经常账户

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二季度我国经常账户顺差9252亿元 资本和金融账户逆差9842亿元
Jin Rong Shi Bao· 2025-10-09 02:17
本报讯记者马玲报道国家外汇管理局日前公布的2025年二季度及上半年我国国际收支平衡表显示,2025 年二季度,我国经常账户顺差9252亿元,资本和金融账户逆差9842亿元。 2025年上半年,我国经常账户顺差21126亿元,资本和金融账户逆差19936亿元。 按美元计值,2025年二季度,我国经常账户顺差1287亿美元,其中,货物贸易顺差2191亿美元,服务贸 易逆差471亿美元,初次收入逆差474亿美元,二次收入顺差41亿美元。资本和金融账户逆差1370亿美 元,其中,资本账户逆差1亿美元,金融账户逆差1369亿美元。 按美元计值,2025年上半年,我国经常账户顺差2941亿美元,其中,货物贸易顺差4567亿美元,服务贸 易逆差1064亿美元,初次收入逆差629亿美元,二次收入顺差68亿美元。资本和金融账户逆差2776亿美 元,其中,资本账户逆差1亿美元,金融账户逆差2775亿美元。 按SDR计值,2025年二季度,我国经常账户顺差949亿SDR,资本和金融账户逆差1008亿SDR。 按SDR计值,2025年上半年,我国经常账户顺差2209亿SDR,资本和金融账户逆差2076亿SDR。 ...
外汇局:上半年经常账户顺差3006亿美元
Sou Hu Cai Jing· 2025-08-08 10:51
Core Viewpoint - The preliminary data for the first half of 2025 indicates a significant current account surplus for China, driven by a strong goods trade surplus, while the capital and financial account shows a notable deficit [2][3]. Group 1: Current Account Overview - In the first half of 2025, China's current account surplus reached $300.6 billion, with a goods trade surplus of $456.6 billion and a services trade deficit of $1.059 billion [2]. - For the second quarter of 2025, the current account surplus was $135.1 billion, with a goods trade surplus of $219.1 billion and a services trade deficit of $465 million [2]. Group 2: Capital and Financial Account - The capital and financial account, including net errors and omissions, recorded a deficit of $275.8 billion in the first half of 2025 and a deficit of $135.1 billion in the second quarter [2]. Group 3: Trade and Service Dynamics - The total goods import and export under the international balance of payments increased by 2.4% year-on-year in the first half of 2025 [3]. - Service trade revenues grew by 13% year-on-year, with cross-border travel income surging by 42%, while service trade expenditures increased by 2%, leading to a 14% reduction in the service trade deficit [3]. Group 4: Future Outlook - The ongoing optimization of China's economic structure and the steady progress in financial market opening are expected to support the maintenance of a basic balance in international payments [4].
芬兰5月经常账户录得10亿欧元。
news flash· 2025-07-11 05:03
Core Viewpoint - Finland's current account recorded a surplus of 1 billion euros in May [1] Group 1 - The current account surplus indicates a positive balance in Finland's international transactions for the month of May [1]
人民币汇率专题深度研究:从定价模式和资本流动看人民币
Donghai Securities· 2025-07-10 13:02
Group 1: RMB Exchange Rate Dynamics - The RMB exchange rate has evolved from a fixed system to a more flexible management system since the 2005 reform, with significant changes in pricing logic from "surplus settlement" to "interest rate differential holding" as the main driver[6] - In Q1 2025, the current account surplus reached $165.6 billion, a historical high with a year-on-year growth of 250%, driven by strong goods trade surplus of $237.6 billion, up 90% year-on-year[21] - The financial account recorded a deficit of $496.2 billion in 2024, an increase of $256.8 billion from the previous year, indicating significant downward pressure on direct and securities investments[25] Group 2: Investment Trends and Market Sentiment - Direct investment is expected to recover in 2025, with foreign direct investment (FDI) turning positive in Q4 2024, recording a net inflow of $34.1 billion, a 66% year-on-year increase[28] - Securities investment saw a historical high quarterly outflow of $149.5 billion in Q4 2024, but is anticipated to improve as market conditions stabilize[31] - The willingness of foreign trade enterprises to settle in RMB has increased, with the net settlement rate rising to 41% in April 2025, reflecting a recovery in market confidence[49] Group 3: Policy Implications and Future Outlook - The U.S. Federal Reserve's interest rate decisions are critical for the RMB exchange rate, with expectations of a slower and smaller rate cut cycle impacting emerging markets[14] - The resilience of the current account and the recovery of the financial account are essential for supporting the RMB's bottom line, with potential for continued appreciation in the second half of 2025[22] - Risks include potential setbacks in U.S.-China trade negotiations and geopolitical tensions that could affect capital flows and the current account surplus[42]
卡塔尔央行行长:全球能源价格下跌可能影响卡塔尔的财政预算和经常账户。
news flash· 2025-05-20 09:59
