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The State Administration of Foreign Exchange (SAFE) has recently released the data on external debt at the end of 2020. The SAFE deputy administrator and press spokesperson Wang Chunying answered media questions on relevant issues. Q: Could you brief us on China's external debt for the fourth quarter of 2020? A: China witnessed stable growth in external debt for the fourth quarter of 2020. By the end of December, the full-scale outstanding external debt (including domestic and foreign currencies) hit US$2.4008 trillion, up by US$92.5 billion or 4% quarter on quarter. The increase in external debt was primarily driven by the increase in foreign holdings of domestic renminbi bonds. The external debt structure was further improved. Seen from the currency structure, external debt denominated in domestic currency accounted for 42%, up by three percentage points from the end of September 2020. As for the term structure, mid and long-term external debt made up 45%, up by two percentage points from the end of September 2020. Q: What would you say about China's external debt situations? A: The stable growth in external debt is a natural result of China’s economic development. In 2020, under the strong leadership of the CPC Central Committee with Comrade Xi Jinping at its core, China saw major strategic achievements in balancing epidemic response and economic and social development. Chinese companies took the lead in resuming work and production. With GDP growing 2.3% year on year, China became the only major economy posting positive growth in the world. That is why China attracted inflows of foreign capital including external debt. Further efforts have been made to advance the external debt facilitation reform to better serve the real economy. The People’s Bank of China and the SAFE adopted a multi-faceted approach, such as timely adjustment of the macro-prudential policy for cross-border financing, piloting external debt facilitation, and piloting one-off external debt registration, to facilitate cross-border financing for enterprises, thus alleviating the difficulties facing enterprises, especially SMEs and private enterprises, in accessing affordable financing and effectively supporting the development of the real economy. The external debt risks are under control on the whole. At the end of 2020, the liability ratio, or the ratio of outstanding external debt to GDP was 16.3%; the debt ratio, or the ratio of outstanding external debt to export revenue from trade was 87.9%; the debt servicing ratio, or the ratio of the payments of the principal and interest on external debt to the export revenue from trade, was 6.5%; and the ratio of short-term external debt to foreign exchange reserves was 40.9%. These indicators were all within the safe range internationally recognized (20%, 100%, 20% and 100% respectively), indicating the external debt risks facing China are under control on the whole. Although there are many uncertainties in the external environment, China’s fundamentals sustaining its sound economic growth over the long term remain unchanged. China’s external debt is expected to stay stable in the future. 2021-03-26/en/2021/0326/1821.html
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Q: The State Administration of Foreign Exchange (SAFE) has just released the latest data on China's foreign exchange reserves. Could you explain why China's foreign exchange reserves for March 2021 changed? What would you say about the future trends of China's foreign exchange reserves? A: By the end of March 2021, China's foreign exchange reserves recorded US$3.17 trillion, down by US$35 billion or 1.09% month on month. In March, China's foreign exchange market performed stably, featuring balanced supply and demand. In global financial markets, due to the COVID-19 pandemic and progress in vaccine, as well as fiscal and monetary policy expectations of the major countries, the US Dollar Index climbed, the bond prices of the major countries dropped and the global stock markets rallied. Under the combined effect of foreign exchange rate conversion and asset price changes, the volume of China’s foreign exchange reserves dropped in the month. Looking ahead, as the rest of the world will continue to grapple with COVID-19, the global economic recovery and global financial market will still face many uncertainties and destabilizing factors. However, China’s economy will gain momentum and more positive factors will emerge, which will be favorable for maintaining the general stability of China’s foreign exchange reserves. 2021-04-07/en/2021/0407/1822.html
