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PBOC adviser sees trade surplus ending

12-08-2011 15:04 BJT

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An advisor to China's central bank says the country could end its persistent trade surpluses and cut its current accounts surplus to under 2 percent within two years. Professor Li Daokui made the comments in the state-run Economic Daily newspaper.

According to his analysis, the fundamental cause behind the decline is the structural adjustment of China’s own economy. Over the last decade, China’s foreign exchange reserves have expanded rapidly to some 3.2 trillion U.S. dollars, swollen by a huge trade surplus and strong capital inflows.

But the trend has reversed in the last two months, as money begins to flow out of China and the yuan begins to weaken against the dollar.

A white paper on foreign trade, released by the Chinese government on Wednesday, says the country is moving towards balancing exports and imports.



Editor:Zhang Rui |Source: CNTV.CN

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