FX.co ★ China Records Record Q2 Current Account Surplus

China's current account surplus widened to $195.1 billion in the second quarter of 2026, up from $128.7 billion a year earlier, marking the largest second-quarter surplus on record. The goods surplus increased to $278.9 billion from $219.1 billion in the same period. On the credit side of the goods account, receipts rose 26.2% to $1.1 trillion, as higher prices for key export commodities boosted turnover, while a slowing domestic economy pushed manufacturers to continue depending on foreign demand. Goods debits, meanwhile, climbed 25.8% to $821.5 billion despite a surge in oil prices driven by the war in Iran, a major supplier to Chinese refineries, as China largely suspended energy imports and drew down inventories instead. The services account deficit widened modestly to $52.4 billion from $47.1 billion. At the same time, the primary income deficit narrowed to $37.6 billion from $47.4 billion, and the secondary income surplus increased to $6.3 billion from $4.1 billion.