In Q1 of 2012 the current account and the capital and financial account posted a “twin surplus” and international reserves maintained a growing momentum. In Q1, the surplus under the current account totaled USD24.7 billion. Specifically, according to the statistical coverage of the balance of payments, the surplus in goods, income, and current transfers reached USD21.7 billion, USD18.5 billion, and USD2.7 billion, respectively, whereas the deficit in trade in services amounted to USD18.2 billion. Meanwhile, China ’s surplus under the capital and financial account (including net errors and omissions) totaled USD49.9 billion. In particular, net inflows of direct investments amounted to USD44.1 billion. International reserve assets posted an increase of USD74.6 billion. Specifically, transactions in foreign exchange reserve assets registered an increase of USD74.8 billion (exclusive of the influence of non-transaction changes in value such as exchange rates and prices), the reserve position in the IMF registered a drop of USD400 million, and special drawing rights registered a rise of USD200 million.

Balance of Payments for Q1, 2012¹ (Preliminary Data)

                                                                                          Unit: USD100 million

Notes:

1. This statement employs rounded-off numbers.

2. The data under the capital and financial account in this statement represent the balance between the current account balance and the amount of change in reserve assets, including net errors and omissions.