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The branches and foreign exchange administrative departments of the State Administration of Foreign Exchange (hereinafter referred to as the “SAFE”) of all provinces, autonomous regions, and municipalities directly under the Central Government; the branches of the SAFE in Shenzhen, Dalian, Qingdao, Xiamen, and Ningbo; and all designated Chinese-funded foreign exchange banks: To further facilitate trade authenticity reviews by banks and enhance trade facilitation, the SAFE decides to give banks access to the "Customs declaration information verification" module of the foreign exchange monitoring system for trade in goods (bank version) in accordance with the Regulations of the People's Republic of China on Foreign Exchange Administration. Relevant issues are notified as follows: I. For a single transaction of foreign exchange payment for trade in goods (excluding offshore resale business, the same below) in an equivalent amount of more than USD 100,000 (exclusive), banks shall review relevant transaction documents in accordance with the existing provisions, and in principle also shall verify the electronic Customs declaration information for imports through the module of "Customs declaration information verification" of the system; and banks could waive the verification if enterprises' external payment of foreign exchange is confirmed to be true and legitimate. For a single transaction of foreign exchange payment for trade in goods in an equivalent amount of not more than USD 100,000, banks could independently decide whether to verify the electronic Customs declaration information for imports through the system, under the principles of "know your customer, understand your business and due diligence". II. Enterprises shall provide true Customs declaration information to banks for making external payment of foreign exchange under trade in goods. III. Banks shall verify the electronic Customs declaration information for imports through the system in the following way: (I) For enterprises that have finished the import declaration procedures, banks shall verify the information in the system within 5 working days after handling the payment of foreign exchange under trade in goods, based on the amount of foreign exchange paid this time under trade in goods. (II) For enterprises that have not finished the import declaration procedures, banks shall require them to provide relevant declaration information within 40 days since the date when they finish the declaration procedures (or the import date, the same below), and to go through verification procedures through the system based on the amount of foreign exchange payments made under trade in goods this time (III) For enterprises that have finished the import declaration procedures but could not provide the declaration information in time due to proper reasons, banks could handle the procedures for payment of foreign exchange after confirming that the transaction is authentic and legitimate, and shall handle verification procedures for the enterprises within 40 days since they finish the declaration procedures. For the enterprises do fail to provide declaration information, banks shall make a note on the transaction of foreign exchange payment in the system. (IV) In the event that the external payment of foreign exchange under trade in goods is higher than the amount declared due to proper reasons such as tolerance, banks shall indicate the reasons in the system when handling verification. IV. In any of the following cases, banks shall make notes of the enterprises in the system on a transaction-by-transaction basis, and such notes shall be made known to other banks across the country through the system: (I) Fail to provide declaration information and give convincing explanations in a given period; (II) Suspected of repeated use of declaration information and fail to give convincing explanations; (III) Suspected of the use of falsified declaration information; (IV) Other information to be noted. The notes will remain effective in 24 months. Where an enterprise is mistakenly noted due to misoperation by a bank, the note can be revoked after internal approval of the bank. V. Where the electronic declaration information for imports is missing from the system due to the incompleteness of the data transmitted or other reasons, banks can handle payment of foreign exchange after confirming the transaction is authentic and legitimate and handle verification in time in the system. Banks shall note the payment of foreign exchange in the system in case that the electronic declaration information for imports is missing from the system for a long time. In case of the failure to log on to the system, banks shall respond in accordance with the Circular of the General Affairs Department of the State Administration of Foreign Exchange on Relevant Issues for Doing a Good Job in the Foreign Exchange Administration of Trade in Goods under Emergency Situations (Huizongfa No. 123 [2012]). VI. Banks shall amend the internal control systems of relevant businesses in time in accordance with this Circular, and guarantee the security of the enterprises' electronic declaration data for imports. VII. The SAFE and its branches and sub-branches (foreign exchange authorities) shall ensure the guidance to banks on declaration information verification, solve problems in time and review or inspect irregularly banks' efforts in declaration information verification. VIII. The foreign exchange authorities shall, in accordance with the Regulations of the People’s Republic of China on Foreign Exchange Administration, punish whoever violates the provisions of this Circular. IX. This Circular shall be interpreted by the State Administration of Foreign Exchange, and shall come into force as of May 1, 2017. Upon receipt of this Circular, the SAFE branches and foreign exchange administrative departments should immediately forward it to the central sub-branches (sub-branches), local commercial banks, and foreign banks within their respective jurisdiction, and all Chinese-funded banks should promptly forward it to their branches. For any problems arising from implementation of this Circular, please provide timely feedback to the SAFE. 2017-04-04/en/2017/0404/1306.html