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In August 2021, China’s international trade in goods and services recorded receipts of RMB 1996.7 billion and payments of RMB 1705.1 billion based on statistics of balance of payments (BOP), registering a surplus of RMB 291.6 billion. Specifically, trade in goods registered receipts of RMB 1818.8 billion, payments of RMB 1455.5 billion, recording a surplus of RMB 363.2 billion; trade in services recorded receipts of RMB 178.0 billion, payments of RMB 249.6 billion, resulting in a deficit of RMB 71.7 billion. In the US dollar terms, in August 2021, the receipts and payments of China's international trade in goods and services were USD 308.3 billion and USD 263.2 billion respectively, registering a surplus of USD 45.0 billion. Specifically, the receipts and payments from trade in goods were USD 280.8 billion and USD 224.7 billion respectively, resulting in a surplus of USD 56.1 billion. Trade in services registered receipts and payments of USD 27.5 billion and USD 38.5 billion respectively, recording a deficit of USD 11.1 billion. (End) International Trade in Goods and Services of China (Based on the BOP statistics) August 2021 Item In 100 million of RMB In 100 million of USD Goods and services 2916 450 Credit 19967 3083 Debit -17051 -2632 1. Goods 3632 561 Credit 18188 2808 Debit -14555 -2247 2. Services -717 -111 Credit 1780 275 Debit -2496 -385 2.1Manufacturing services on physical inputs owned by others 71 11 Credit 75 12 Debit -5 -1 2.2Maintenance and repair services n.i.e 23 4 Credit 42 7 Debit -19 -3 2.3Transport -93 -14 Credit 734 113 Debit -827 -128 2.4Travel -651 -100 Credit 57 9 Debit -708 -109 2.5Construction 49 7 Credit 86 13 Debit -38 -6 2.6Insurance and pension services -75 -12 Credit 13 2 Debit -87 -14 2.7Financial services 11 2 Credit 30 5 Debit -19 -3 2.8Charges for the use of intellectual property -218 -34 Credit 45 7 Debit -263 -41 2.9Telecommunications, computer and information services 14 2 Credit 237 37 Debit -223 -34 2.10Other business services 160 25 Credit 443 68 Debit -283 -44 2.11Personal, cultural, and recreational services -9 -1 Credit 7 1 Debit -17 -3 2.12Government goods and services n.i.e 2 0 Credit 9 1 Debit -7 -1 Notes: 1. The trade in goods and services in this table refers to the transactions between residents andnon-residents, based on the same standard as that for BOP statement. The monthly data are preliminary and may be inconsistent with the quarterly data in the BOP statement. 2. The data on international trade in goods and services are prepared in USD, and the RMB data for the current month is derived by converting the USD data at the monthly average central parity rate of the RMB against the USD. 3. This table employs rounded-off numbers. Definition of Indicators: Goods and Services: refers to the trade in goods and services between residents and non-residents, which is based on the same standard as that for the BOP statement. 1. Goods:refers to transactions in goods whereby the economic ownership is transferred between the Chinese residents and non-residents. The credit side records export of goods, while the debit side records import of goods. The data of goods account are mainly from the customs statistics of imports and exports, but differ from the statistics of the customs mainly in the following aspects:first, the goods in the BOP statement only reflect the goods whose ownership has been transferred (e.g. goods under the trade modes such as general trade and processing trade with imported materials), while the goods whose ownership is not transferred (e.g. manufacturing services with supplied materials or with exported materials) are included in the statistics of trade in services instead of the statistics of trade in goods; second, as required by the BOP statistics, the goods imported and exported are valued on the FOB basis, but as required by the customs, the goods exported are valued on the FOB basis, whereas goods imported are on the CIF basis. Therefore, for the purpose of the BOP statistics, the international transport and insurance premiums are taken out from the value of imported goods and included in the trade in services; and third, the data on net export of goods in merchanting which are not included in the customs statistics are supplemented. 2. Services:includes manufacturing services on physical inputs owned by others, maintenance and repair services n.i.e, transport, travel,construction, insurance and pension services, financial services, charges for the use of intellectual property, telecommunications, computer and information services, other business services, personal, cultural and recreational services, and government goods and services n.i.e. The credit side records services supplied, while the debit side records services received. 