In the first quarter of 2026, China's current account registered a surplus of RMB 1282.1 billion, including a surplus of RMB 1721.2 billion under trade in goods, a deficit of RMB 413.9 billion under trade in services, a deficit of RMB 52.0 billion under primary income and a surplus of RMB 26.8 billion under secondary income. The capital and financial accounts (including net errors and omissions for the quarter) recorded a deficit of RMB 1282.1 billion. Inward foreign direct investments (FDI) continued the net inflow.
In the US dollar terms, in the first quarter of 2026, China's current account registered a surplus of USD 184.1 billion, including a surplus of USD 247.4 billion under trade in goods, a deficit of USD 59.6 billion under trade in services, a deficit of USD 7.5 billion under primary income and a surplus of USD 3.9 billion under secondary income. The capital and financial accounts (including net errors and omissions for the quarter) recorded a deficit of USD 184.1 billion.
In SDR terms, in the first quarter of 2026, China's current account registered a surplus of SDR 134.4 billion, including a surplus of SDR 180.6 billion under trade in goods, a deficit of SDR 43.5 billion under trade in services, a deficit of SDR 5.5 billion under primary income and a surplus of SDR 2.8 billion under secondary income. The capital and financial accounts (including net errors and omissions for the quarter) recorded a deficit of SDR 134.4 billion.(End)
China's Balance of Payments, Q1 2026 (Preliminary Data)
Item | Line No. | RMB 100 million | USD 100 million | SDR 100 million |
1. Current account | 1 | 12821 | 1841 | 1344 |
Credit | 2 | 79791 | 11480 | 8386 |
Debit | 3 | -66969 | -9639 | -7043 |
1. A Goods and Services | 4 | 13073 | 1878 | 1371 |
Credit | 5 | 73736 | 10609 | 7750 |
Debit | 6 | -60662 | -8731 | -6379 |
1.A.a Goods | 7 | 17212 | 2474 | 1806 |
Credit | 8 | 66690 | 9595 | 7010 |
Debit | 9 | -49478 | -7122 | -5204 |
1.A.b Services | 10 | -4139 | -596 | -435 |
Credit | 11 | 7045 | 1014 | 740 |
Debit | 12 | -11184 | -1610 | -1176 |
1.A.b.1 Processing services | 13 | 166 | 24 | 17 |
Credit | 14 | 232 | 33 | 24 |
Debit | 15 | -66 | -9 | -7 |
1.A.b.2 Maintenance and Repair Services | 16 | 100 | 14 | 10 |
Credit | 17 | 263 | 38 | 28 |
Debit | 18 | -163 | -23 | -17 |
1.A.b.3 Transport | 19 | -986 | -142 | -104 |
Credit | 20 | 1316 | 189 | 138 |
Debit | 21 | -2302 | -332 | -242 |
1.A.b.4 Travel | 22 | -3293 | -473 | -346 |
Credit | 23 | 1054 | 152 | 111 |
Debit | 24 | -4347 | -625 | -457 |
1.A.b.5 Construction | 25 | 161 | 23 | 17 |
Credit | 26 | 310 | 45 | 33 |
Debit | 27 | -149 | -21 | -16 |
1.A.b.6 Insurance and Pension Services | 28 | -254 | -37 | -27 |
Credit | 29 | 16 | 2 | 2 |
Debit | 30 | -271 | -39 | -29 |
1.A.b.7 Financial Services | 31 | -9 | -1 | -1 |
Credit | 32 | 96 | 14 | 10 |
Debit | 33 | -106 | -15 | -11 |
1.A.b.8 Charges for the Use of Intellectual Property | 34 | -569 | -82 | -60 |
Credit | 35 | 202 | 29 | 21 |
Debit | 36 | -771 | -111 | -81 |
1.A.b.9 Telecommunications, Computer, and Information Services | 37 | 417 | 60 | 44 |
Credit | 38 | 1225 | 176 | 129 |
Debit | 39 | -808 | -116 | -85 |
1.A.b.10 Other Business Services | 40 | 184 | 26 | 19 |
Credit | 41 | 2244 | 323 | 236 |
Debit | 42 | -2060 | -297 | -217 |
1.A.b.11 Personal, Cultural, and Recreational Services | 43 | -20 | -3 | -2 |
Credit | 44 | 59 | 8 | 6 |
Debit | 45 | -79 | -11 | -8 |
1.A.b.12 Government Goods and Services n.i.e | 46 | -35 | -5 | -4 |
Credit | 47 | 28 | 4 | 3 |
Debit | 48 | -63 | -9 | -7 |
1.B Primary Income | 49 | -520 | -75 | -55 |
Credit | 50 | 5346 | 769 | 562 |
Debit | 51 | -5866 | -844 | -617 |
1.C Secondary Income | 52 | 268 | 39 | 28 |
Credit | 53 | 709 | 102 | 75 |
Debit | 54 | -441 | -64 | -46 |
2. Capital and Financial Accounts (Including Net Errors and Omissions for the Quarter) | 55 | -12821 | -1841 | -1344 |
2.1 Capital Account | 56 | -3 | 0 | 0 |
Credit | 57 | 3 | 0 | 0 |
Debit | 58 | -5 | -1 | -1 |
2.2. Financial Account (Including Net Errors and Omissions for the Quarter) | 59 | -12819 | -1841 | -1343 |
2.2.1 Financial Account (Excluding Reserve Assets, But Including Net Errors and Omissions for the Quarter) | 60 | -9474 | -1361 | -994 |
Including: 2.2.1.1 Direct Investment | 61 | -703 | -101 | -74 |
2.2.1.1.1 Assets | 62 | -3079 | -444 | -324 |
2.2.1.1.1.1 Equity and investment fund shares | 63 | -2536 | -365 | -266 |
2.2.1.1.1.2 Debt instruments | 64 | -544 | -79 | -58 |
2.2.1.1.2 Liabilities | 65 | 2377 | 343 | 250 |
2.2.1.1.2.1 Equity and investment fund shares | 66 | 2649 | 382 | 279 |
2.2.1.1.2.2 Debt instruments | 67 | -273 | -39 | -29 |
2.2.2 Reserve Assets | 68 | -3345 | -479 | -349 |
2.2.2.1 Monetary gold | 69 | 0 | 0 | 0 |
2.2.2.2 Special drawing rights | 70 | 33 | 5 | 4 |
2.2.2.3 Reserve position in the IMF | 71 | 19 | 3 | 2 |
2.2.2.4 Foreign exchange reserves | 72 | -3397 | -487 | -354 |
2.2.2.5 Other reserves | 73 | 0 | 0 | 0 |
3. Net Errors and Omissions | 74 | / | / | / |
Note:1. The table is compiled according to BPM6.
2."Credit" is presented as positive value while "debit" as negative value, and the balance is the sum of the "Credit" and the "Debit". All items herein refer to balances, unless marked with "Credit" or "Debit".
3.The RMB denominated BOP statement is converted from the USD denominated BOP statement for the quarter using the period average central parity rate of RMB against USD. The SDR denominated quarterly BOP statement is converted from the USD denominated BOP statement for the quarter using the period average exchange rate of SDR against USD.
4.Since net errors and omissions are included, the amount of the capital and financial accounts is the opposite number of the difference in the current account.
5.According to preliminary statistics, in the first quarter of 2026, the equity other than reinvestment of earnings under direct investment liabilities (credit) was USD 20.7 billion (RMB 143.9 billion).
6.This table employs rounded-off numbers.
