China may lose a key support for economic growth and the yuan this year as residents flock overseas again and exports continue to plummet because of a global slowdown.
After hitting a 14-year high of almost $420 billion last year, the surplus on the current account — the broadest measure of trade in goods and services — is expected to narrow sharply this year. Economists surveyed by Bloomberg predict it will weaken to 1.4% of gross domestic product this year, down from 2.3% in 2022.
