July 17, 2020 / 4:07 AM / 24 days ago

UPDATE 1-China FX regulator says expects current account surplus for Q2, H1

(Adds details, background)

BEIJING, July 17 (Reuters) - China is expected to post a current account surplus for the second quarter and the first half of 2020, a deputy administrator of the country’s foreign exchange regulator said on Friday.

Wang Chunying also told reporters during a briefing in Beijing that cross-border capital flows will remain stable in the second half of the year.

China posted a $33.7 billion current account deficit for the first three months of the year, with the regulator saying international payments were affected by the coronavirus outbreak.

Foreign investment in China’s bond and stock markets has picked up sharply in recent months as the economy recovers from the health crisis, pushing equities into a bull market. But Wang said the impact of inflows into stocks has been acceptable so far, and the current account should remain within a reasonable range in the future. (Reporting by Yawen Chen and Gabriel Crossley; Writing by Se Young Lee; Editing by Tom Hogue and Kim Coghill)

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