quarter of 2011, China's balance of payments current account, capital and financial projects continued to show “double surplus†and international reserve assets continued to grow.
In the first quarter of 2011, the current account surplus was 29.8 billion U.S. dollars, a year-on-year decrease of 18%. Among them, the trade surplus of goods was 20.8 billion US dollars, the service trade deficit was 10.2 billion US dollars, the income surplus was 7.6 billion US dollars, and the current surplus was 11.6 billion US dollars.
In the first quarter of this year, China's capital [5.650.00%] and financial project surplus was 111.4 billion US dollars, of which direct investment net inflow was 42.6 billion US dollars.
Comparing historical data, the current account surplus data in the first quarter fell not only by 18% year-on-year, but also by 25.5%.
Coincidentally, Li Rongcan, a member of the Party Committee of the Ministry of Commerce and Assistant Minister, attended the "2011 Trade and Finance Development Seminar" in Beijing yesterday. He also said that China's current trade surplus has gradually declined and trade has become more balanced.
Li Rongcan also pointed out that in recent years, China has actively adopted measures to expand imports and promoted the balanced development of trade with positive results. Since 2009, China’s trade surplus has declined for two consecutive years, and the surplus accounted for 3.1% of the state-owned GDP. Among them, there was a deficit of US$7.5 billion in February this year.
It is worth mentioning that, due to GDP of 96311 billion yuan in the first quarter of this year, according to the average exchange rate of 6.584 in the first quarter, China's GDP in the first quarter was about 1,462.8 billion US dollars. Then, the current account surplus in the first quarter accounted for 2% of GDP, which was a significant drop from the 5.2% in 2010. At the G20 meeting in Seoul last year, US Treasury Secretary Geithner proposed to keep a country's current account balance as a percentage of GDP within 4%.
However, while the current account surplus data fell in the first quarter of this year, the surplus of capital and financial projects increased. The single-season surplus data of $111.4 billion was not only 16% higher than the $95.9 billion in the fourth quarter of last year, but also a 73.5% increase from the $64.2 billion in the same period last year.
The external storage single quarter increment is down
The data released yesterday also showed that in the first quarter of 2011, China's international reserve assets increased by 141.2 billion US dollars, an increase of 47%, and continued to maintain growth.
Among them, foreign exchange reserve assets increased by 138 billion US dollars (excluding exchange rate, price and other non-transaction value changes), the fund's reserve position increased by 3.2 billion US dollars, the special drawing rights decreased by 100 million US dollars.
Against the backdrop of the appreciation of the renminbi and the global liquidity, China's foreign exchange reserves still face greater growth pressure: the added value of US$138 billion in the first quarter of this year increased by 188% compared with US$47.9 billion in the same period last year, but compared with the fourth quarter of last year. The $185.3 billion was a 25.5% drop.
Just yesterday, Jiao Lan, the party secretary of the Graduate School of the People's Bank of China and the deputy director of the Ministry of Foreign Affairs, attended the “2011 Trade Finance Development Seminar†in Beijing. He pointed out that China's domestic economy is developing very fast, and there is excessive investment growth and excessive trade surplus. He also pointed out that the global liquidity will increase the pressure of capital inflows and inflation.
According to statistics released by the People's Bank of China on April 14, as of the end of March 2011, the balance of the state's foreign exchange reserves was 3,044.7 billion US dollars, up 24.4% year-on-year, surpassing the 3 trillion US dollar mark for the first time, accounting for about 50% of China's GDP in 2010. %, 80% of the total assets of the People's Bank of China during the same period.
In this regard, Zhou Xiaochuan, governor of the People's Bank of China, said on April 18 that foreign exchange reserves have exceeded the reasonable level of China's needs, and excessive foreign exchange accumulation has led to excessive market liquidity and increased pressure on the central bank's hedging work.
It can be seen that since the beginning of this year, the renminbi has continued to rise against the US dollar, and it has continued to set new heights.
Yesterday, the Taiwan Economic Daily quoted officials who did not want to be named by the central bank. In order to increase the flexibility of the RMB exchange rate, increase the bilateral volatility of the renminbi against the US dollar, and curb unilateral speculation, China intends to shift the volatility range of the renminbi against the US dollar from the current Not more than five-thousandths of the middle price, it was expanded again, but the report did not further indicate the extent of the expansion. 