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The branches and foreign exchange administrative departments of the State Administration of Foreign Exchange (SAFE) in all provinces, autonomous regions, and municipalities directly under the Central Government; the branches of the SAFE in Shenzhen, Dalian, Qingdao, Xiamen, and Ningbo, and national Chinese-funded banks: To boost the opening up of the foreign exchange market and facilitate management of foreign exchange risks by foreign institutional investors (foreign investors) in the interbank bond market, we hereby provide notification of the issues related to foreign institutional investors' participation in China's foreign exchange market as follows, in accordance with the Regulations of the People's Republic of China on Foreign Exchange Administration and relevant provisions: I. Domestic financial institutions with the qualification approved by the SAFE for derivatives business of RMB against foreign exchange for customers (foreign exchange derivatives business), and meeting the conditions for settlement agents in the interbank market (settlement agent) set out in the Announcement No. 3 of the People's Bank of China [2016] are allowed to handle the foreign exchange derivatives business for foreign institutional investors that entrust the institution with providing agent transactions and settlement services. The foreign investors hereunder refer to the foreign investors defined by the Announcement No. 3 of the People's Bank of China [2016]. II. Settlement agents are required to observe the principle of transaction for actual requirements in handling foreign exchange derivatives business for foreign investors. The foreign exchange derivatives business for foreign investors is designed only to hedge against the foreign exchange risk exposure arising from the investment with the inward remittances in the interbank bond market. The foreign exchange derivative exposure and the foreign exchange risk exposure as the transaction basis under bond investment shall be properly related. Where the foreign exchange risk exposure varies with the changes in investments in the interbank bond market, foreign investors shall adjust the exposure of foreign exchange derivatives they hold in five working days, ensuring the alignment with the principle of transaction for actual requirements. III. The foreign exchange derivatives handled by a settlement agent for foreign investors shall include forward derivatives, foreign exchange swaps, currency swaps and options as laid out in the Detailed Rules for the Implementation of the Administration Measures for Foreign Exchange Settlement and Sales by Banks (Huifa No. 53 [2014]). Based on the real and reasonable needs for foreign exchange risk management, a settlement agent could flexibly provide transaction mechanisms including reverse position closing, balance settlement or gross settlement for the foreign exchange derivatives business of foreign investors. For the currencies and reference settlement prices for reverse position closing and balance settlement, please refer to the Detailed Rules for the Implementation of the Administration Measures for Foreign Exchange Settlement and Sales by Banks (Huifa No. 53 [2014]). IV. The foreign exchange receipts and payments involved in the foreign exchange derivatives business carried out by foreign investors shall be handled in the special foreign exchange account as specified in the Circular of the State Administration of Foreign Exchange on Foreign Exchange Administration for the Investments of Foreign Institutional Investors in the Interbank Bond Market (Huifa No. 12 [2016]). V. Any settlement agent shall, when handling the foreign exchange derivatives business for foreign investors, comply with the provisions on the management of synthetic positions in the foreign exchange settlement and sales and is obligated to prepare the statistical reports for foreign exchange settlement and sales in accordance with the Circular of the State Administration of Foreign Exchange on Issuing the Statistical System for the Bank's Foreign Exchange Settlement and Sales (Huifa No. 42 [2006]), the Circular of the General Affairs Department of the State Administration of Foreign Exchange on Adjusting the Statistical Statements for Synthetic Position of the Banks’ Foreign Exchange Settlement and Sales and Submission Methods (Huizongfa No. 129 [2012]), and the Circular of the General Affairs Department of the State Administration of Foreign Exchange on Adjusting the Statistical Statements for the Banks’ Foreign Exchange Settlement and Sales (Huizongfa No. 4 [2017]). VI. This Circular shall come into force as of the date of release. In case of any inconsistency between the former provisions on the management of foreign exchange derivatives business handled by banks for their customers and this Circular, this Circular shall prevail. Upon receipt, the branches and foreign exchange administrative departments of the SAFE shall timely forward it to the relevant financial institutions within their respective jurisdictions. Please follow the Circular in your implementation. State Administration of Foreign Exchange February 24, 2017 2017-02-27/en/2017/0227/1304.html
