《货币银行学》课程教学资源（文献资料）中国第一季度经常项目盈馀收窄逾一半

UPDATE:ChinaCurrent-AccountSurplusMoreThan中国第一季度经常项目盈综收窄逾一半Halvesin1Q22012年04月27日--China 1Q current-account surplus at $24.7 billion from $60.5北京（道琼斯）中国第一季度经常项目盈徐收窄逾一半，因在全billion surplus in 4Q-SAFE球经济状况恶化之际出口增长放缓。--China's capital, financial account shows 1Q $49.9 billion versus$29.0 billion 4Q deficit中国国家外汇管理局（简称：外管局）周四发布的数据显示，第一季度中国实现经常项目盈徐247亿美元，低于去年第四季度的605亿美--Analysts say points to modest yuan appreciation元。当季中国出口额较上年同期增长7.6%，2011年全年增长20.3%。BEIJING (Dow Jones)--China's current account surplus, the broadest汇丰(HSBC)经济学家马小平表示，经常项目盈徐收窄的主要原因是欧measure of its trade balance with therest of the world,more thanhalved in the first quarter on weaker export growth in a worsening洲经济方面的问题导致出口放缓，预计经常项目盈徐将进一步收窄，global economy.不过今年全年仍将超过1,000亿美元。The surplus was $24.7 billion from January through March comparedThe European Union economy will stagnate this year, the bloc'swith $60.5 billion in thefourth quarter of last year, data issued by theexecutive forecast in February. A sovereign debt crisis has forcedforeign exchange regulator, the State Administration of Foreigngovernments across the region to cut spending and raise taxes. ByExchange, said Thursday. Chinese export growth, racing at 20.3% incomparison, the U.S. economy, the world's largest, will expand 2.1%,2011,slowed to an annual 7.6% in the first quarter.the Intermational MonetaryFundforecast this month."The smaller current account [surplus] is mainly due to sluggish欧盟委员会今年2月份预计，今年欧盟经济将陷入停滞。主权债务危exports, dragged down by European economic troubles," said Ma机迫使欧洲各国政府纷纷削减支出和增税。相比之下，国际货币基金Xiaoping, economist at HSBC. "We expect that the current account组织(IMF)4月份预计，美国经济今年将增长2.1%。surplus will narrow further, though it will still top s100 billion for theentire year

UPDATE: China Current-Account Surplus More Than Halves in 1Q 2012 年 04 月 27 日 -China 1Q current-account surplus at $24.7 billion from $60.5 billion surplus in 4Q-SAFE -China's capital, financial account shows 1Q $49.9 billion versus $29.0 billion 4Q deficit -Analysts say points to modest yuan appreciation BEIJING (Dow Jones)-China's current account surplus, the broadest measure of its trade balance with the rest of the world, more than halved in the first quarter on weaker export growth in a worsening global economy. The surplus was $24.7 billion from January through March compared with $60.5 billion in the fourth quarter of last year, data issued by the foreign exchange regulator, the State Administration of Foreign Exchange, said Thursday. Chinese export growth, racing at 20.3% in 2011, slowed to an annual 7.6% in the first quarter. "The smaller current account [surplus] is mainly due to sluggish exports, dragged down by European economic troubles," said Ma Xiaoping, economist at HSBC. "We expect that the current account surplus will narrow further, though it will still top $100 billion for the entire year." 中国第一季度经常项目盈馀收窄逾一半 北京（道琼斯）-中国第一季度经常项目盈馀收窄逾一半，因在全 球经济状况恶化之际出口增长放缓。 中国国家外汇管理局（简称：外管局）周四发布的数据显示，第一季 度中国实现经常项目盈馀 247 亿美元，低于去年第四季度的 605 亿美 元。当季中国出口额较上年同期增长 7.6%，2011 年全年增长 20.3%。 汇丰(HSBC)经济学家马小平表示，经常项目盈馀收窄的主要原因是欧 洲经济方面的问题导致出口放缓，预计经常项目盈馀将进一步收窄， 不过今年全年仍将超过 1,000 亿美元。 The European Union economy will stagnate this year, the bloc's executive forecast in February. A sovereign debt crisis has forced governments across the region to cut spending and raise taxes. By comparison, the U.S. economy, the world's largest, will expand 2.1%, the International Monetary Fund forecast this month. 欧盟委员会今年 2 月份预计，今年欧盟经济将陷入停滞。主权债务危 机迫使欧洲各国政府纷纷削减支出和增税。相比之下，国际货币基金 组织(IMF) 4 月份预计，美国经济今年将增长 2.1%

