China’s SAFE: Current account balance to remain within reasonable range in H2 2020


China’s current account balance is expected to remain within a reasonable range in H2 2020, the country’s forex regulator, the State Administration of Foreign Exchange (SAFE), said in a statement released on Friday.

Additional quotes

“Expects cross-border capital flows and fx reserves to remain stable in H2. “

“Expects current account to show a small surplus in 2020.”

“Current account surplus equivalent to 1.2% of GDP in H1.”

Market reaction

The Chinese proxy, the aussie dollar, is little affected by the statement from the Chinese fx regulator.

AUD/USD remains at the mercy of the US dollar dynamics, retreating to 0.7050 area, still up 0.15% on the day.

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