Yesterday, the State Administration of Foreign Exchange released the balance of payments statement of China in the first quarter of 2012, which shows that in the first quarter, China's current account surplus reached US $23.5 billion, and its capital and financial account surplus reached US $56.1 billion.

Affected by the double surplus, China's foreign exchange reserve assets increased by 74.8 billion US dollars in the first quarter, a slight increase of 63.1 billion US dollars compared with 11.7 billion US dollars in the fourth quarter of last year.

There are opinions in the industry that, in addition to being affected by the "double surplus", it may also involve exchange rate issues. In the first quarter, the euro went out of a wave of rebound, while the external reserves were denominated in US dollars, and that part of euro assets appreciated relatively.

It is also estimated that the current account surplus decreased by US $37 billion compared with the previous quarter, while the capital and financial items increased by US $85.5 billion compared with the previous quarter.

"This shows that China's balance of payments in general tends to be more balanced." Safe said.

In this regard, Mei Xinyu, a researcher of the Research Institute of international trade and economic cooperation of the Ministry of Commerce, pointed out that due to the relatively high scale efficiency of China's manufacturing industry and the relatively strong competitiveness in the world, there is still a current account surplus under the condition that the foreign trade situation is not so good.

"In the first quarter, international capital is optimistic about emerging markets, which (such as South Korea and India) have attracted a large number of cross-border capital inflows." "As a representative of emerging economies, China also attracts a lot of foreign investment, so there is a relatively large surplus in capital projects," Mei said

In the fourth quarter of 2011, China's balance of payments experienced a surplus in current account and a deficit in capital and financial account. Among them, the current account surplus is 60.5 billion US dollars, and the capital and financial account deficit is 29.4 billion US dollars, which is a rare capital account deficit in recent years.

However, although China's balance of payments achieved "double surpluses" in current account and capital financial account in the first quarter, the industry is still not optimistic about the data in the second quarter, and it is generally estimated that the surpluses of both projects in China will decline in the future.

"With the continuous deterioration of the European debt crisis and the rising demand for international capital hedging, there are gradually obvious signs of outflow from emerging markets and investment in US dollars. In the second quarter, there will be a certain reduction in current account and a relatively large reduction in capital account. " Mei Xinyu pointed out.