2.1 Manufacturing services on physical owned by others: processoronly provides processing, assembly, packaging and other services and chargesservice fee from the owner, while the ownership of the goods isnot transferred between the owner and the processor. The credit side records the manufacturingservices supplied by the Chineseresidents on physical inputs owned by non-residents, and vice versa for debitside. 2.2 Maintenance and repair services: referto the maintenance and repair services supplied by residents to non-residentsor vice versa on goods and equipment (such as vessel, aircraft, and othertransportation facility) owned by the receiving party. The credit side recordsthe maintenance and repair services supplied by the Chinese residents tonon-residents, andvice versa for debit side. 2.3 Transport:refers to the process of transporting people and goods from one place toanother, and the relevant supporting and auxiliary services, as well as postaland delivery services. The credit side records the international transport,postal and delivery services supplied by residents to non-residents, and vice versa for debitside. 2.4 Travel:refers to goods consumed and services purchased by travelers in various economies as non-residents. The credit side records the goods and servicesprovided by the Chinese residents to non-residents who have stayed in China forless than one year, as well as non-residents studying abroad and seeking medical treatment for indefinite period of stay. The debit side records thegoods and services purchased by the Chinese residents when traveling, studying or seeking medical services abroad from non-residents. 2.5 Construction services:refer to the establishment, renovation, maintenance or expansion of fixedassets in the form of buildings, land improvement, roads, bridges and dams andother engineering buildings of engineering nature, relevant installation,assembly, painting, pipeline construction, demolition and project management,as well as site preparation, measurement and blasting and other specialservices. The credit side records the construction services provided by theChinese residents outside the economic territory. The debit side records theconstruction services received by the Chinese residents in the Chinese economicterritory from non-residents. 2.6 Insuranceand pension services: refers tovarious insurance services and commission to agents related with insurancetransaction. The credit side records the life insurance and annuity, non-lifeinsurance, reinsurance, standardized guarantee services and relevant supportingservices supplied by the Chinese residents to non-residents, and vice versa for debitside. 2.7 Financialservices: refer to financial intermediationand supporting services, excluding those covered by insurance and pensionservices. The credit side records the financial intermediation and supportingservices supplied by the Chinese residents to non-residents, and vice versa for debit side. 2.8 Chargesfor the use of intellectual property:refer to licensed use of intangible, non-productive/non-financial assets andexclusive rights between residents and non-residents and the licensed use ofexisting original works or prototypes. The credit side records the intellectualproperty-related services supplied by the Chinese residents to non-residents, and vice versa for debit side. 2.9 Telecommunications, computer andinformation services: refer tocommunications services between residents and non-residents and transactions ofservices related to computer data and news, excluding commercial servicesdelivered via telephone, computer and Internet. The credit side records thetelecommunications, computer and information services supplied by residents tonon-residents, andvice versa for debit side. 2.10Otherbusiness services: refer toother types of services between residents and non-residents, including researchand development services, professional and management consulting services,technical and trade-related services. The credit side records the otherbusiness services supplied by the Chinese residents to non-residents, and vice versa fordebit side. 2.11 Personal,cultural and recreational services: referto transactions of personal, cultural and recreational services betweenresidents and non-residents, including audiovisual and related services (films,radio, television programs and music recordings) and other personal, culturaland recreational services (health, education, etc.). The credit side recordsthe related services supplied by the Chinese residents to non-residents, and vice versa for debitside. 2.12Government goods and services n.i.e:refer to various goods and services provided and purchased by governments andinternational organizations not included in other categories of goods andservices. The credit side records the goods and services not included elsewhereand supplied by the Chinese residents to non-residents, and vice versa for debit side. 2021-09-29/en/2021/0929/1866.html