China's capital and financial account--a measure of net capital分析师们认为，经常项目和资本项目的这种趋势预示著今年人民币inflows--swung to a $49.9 billion surplus in the first three months of将小幅升值。花旗集团(Citigroup)经济学家丁爽称，他预计未来12个theyearfromas29.0billiondeficit inthefourthquarter,SAFEsaid月人民币兑美元将升值1%-2%。去年的升值幅度为4.7%。That shows fears of a"hard landing"for the Chinese economy easedChina's current-account surplus for all of 2011 was $201.7 billion,and foreign direct investment inflows continued, albeit at a slowerpace than a year ago.down15.2%from2010.中国去年的经常项目盈徐为2,017亿美元，较2010年下降15.2%外管局表示，第一季度中国资本和金融项目顺差为499亿美元，而去年第四季度为逆差290亿美元。这显示出对于中国经济将硬著陆的担忧已经缓解，而且外商直接投资的流入在持续，尽管速度比上年同期有所放缓。Analysts said that neither figure was a surprise but Beijing willpoint to thefalling current-account surplus as progress in rebalancingtheeconomyawayfromexport-drivengrowth.分析师们称，经常项目和资本项目都没有出现意外，但中国会将经常项目盈途收窄归因于在调整经济结构、减少对出口的依赖方面取得了进展。Analysts said the combined current and capital account trendpoints to a modest appredation of the yuan this year. Citigroupeconomist Ding Shuang saidheexpects tosee a1%to 2%rise in theyuan against the dollar over the next 12 months. It advanced 4.7%against the U.S. currency last year

China's capital and financial account-a measure of net capital inflows-swung to a $49.9 billion surplus in the first three months of the year from a $29.0 billion deficit in the fourth quarter, SAFE said. That shows fears of a "hard landing" for the Chinese economy eased and foreign direct investment inflows continued, albeit at a slower pace than a year ago. 外管局表示，第一季度中国资本和金融项目顺差为 499 亿美元，而 去年第四季度为逆差 290 亿美元。这显示出对于中国经济将硬著陆的 担忧已经缓解，而且外商直接投资的流入在持续，尽管速度比上年同 期有所放缓。 Analysts said that neither figure was a surprise but Beijing will point to the falling current-account surplus as progress in rebalancing the economy away from export-driven growth. 分析师们称，经常项目和资本项目都没有出现意外，但中国会将经 常项目盈馀收窄归因于在调整经济结构、减少对出口的依赖方面取得 了进展。 Analysts said the combined current and capital account trend points to a modest appreciation of the yuan this year. Citigroup economist Ding Shuang said he expects to see a 1% to 2% rise in the yuan against the dollar over the next 12 months. It advanced 4.7% against the U.S. currency last year. 分析师们认为，经常项目和资本项目的这种趋势预示著今年人民币 将小幅升值。花旗集团(Citigroup)经济学家丁爽称，他预计未来 12 个 月人民币兑美元将升值 1%-2%。去年的升值幅度为 4.7%。 China's current-account surplus for all of 2011 was $201.7 billion, down 15.2% from 2010. 中国去年的经常项目盈馀为 2,017 亿美元，较 2010 年下降 15.2%