According to the data released by the State Administration of

According to the data released by the State Administration of Foreign Exchange on Toshiba Keyboard the 26th, the first quarter of this year, China's international balance of payments has changed the pattern of last year's fourth quarter current account surplus, while the capital account deficit, current account and capital projects are the re-emergence of the "double surplus". The foreign exchange bureau, said this year, China's net foreign exchange inflows over the previous year rebound, but the year is still in a downward trend.

Preliminary estimates, in the first quarter current account surplus of $ 24.7 billion, down 14%; net capital inflows (including errors and omissions, the same below) for $ 49.9 billion, down 56%. Foreign exchange bureau, said that overall, China's international balance of payments tend to be more balanced. First, narrowing the current account surplus, a further decline in the proportion of gross domestic product: the current account surplus with the season-to-GDP ratio of 1.4% over the previous year throughout the year, down 1.4 percentage points. Capital projects to return to surplus in the fourth quarter of 2011 was a deficit of $ 48.1 billion. Third, a further slowdown in the foreign exchange reserves growth momentum. Excluding the exchange rate and asset price movements in the first quarter balance of payments caliber foreign exchange reserves increased $ 74.8 billion (including current reserve gains), less year on year by 46%.

The foreign exchange bureau, said the first quarter of reproduction of net capital inflows mainly because of international market conditions improve, HP Pavilion Keyboard the global investment risk appetite increased, the capital back from emerging markets. However, compared with a year earlier, the first quarter, a net inflow of cross-border capital year on year is still down more than 50%.

The first quarter of foreign exchange reserves increased by more than 1200 billion U.S. dollars, mainly to the book value of reserve assets due to asset price and exchange rate changes and other factors caused the increase does not reflect the actual cross-border capital flows, followed by foreign exchange reserves increases with reserve management income, taking into account the management of foreign exchange reserves, the pulling effect of its operating income on foreign exchange reserves increased significantly. "foreign exchange bureau, said the $ 123.8 billion in new foreign exchange reserves can not explain our re-facing the pressure of capital inflows .

In fact, the market expected this year, foreign exchange inflows are generally not too high. Ping An Securities report noted that the decline in the international balance of payments surplus foreign exchange growth rate of decline is a general trend, but the growth rate of decline is still slowly. Ping An Securities is expected that the 2012 foreign exchange about 20000-2500000000000, drop by a third compared with 2011. Previously published research reported from January 2012 to April, lower foreign exchange increment; with the mitigation of the debt crisis in Europe, the easing of risk aversion, foreign exchange will be gradually improved, restored to the monthly the normal level of 200 billion, expects 2012 full-year foreign exchange of about 2 trillion.

The foreign exchange bureau, said Europe's debt crisis is still evolving, the world is still in the process of financial deleveraging, cross-border capital flows by large out an increased risk.