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In the second quarter of 2021, China's current account registered a surplus of RMB 344.7 billion, and the capital and financial accounts recorded a surplus of RMB 84.8 billion. The financial account (excluding reserve assets) recorded a surplus of RMB 407 billion, and reserve assets rose by RMB 322.4 billion. In the first half of 2021, China's current account registered a surplus of RMB 795 billion, and the capital and financial accounts recorded a deficit of RMB 366 billion. The financial account (excluding reserve assets) recorded a surplus of RMB 183.5 billion, and reserve assets rose by RMB 549.3 billion. In SDR terms, in the second quarter of 2021, China posted a surplus of SDR 37.2 billion under the current account, and a surplus of SDR 9.3 billion under the capital and financial accounts. The financial account (excluding reserve assets) registered a surplus of SDR 44.1 billion, and reserve assets rose by SDR 34.8 billion. In SDR terms, in first half of 2021, China posted a surplus of SDR 85.5 billion under the current account, and a deficit of SDR 39.1 billion under the capital and financial accounts. The financial account (excluding reserve assets) registered a surplus of SDR 20.1 billion, and an increase of SDR 59.2 billion under reserve assets. In the US dollar terms, in the second quarter of 2021, China's current account recorded a surplus of USD 53.3 billion, including a surplus of USD 119.5 billion under trade in goods, a deficit of USD 28.3 billion under trade in services, a deficit of USD 42.2 billion under primary income, and a surplus of USD 4.4 billion under secondary income. The capital and financial accounts recorded a surplus of USD 13.3 billion, including a surplus of USD 27 million under the capital account, a surplus of USD 63.3 billion under the financial account (excluding reserve assets), and an increase of USD 50 billion under reserve assets. In the US dollar terms, in the first half of 2021, China's current account recorded a surplus of USD 122.7 billion, including a surplus of USD 238.2 billion under trade in goods, a deficit of USD 50.5 billion under trade in services, a deficit of USD 71.6 billion under primary income, and a surplus of USD 6.7 billion under secondary income. The capital and financial accounts recorded a deficit of USD 56.2 billion, including a deficit of USD 11 million under the capital account, a surplus of USD 28.8 billion under the financial account (excluding reserve assets), and an increase of USD 85 billion under reserve assets. In addition, to facilitate understanding of China’s Balance of Payments and International Investment Position among all users, the BOP Analysis Team of SAFE released China’s Balance of Payments Report for the First Half of 2021 (in Chinese). (End) Abridged Balanceof Payments of China, Second Quarter of 2021 Item Line No. RMB 100 million USD 100 million SDR 100 million 1. Current Account 1 3447 533 372 Credit 2 60726 9404 6554 Debit 3 -57279 -8871 -6182 1. A Goods and Services 4 5884 911 635 Credit 5 54176 8390 5847 Debit 6 -48292 -7479 -5212 1.A.a Goods 7 7712 1195 833 Credit 8 49218 7622 5312 Debit 9 -41506 -6427 -4480 1.A.b Services 10 -1828 -283 -197 Credit 11 4958 768 535 Debit 12 -6786 -1051 -733 1.B Primary Income 13 -2720 -422 -294 Credit 14 5758 891 621 Debit 15 -8477 -1314 -915 1.C Secondary Income 16 282 44 30 Credit 17 793 123 86 Debit 18 -510 -79 -55 2. Capital and Financial Account 19 848 133 93 2.1 Capital Account 20 2 0 0 Credit 21 3 1 0 Debit 22 -2 0 0 2.2 Financial Account 23 846 133 93 Assets 24 -12740 -1973 -1375 Liabilities 25 13586 2106 1467 2.2.1 Financial Account Excluding Reserve Assets 26 4070 633 441 2.2.1.1 Direct Investment 27 2945 456 318 Assets 28 -2181 -338 -236 Liabilities 29 5126 794 553 2.2.1.2 Portfolio Investment 30 1027 162 112 Assets 31 -1744 -270 -188 Liabilities 32 2771 432 300 2.2.1.3 Financial Derivatives (other than reserves) and Employee Stock Options 33 -9 -1 -1 Assets 34 136 21 15 Liabilities 35 -145 -22 -16 2.2.1.4 Other Investment 36 107 17 12 Assets 37 -5727 -886 -617 Liabilities 38 5834 903 629 2.2.2 Reserve Assets 39 -3224 -500 -348 3. Net Errors and Omissions 40 -4295 -666 -465 Notes: 1.The statement is compiled according to BPM6. Reserve assets are included in capital and financial accounts. 2."Credit" is presented as positive value while "debit" as negative value, and the balance is the sum of the "Credit" and the "Debit". All items herein refer to balance, unless marked with "Credit" or "Debit". 3.The RMB denominated quarterly BOP data is converted from the USD denominated BOP data, using quarterly average central parity rate of RMB against USD. The quarterly accumulated RMB denominated BOP data is derived from the sum total of the RMB denominated data for the quarters. 