Core Insights - The Governor of the Qatar Central Bank indicated that the decline in global energy prices may impact Qatar's fiscal budget and current account [1] Group 1 - The potential impact of falling global energy prices on Qatar's financial stability is highlighted [1]
中金-海外策略:中美的“两本账” -理解关税、AI与美元的新视角
中金· 2025-03-19 01:21
Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The interplay between tariffs, AI, and the dollar is crucial for understanding the economic dynamics between China and the US, with AI trends attracting capital inflows and tariffs impacting trade balances [2][9] - The report emphasizes the importance of AI in sustaining financial account inflows for the US, while China's economic model relies on a surplus in the current account but faces capital outflows [10][11] Summary by Sections Section 1: US Economic Dynamics - The US has maintained a long-term current account deficit while achieving financial account surpluses, with AI trends significantly attracting capital inflows and supporting the dollar [2][3] - Historical data shows that the US current account deficit peaked at -6.3% of GDP in Q3 2006, while financial account surplus reached 7.2% of GDP [2] - The report highlights that the AI narrative has become a key driver of capital inflows since 2023, creating a positive feedback loop for the US economy [10][11] Section 2: China Economic Dynamics - China has experienced a long-term current account surplus since joining the WTO in 2001, but has faced increasing financial account deficits due to capital outflows [6][39] - The report notes that despite a surplus in the current account, the lack of effective capital inflows has hindered the transformation of foreign exchange reserves into domestic currency [41][15] - The need for China to stimulate domestic demand and attract capital inflows is emphasized, especially in light of external pressures from tariffs and global economic conditions [11][12] Section 3: Future Outlook - The report suggests that 2026 will be a critical year for both AI trends and tariff policies, with potential implications for capital flows and economic stability in both the US and China [12][10] - The ability of the US to continue attracting capital will largely depend on the sustainability of its AI advantage, while China must focus on structural reforms to enhance its economic resilience [11][12]
中金:中美的“两本账”
中金点睛· 2025-03-10 23:35
Core Viewpoint - The article discusses the impact of DeepSeek and Trump's tariffs on global asset volatility, investor sentiment, and the macroeconomic narrative between China and the U.S. It highlights the interconnection between AI trends and tariff policies, emphasizing their influence on the financial and current accounts of both economies [1][2]. Group 1: U.S. Economic and Asset Trends - The U.S. has maintained a long-term current account deficit while achieving financial account surpluses, primarily due to low savings rates and the dollar's privileged status [2][3]. - Since the pandemic, fiscal expansion has led to an increase in the current account deficit, while the AI trend has attracted capital inflows, supporting the dollar and the economy [2][4]. - The financial account's inflow is crucial for the U.S. economy, with AI being a key driver of this trend, especially since 2023 [2][20]. Group 2: China’s Economic Dynamics - China has experienced a long-term current account surplus since joining the WTO, but its financial account has seen capital outflows, indicating a reliance on external demand [13][18]. - The current economic model in China, which relies on current account surpluses for growth, faces challenges due to external pressures such as tariffs and weakening external demand [23][24]. - The need for domestic demand stimulation and structural reforms is emphasized to counterbalance the external challenges and attract capital inflows [23][24]. Group 3: Interconnection of U.S. and China Accounts - The article outlines how the financial account (AI) and current account (tariffs) are interconnected, with the financial account's performance being critical for future economic trends in both countries [20][22]. - For the U.S., the sustainability of capital inflows is contingent on the strength of the AI sector, while for China, the focus should be on stimulating domestic demand to improve the financial account [20][22]. - The potential for a shift in the global investment landscape is highlighted, with the AI narrative playing a pivotal role in determining the flow of capital between the two economies [20][22].