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The branches and foreign exchange administrative departments of the State Administration of Foreign Exchange (SAFE) in all provinces, autonomous regions, and municipalities directly under the Central Government, the branches of the SAFE in Shenzhen, Dalian, Qingdao, Xiamen, and Ningbo, and national Chinese-funded banks: Given the changes and adjustments to the provisions on foreign exchange administration from October 2015 to date, the SAFE has formulated the Contents and Scoring Criteria for the Assessment of Banks’ Implementation of Regulations on Foreign Exchange Administration (2017) (see the Appendix, Criteria). The relevant issues are notified as follows: 1. Assessments of banks’ implementation of regulations on foreign exchange administration for the assessment year 2017 (from October 1, 2016 to September 30, 2017) shall be governed by the Criteria. 2. Since the beginning of the assessment year 2017, the scores of the risk-based assessment indicators have been adjusted to 15[1]; The formula for the final assessment scores of the head offices of banks[2] has been adjusted to: The final assessment scores of the head offices of banks =∑scores for the individual indicators for general assessment on banks × 60% + scores for the risk-based assessment indicators + scores for the separate assessment indicators for the head offices of banks. Relevant provisions in the Circular of the State Administration of Foreign Exchange on the Amendment to the Measures for Assessment of Banks’ Implementation of Regulations on Foreign Exchange Administration (Huifa No. 26 [2015]) will be nullified. 3. After receiving this Circular, all branches and foreign exchange administrative departments of the SAFE shall immediately forward it to the central sub-branches, sub-branches, urban commercial banks, rural commercial banks, wholly foreign-funded banks, Chinese-foreign equity joint venture banks, branches of foreign banks, and rural cooperative financial institutions within their respective jurisdictions, and shall carry out fair and just assessments of the banks within their respective jurisdictions in implementing the regulations on foreign exchange administration in accordance with the Criteria. 4. Upon receipt of this Circular, all national Chinese-funded banks shall forward it to their branches and sub-branches within their respective jurisdictions as soon as possible, so that they could handle foreign exchange business in compliance with laws and regulations. 5. Starting from the date of issuance of this Circular, the Circular of the General Affairs Department of the State Administration of Foreign Exchange on Printing and Distributing the Contents and Scoring Criteria for the Assessment of Banks’ Implementation of Regulations on Foreign Exchange Administration (2016) (Huizongfa No. 31 [2016]), and the Contents and Scoring Criteria for the Assessment of Banks’ Implementation of Regulations on Foreign Exchange Administration, which is attached to the Circular of the State Administration of Foreign Exchange on the Amendment to the Measures for Assessment of Banks’ Implementation of Regulations on Foreign Exchange Administration (Huifa No. 26 [2015]), will be annulled. In case of any problems encountered during implementation, please report them to the relevant departments of the SAFE immediately. Telephone numbers: 010-68402113 (General Affairs Department), 010-68402593 (Balance of Payments Department), 010-68402104 (Current Account Management Department), 010-68402127 (Capital Account Management Department), 010-68402378 (Supervision and Inspection Department) and 010-68402467 (Data Monitoring Center for Foreign Exchange Transaction). Please follow the Circular in your implementation. Appendix: Contents and Scoring Criteria for the Assessment of Banks’ Implementation of Regulations on Foreign Exchange Administration (2017) [1] Original score: 10. [2] The original formula is as follows: The final assessment scores of the head offices of banks =∑scores for the individual indicators for general assessment on banks × 65% + scores for the risk-based assessment indicators + scores for the separate assessment indicators for the head offices of banks. FILE: Contents and Scoring Criteria for the Assessment of Banks’ Implementation of Regulations on Foreign Exchange Administration (2017) 2017-03-01/en/2017/0301/1305.html
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FILE: Template on International Reserves аnd Foreign Currency Liquidity(аs аt Jun 30 2017) 2017-07-31/en/2017/0731/1311.html
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FILE: Template on International Reserves аnd Foreign Currency Liquidity(аs аt Jul 31 2017) 2017-08-31/en/2017/0831/1312.html
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Address:No.30,Financial Street,Xicheng District,Beijing Postcode:100033 E-mail:guanliyuan@mail.safe.gov.cn 2018-04-09/en/2018/0409/1398.html
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The time-series data of International Investment Position of China 2026-03-27/en/2018/0928/1459.html
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The State Administration of Foreign Exchange (SAFE) recently released the Balance of Payments (BOP) for the second quarter of 2018 and the International Investment Position (IIP) as of the end of June, 2018. A press spokesperson of the SAFE answered media questions on relevant issues. Q: Could you brief us on China’s balance of payments for the second quarter of 2018? A: Based on the balance of payments, China's current account and financial account (excluding reserve assets) recorded a "twin surplus" for the second quarter of 2018. The balance of reserve assets rose and the balance of payments remained basic equilibrium. First, in the current account surplus, the surplus of trade in goods increased while the deficit of trade in services was stable. In the second quarter of 2018, the current account recorded a surplus of USD 5.3 billion, among which trade in goods registered a surplus of USD 103.6 billion in the balance of payments, which doubled that of the previous quarter. A deficit of USD 73.7 billion was recorded under trade in services, flat quarter-on-quarter. Travel, transport and intellectual property fees remain major deficit items. Second, the financial account (excluding reserve assets) continued to show surplus, and the cross-border capital continued its trend of net inflow. In the second quarter of 2018, the financial account (excluding reserve assets) registered a surplus of USD 30 billion, with cross-border capital continuing the