4.The SDR denominated quarterly BOP data is converted from the USD denominated BOP data, using quarterly average exchange rate of SDR against USD. The quarterly accumulated SDR denominated BOP data is derived from the sum total of the SDR denominated data for the quarters. 5.This statement employs rounded-off numbers. 6.For detailed data, please see “Data and Statistics”at the website of SAFE. 7.The BOP data is revised regularly; please find the latest data in “Data and Statistics”. Abridged China’s Balance of Payments, First Half of 2021 Item Line No. RMB 100 million USD 100 million SDR 100 million 1. Current Account 1 7950 1227 855 Credit 2 115410 17837 12424 Debit 3 -107460 -16610 -11569 1. A Goods and Services 4 12141 1876 1307 Credit 5 103876 16055 11182 Debit 6 -91735 -14178 -9875 1.A.a Goods 7 15409 2382 1659 Credit 8 94231 14564 10144 Debit 9 -78822 -12182 -8485 1.A.b Services 10 -3267 -505 -352 Credit 11 9645 1491 1038 Debit 12 -12913 -1996 -1390 1.B Primary Income 13 -4625 -716 -498 Credit 14 10066 1556 1084 Debit 15 -14691 -2272 -1582 1.C Secondary Income 16 433 67 47 Credit 17 1468 227 158 Debit 18 -1034 -160 -111 2. Capital and Financial Account 19 -3660 -562 -391 2.1 Capital Account 20 -1 0 0 Credit 21 5 1 1 Debit 22 -6 -1 -1 2.2 Financial Account 23 -3659 -562 -391 Assets 24 -32302 -4990 -3474 Liabilities 25 28643 4428 3083 2.2.1 Financial Account Excluding Reserve Assets 26 1835 288 201 2.2.1.1 Direct Investment 27 7854 1213 845 Assets 28 -3602 -557 -388 Liabilities 29 11456 1770 1233 2.2.1.2 Portfolio Investment 30 1255 197 136 Assets 31 -6391 -986 -687 Liabilities 32 7646 1184 823 2.2.1.3 Financial Derivatives (other than reserves) and Employee Stock Options 33 108 17 12 Assets 34 365 56 39 Liabilities 35 -257 -40 -28 2.2.1.4 Other Investment 36 -7381 -1138 -792 Assets 37 -17181 -2653 -1847 Liabilities 38 9799 1515 1055 2.2.2 Reserve Assets 39 -5493 -850 -592 3. Net Errors and Omissions 40 -4290 -666 -464 Notes: 1.The statement is compiled according to BPM6. Reserve assets are included in capital and financial accounts. 2."Credit" is presented as positive value while "debit" as negative value, and the balance is the sum of the "Credit" and the "Debit". All items herein refer to balance, unless marked with "Credit" or "Debit". 3.The RMB denominated quarterly BOP data is converted from the USD denominated BOP data, using quarterly average central parity rate of RMB against USD. The quarterly accumulated RMB denominated BOP data is derived from the sum total of the RMB denominated data for the quarters. 4.The SDR denominated quarterly BOP data is converted from the USD denominated BOP data, using quarterly average exchange rate of SDR against USD. The quarterly accumulated SDR denominated BOP data is derived from the sum total of the SDR denominated data for the quarters. 5.This statement employs rounded-off numbers. 6.For detailed data, please see “Data and Statistics” at the website of SAFE. 7.The BOP data is revised regularly; please find the latest data in “Data and Statistics”. 2021-09-30/en/2021/0930/1871.html
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As at the end of June 2021, China recorded RMB 17.3119 trillion in outstanding external debt denominated in both domestic and foreign currencies (equivalent to USD 2679.8 billion,excluding those of Hong Kong SAR,Macao SAR, and Taiwan Province of China, the same below). In terms of maturity structure, the outstanding medium-and long-term external debt was RMB 7570.7 billion (equivalent to USD 1171.9 billion), accounting for 44 percent; while the outstanding short-term external debt was RMB 9741.2 billion (equivalent to USD 1507.9 billion), taking up 56 percent,of which 38 percent was trade-related credit. In terms of institutional sectors, the outstanding debt of general government totaled RMB 2748.6 billion (equivalent to USD 425.5 billion), accounting for 16 percent;the outstanding debt of the central bank totaled RMB 233.6 billion(equivalent to USD 36.1billion), accounting for 1 percent;the outstanding debt of banks totaled RMB 8108.4 billion (equivalent to USD 1255.2 billion), accounting for 47 percent;the outstanding debt of other sectors (including inter-company lending under direct investments) totaled RMB 6221.3billion (equivalent to USD 963 billion), accounting for 36 percent. In terms of debt instruments, the balance of loans was RMB 3069.6 billion (equivalent to USD 475.2 billion), accounting for 18 percent;the outstanding trade credit and prepayment was RMB 2495.2 billion (equivalent to USD 386.2 billion), accounting for 14.5 percent;the outstanding currency and deposits was RMB 3977.3 billion (equivalent to USD 615.7 billion), accounting