BEIJING -- China's cross-border capital net inflows rose 38 percent year-on-year to a total of $55.1 billion in the first two months this year, China's foreign exchange regulator said Thursday.

The surge reversed the capital net outflows which occurred between August and December last year, said Wang Yungui, an official of the State Administration of Foreign Exchange.

The foreign exchange settlement and sale of foreign-capital banks logged a total deficit of more than $25.4 billion in the first two months.

Wang attributed the deficit to increasing holdings of US dollar-denominated assets among enterprises and individuals instead of capital outflows.

Overall, there is no data available that supports predictions of an impending collapse of the Chinese economy or assertions of capital exodus, Wang said.