trend of net inflows since the first quarter of 2017. The breakdowns are as follows: Direct investment recorded a net inflow of USD 24.8 billion, which are relatively high in both directions. To be specific, ODI recorded a net outflow of USD 27.9 billion, and FDI, a net inflow of USD 52.7 billion. The net inflow of portfolio investments reached USD 61 billion, hitting a quarterly record high. Of this, the net outflow of external portfolio investment was USD 4.3 billion while the net inflow of portfolio investment in China hit USD 65.2 billion. Third, reserve assets rose. In the second quarter of 2018, China's reserve assets rose by USD 23.9 billion as a result of the BOP transactions (excluding the impact of non-transaction factors such as exchange rate and price), among which, foreign exchange reserves increased by USD 22.9 billion. Q: Could you brief us on China's international investment position for the second quarter of 2018? A: According to the international investment position statement, China's overall international investment position remained robust at the end of June 2018. China recorded USD 1.7402 trillion in net external assets, up by 10.7% from the end of March, and the reserve asset size remained the first place in the world. The main characteristics are as follows: First, external financial assets increased to a record high. China's external assets reached USD 7.0377 trillion at the end of June 2018, up by 0.2% from the end of March. To be specific, ODI assets rose by 1.7% to USD 1.5222 trillion. External portfolio investment totaled USD 518.3 billion, up by 0.7%. Other external investments amounted to USD 1.7801 trillion, up by 0.8%. Second, external liabilities have decreased. At the end of June 2018, China's external liabilities reached USD 5.2975 trillion, down by 2.8% from the end of March, mainly affected by exchange rate changes and value revaluation. To be specific, China's direct investment liabilities were USD 2.9507 trillion, down by 3.8%. External portfolio investment liabilities stood at USD 1.1287 trillion, down by 2.1%; while other external investment liabilities amounted to USD 1.2113 trillion, down by 1.4%. 2018-09-28/en/2018/0928/1462.html
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The State Administration of Foreign Exchange (SAFE) held on May 3, 2018 a seminar on "Deepening Reform and Opening up of Foreign Exchange Administration to Make It Easier to Do Business". Chaired by Pan Gongsheng, Administrator of the SAFE, the seminar was attended by representatives from The European Union Chamber of Commerce in China, HSBC, Standard Chartered Bank, DBS Bank, Deutsche Bank, PWC, BMW, and Schneider Electric. Based on their experience in company operation and customer service, the representatives discussed many issues such as the opening up and development of the foreign exchange market, the liberalization of the capital market and the promotion of trade and investment facilitation, and provided constructive ideas and suggestions. Pan Gongsheng pointed out that foreign exchange authorities will deepen reforms, boost two-way opening up of the financial market, promoting capital account convertibility, and enhancing trade and investment facilitation so as to serve opening up in all respects and the development of the real economy while guarding against risks associated with cross-border capital flows to create a favorable environment for Chinese and foreign-funded companies to do business. 2018-05-04/en/2018/0504/1460.html
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The State Administration of Foreign Exchange (SAFE) has recently disseminated China’s external debt data as at the end of June 2018, and an official from the SAFE answered media questions on recent situations of China’s external debt. Q: Could you brief us on China's external debt for the second quarter of 2018? A: China's external debt continued to grow in the second quarter of 2018. As at the end of June 2018, China's full-scale outstanding external debt registered USD 1.8705 trillion (in both domestic and foreign currencies), up by USD 27 billion or 1.5% quarter on quarter, primarily driven by the fact that overseas non-resident institutions continued to increase holdings of domestic RMB bonds. Q: What would you say about China’s external debt situations? A: Overall, China's external debt for the second quarter was steadily rising, and its structure was further optimized. First, as the domestic bond market has been further liberalized, the demand of foreign institutional investors to allocate China's domestic RMB bonds, especially medium - and long-term treasury bonds, continues to increase. According to relevant statistics, by the end of June 2018, the proportion of foreign institutions in China's treasury bond market had reached 7.28%, up by 2.31 percentage points so far this year, reaching a record high. Second, more than 70% of China's full-scale outstanding external debt increase for the second quarter was driven by medium - and long-term external debt, and the structure of external debt has been further optimized. By the end of June 2018, the ratio of China's short-term external debt to foreign exchange reserves was 38%, far below the international warning line. Looking ahead, uncertainties and destabilizing factors in the international financial and economic environment are obviously on the rise. However, with the constant transformation of old and new drivers of growth, China's economy will maintain the fundamentals of resilience, adaptability and ample room for maneuver, which will help promote the basic equilibrium of cross-border capital flows. The SAFE will continue to pay close attention to the changes in the international and domestic situations, constantly improve the management system of external debt and capital flow under the framework of macro-prudential management, and attach equal importance to serving the real economy and preventing financial risks, so as to promote sustainable and sound economic development. 2018-09-28/en/2018/0928/1461.html