for 23 percent;the outstanding debt securities was RMB 5271.4billion (equivalent to USD 816 billion), accounting for 30 percent;the Special DrawingRights (SDR) allocation amounted to RMB 64.4 billion (equivalent to USD 10billion), accounting for 0.5 percent; the balance of inter-company lending under direct investments totaled RMB 1935.6 billion (equivalent to USD 299.6 billion),accounting for 11 percent;and the balance of other debt liabilities was RMB 498.4 billion (equivalent to USD 77.1 billion), accounting for 3 percent. With respect to currency structures, the outstanding external debt in domestic currency totaled RMB 7552.7billion (equivalent to USD 1169.1 billion), accounting for 44 percent;the outstanding external debt in foreign currencies (including SDR allocation) totaled RMB 9759.2 billion (equivalent to USD 1510.7 billion), accounting for 56 percent. In the outstanding registered external debt in foreign currencies, the USD debt accounted for 85 percent, the Euro debt accounted for 7 percent, the HKD debt accounted for 4 percent, the JPY debt accounted for 2 percent, the SDR and other foreign currency-denominated external debt accounted for 2 percent. Since all major external debt indicators were within the internationally recognized thresholds, China’s external debt risk is under control. Appendix Definitionof terms and interpretations External debt classification by maturity structure. There are two methods to classify the external debt by maturity structure. One is on the basis of the contractual maturity, i.e. it is classified as medium- and long-term external debt if the contractual maturity is over one year, and classified as short-term external debt if the contractual maturity is one year or less;the other is on the basis of the remaining maturity, i.e., on the basis of the contractual maturity classification method above, the medium- and long-term external debt due within one year is classified as short-term external debt. In this news release, external debt is divided into medium- and long-term external debt and short-term external debt based on the contractual maturity. Trade-related credit is a broad concept. In addition to trade credit and advances, it also involves other kinds of credit provided for trade activities. According to its definition,trade-related credit includes trade credit and advances, bank trade financing, trade related bills, and so forth. In particular, trade credit and advances refer to external liability arising from directly extending credit between the seller and buyer of goods transactions,specifically transactions between residents in the Chinese Mainland and overseas non-residents (including non-residents in Hong Kong SAR, Macao SAR, and Taiwan Province of China), i.e., the debt incurred due to the difference between the time of payment and the time of the goods ownership transfer, which include credit directly provided by the supplier (e.g., the overseas exporter) for goods and services, and prepayments made by buyers (e.g., overseas importers) for goods,services, and work that is in progress (or work to be undertaken). Bank trade financing refers to trade related loans that offered by a third party (e.g., banks) to exporters or importers, for instance, loans extended by foreign financial institutions or export credit agencies to buyers. Annexed table：China’s Gross External Debt Position by Sector, End of June 2021 End of June 2021 End of June 2021 （Unit:100 million RMB） （Unit:100 million US dollars） General Government 27486 4255 Short-term 928 144 Currency and deposits 0 0 Debt securities 928 144 Loans 0 0 Trade credit and advances 0 0 Other debt liabilities 0 0 Long-term 26558 4111 Special drawing rights (allocations) 0 0 Currency and deposits 0 0 Debt securities 22984 3558 Loans 3574 553 Trade credit and advances 0 0 Other debt liabilities 0 0 Central Bank 2336 361 Short-term 1414 219 Currency and deposits 665 103 Debt securities 749 116 Loans 0 0 Trade credit and advances 0 0 Other debt liabilities 0 0 Long-term 922 142 Special drawing rights (allocations) 644 100 Currency and deposits 0 0 Debt securities 0 0 Loans 0 0 Trade credit and advances 0 0 Other debt liabilities 278 42 Other Depository Corporations 81084 12552 Short-term 59981 9285 Currency and deposits 39102 6053 Debt securities 4731 732 Loans 15014 2324 Trade credit and advances 0 0 Other debt liabilities 1134 176 Long-term 21103 3267 Currency and deposits 0 0 Debt securities 16781 2598 Loans 4218 653 Trade credit and advances 0 0 Other debt liabilities 104 16 Other Sectors 42857 6634 Short-term 29710 4599 Currency and deposits 7 1 Debt securities 137 21 Loans 3751 581 Trade credit and advances 24516 3795 Other debt liabilities 1299 201 Long-term 13147 2035 Currency and deposits 0 0 Debt securities 6404 991 Loans 4139 641 Trade credit and advances 435 67 Other debt liabilities 2169 336 Direct Investment: Intercompany Lending 19356 2996 Debt liabilities of direct investment enterprises to direct investors 11685 1809 Debt liabilities of direct investors to direct investment enterprises 969 150 Debt liabilities to fellow enterprises 6702 1037 Gross External Debt Position 173119 26798 Notes: 1. The short-term and long-term herein are broken down by contractual (original) maturity. 2. The data in this table have been rounded off. 2021-09-30/en/2021/0930/1872.html
