TOURISM EARNINGS:A central bank official said statistics showed that Chinese tourists have high spending power and their decline led to a fall in tourist revenue
Taipei Times
Date: Aug 20, 2016
By: Ted Chen / Staff reporter
The nation’s financial account deficit continued to trend higher for the 24th consecutive quarter last quarter, central bank balance of payments (BOP) data showed.
The financial account saw net fund outflows of US$15.4 billion in the April-to-June quarter, rising US$6.2 billion from a year earlier as the public and life insurers increased their foreign investments, the central bank said yesterday.
Of the financial accounts, direct and portfolio investment saw net outflows of US$2.39 billion and US$15.21 billion respectively, the result of more bond investments abroad by local insurance firms and an increase in investment in foreign mutual funds by the public, it said.
Outflows in financial derivatives decreased by US$690 billion on a yearly basis last quarter, mainly because of gains on disposal of financial derivatives received by non-bank financial corporations, it said. [FULL STORY]