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As at the end of June 2021, China’s external financial assets reached USD 9027.8 billion, external financial liabilities reached USD 7041.8 billion, and net external assets totaled USD 1986 billion. In the external financial assets, direct investment assets amounted to USD 2462 billion, portfolio investment assets, USD 1013.2 billion, financial derivative assets, USD 14.3 billion, other investment assets, USD 2192.3 billion, and reserves assets, USD 3345.9 billion, accounting for 27 percent, 11 percent, 0.2 percent, 24 percent and 37 percent of external financial assets respectively. In external liabilities, direct investment liabilities were USD 3365 billion, portfolio investment liabilities, USD 2109 billion, financial derivative liabilities, USD 8.5 billion and other investment liabilities, USD 1559.3 billion, accounting for 48 percent, 30 percent, 0.1 percent and 22 percent of the external financial liabilities respectively. In SDR terms, China’s external financial assets and liabilities reached SDR 6329 billion and SDR 4936.7 billion respectively, and external net assets totaled SDR 1392.3 billion at the end of June 2021. In addition, to facilitate understanding of China’s Balance of Payments and International Investment Position among all users, the BOP Analysis Team of SAFE released China’s Balance of Payments Report for the First Half of 2021 (in Chinese). (End) China's International Investment Position, End of June 2021 Item Line No. Position in 100 million USD Position in 100 millionSDR Net Position 1 19860 13923 Assets 2 90278 63290 1 Direct Investment 3 24620 17260 1.1 Equity and Investment Fund Shares 4 21180 14848 1.2 Debt Instruments 5 3440 2412 1.a Financial Sectors 6 3359 2355 1.1.a Equity and Investment Fund Shares 7 3250 2278 1.2.a Debt Instruments 8 110 77 1.b Non-financial Sectors 9 21261 14905 1.1.b Equity and Investment Fund Shares 10 17930 12570 1.2.b Debt Instruments 11 3331 2335 2 Portfolio Investment 12 10132 7103 2.1 Equity and Investment Fund Shares 13 6949 4872 2.2 Debt Securities 14 3183 2231 3 Financial Derivatives (other than reserves) and Employee Stock Options 15 143 100 4 Other Investment 16 21923 15370 4.1 Other Equity 17 93 65 4.2 Currency and Deposits 18 4795 3362 4.3 Loans 19 9836 6896 4.4 Insurance, Pension, and Standardized Guarantee Schemes 20 195 137 4.5 Trade Credit and Advances 21 6013 4215 4.6 Others 22 990 694 5 Reserve Assets 23 33459 23457 5.1 Monetary Gold 24 1105 774 5.2 Special Drawing Rights 25 114 80 5.3 Reserve Position in the IMF 26 103 72 5.4 Foreign Exchange Reserves 27 32140 22532 5.5 Other Reserve Assets 28 -3 -2 Liabilities 29 70418 49367 1 Direct Investment 30 33650 23590 1.1 Equity and Investment Fund Shares 31 30593 21447 1.2 Debt Instruments 32 3056 2143 1.a Financial Sectors 33 1896 1329 1.1.a Equity and Investment Fund Shares 34 1710 1199 1.2.a Debt Instruments 35 186 130 1.b Non-financial Sectors 36 31754 22261 1.1.b Equity and Investment Fund Shares 37 28883 20249 1.2.b Debt Instruments 38 2870 2012 2 Portfolio Investment 39 21090 14785 2.1 Equity and Investment Fund Shares 40 13534 9488 2.2 Debt Securities 41 7557 5298 3 Financial Derivatives (other than reserves) and Employee Stock Options 42 85 60 4 Other Investment 43 15593 10931 4.1 Other Equity 44 0 0 4.2 Currency and Deposits 45 6217 4358 4.3 Loans 46 4755 3333 4.4 Insurance, Pension, and Standardized Guarantee Schemes 47 220 154 4.5 Trade Credit and Advances 48 3863 2708 4.6 Others 49 438 307 4.7 Special Drawing Rights 50 100 70 Notes:1. This table employs rounded-off numbers. 2.Net International Investment Position refers to assets minus liabilities. Positive figure refers to netassets, and negative figure refers to netliabilities. 3.The SDR denominated data is converted from the USD denominated data, using the exchange rate of SDR against USD at the end of the quarter. 4.The IIP data is revised regularly; please findthe latest data in “Data and Statistics”. 2021-09-30/en/2021/0930/1870.html
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Q: The State Administration of Foreign Exchange (SAFE) has just released the latest data on China’s foreign exchange reserves. Could you explain the causes of changes in foreign exchange reserves for August 2021? What will be the future trends? A: By the end of August 2021, China’s foreign exchange reserves stood at US$3.2321 trillion, down US$3.8 billion or 0.12 percent from the end of July. In August, China’s foreign exchange market operated smoothly, with domestic supply and demand generally balanced. On the international financial market, due to factors such as the COVID-19 pandemic situation and major countries’ fiscal and monetary policies expectations, the US dollar index slightly increased, bond prices of major countries fell, and global stock markets rose. Given that China’s foreign exchange reserves are priced in the US dollar and non-dollar currencies would shrink in conversion, the decline in value was attributed to the combined impacts of currency translation and changes in asset prices. At present, triggered by the raging COVID-19 pandemic, the external environment is intricate and the global financial situation faces uncertainties and fluctuations. In spite of that, China has continued to consolidate and expand its achievements in epidemic prevention and control, as well as economic and social development. The Chinese economy maintains a steady recovery, and its development quality continues to improve, which would enhance the overall stability of China’s foreign exchange reserves. 2021-09-07/en/2021/0907/1873.html
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As at the end of June 2021, China's banking sector recorded external financial assets of USD 1541.5 billion, external liabilities of USD 1648.7 billion, and net external liabilities of USD 107.2 billion including net RMB liabilities of USD 479.9 billion and net foreign currency assets of USD 372.7 billion. Among the external financial assets of the banking sector, by instrument, deposits and loans were USD 1140.2 billion, bonds investment, USD 210.4 billion, and other assets including equity, USD 190.9 billion, accounting for 74 percent, 14 percent and 12 percent of the sector's total external financial assets respectively. By currency, RMB assets were USD 205.6 billion, USD assets were USD 1046.2 billion, and other currency assets were USD 289.6 billion, accounting for 13 percent, 68 percent and 19 percent respectively. By counterpart sector, the amount invested in the overseas banking sector was USD 864.3 billion, accounting for 56 percent; the amount invested in the overseas non-banking sector was USD 677.2 billion, accounting for 44 percent. Among the external liabilities of the banking sector, by instrument, deposits and loans were USD 900.4 billion, bonds investment, USD 325.8 billion, and other liabilities including equity, USD 422.4 billion, accounting for 55 percent, 20 percent and 26 percent of the sector's total external liabilities respectively. By currency, RMB liabilities were USD 685.5 billion, USD liabilities, USD 616.2 billion, and other currency liabilities, USD 346.9 billion, accounting for 42 percent, 37 percent and 21 percent respectively. By counterpart sector, USD 631.9 billion was from overseas banking sector, accounting for 38 percent; while USD 1016.7 billion was from overseas non-banking sector, accounting for 62 percent.(End) 2021-09-29/en/2021/0929/1865.html
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Recently, to further increase the data transparency, the State Administration of Foreign Exchange (SAFE) releases data on China's external portfolio investment assets by sector of resident holder as at the end of 2020. On May 28, 2021, SAFE released the data on China's external portfolio investment assets by country/region as at the end of 2020. The statistics show that China's external portfolio investment assets (excluding reserve assets) amounted to USD 899.9 billion by the end of 2020, including USD 604.3 billion in equity investments and USD 295.5 billion in bond investments. The top 5 recipients of Chinese investments were Hong Kong SAR, the United States, Cayman Islands, the British Virgin Islands and the United Kingdom, with the amounts being USD 409.1 billion, USD 178.4 billion, USD 90.1billion, USD 59.2 billion and USD 21.5 billion respectively. By the end of 2020, non-financial sector, other financial corporations (non-bank financial institutions) and banks were the main sectors holding external portfolio investment assets, with the amounts being USD 354.3 billion, USD 354.1 billion and USD 191.5 billion respectively, accounting for 39 percent, 39 percent and 21 percent of China’s total external portfolio investment assets. (End) 2021-09-29/en/2021/0929/1868.html
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External Financial Assets and Liabilities of China's Banking sector(As of June 30, 2021) 2021-09-29/en/2021/0929/1867.html