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Shanghai Head Office of the People's Bank of China (“PBC”); all branches and business management departments of the PBC; all central sub-branches of the PBC in capital cities of provinces (autonomous regions); the central sub-branch of the PBC in Shenzhen; sub-bureaus and foreign exchange administration departments of the State Administration of Foreign Exchange (“SAFE) in all provinces, autonomous regions and municipalities directly under the Central Government, SAFE sub-bureaus in Shenzhen, Dalian, Qingdao, Xiamen and Ningbo: The PBC and the SAFE decide to lower the macro-prudential adjustment parameter for cross-border financing of companies to 1 from 1.25. The Notice takes effect on the same date of its release. For companies that see their risk-weighted outstanding cross-border financing exceeds the upper limit due to the revision, they are allowed to hold cross-border financing contracts signed prior to the release of the Notice to maturity. Other matters in relation to macro-prudential management for cross-border financing shall still be subject to Notice of the People's Bank of China on Matters Concerning the Macro-Prudential Management for Full-covered Cross-border Financing (Yinfa No. 9 [2017]). The People’s Bank of China The State Administration of Foreign Exchange January 7, 2021 2021-01-08/en/2021/0107/1861.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 July 2021? What will be the future trends? A: By the end of July 2021, China’s foreign exchange reserves recorded US$3.2359 trillion, up by US$21.9 billion or 0.68% month on month. In July, China maintained basic balance in the supply and demand in the foreign exchange market, with stable market expectations. Mainly driven by the COVID-19 resurgence, the monetary policy expectations and macroeconomic data of major economies, non-US dollar currencies strengthened slightly in the international financial market, and the prices of global financial assets went up. China’s foreign exchange reserves, priced by the US dollar, increased this month due to the combined impact of currency conversion and changes in asset prices. Amid the ongoing uncertainty around the COVID-19 pandemic that leads to the evolving global economic and financial landscape filled with instability, the Chinese economy steadily recovers with good momentum for growth and high-quality development remains firmly in place, which will provide support for the overall stability of foreign exchange reserves. 2021-08-07/en/2021/0807/1856.html
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According to the statistics of the State Administrationof Foreign Exchange (SAFE), the Chinese foreign exchange market (excludingforeign currency pairs, the same below) recorded total transactions of RMB 21.32 trillion (equivalent to USD 3.29 trillion) in July 2021. In terms of markets, the transactions volume of clientmarket was RMB 3.10 trillion(equivalent to USD 0.48 trillion), and the transactions volume of interbankmarket was RMB 18.22 trillion(equivalent to USD 2.81 trillion). Interms of products, the cumulative transactions volume of the spot market wasRMB 8.21 trillion (equivalent to USD 1.27 trillion), and that of the derivatives market was RMB 13.11 trillion (equivalent to USD 2.02 trillion). From January to July 2021, a total of RMB 133.95 trillion (equivalent to USD 20.70 trillion) was traded in the Chinese foreign exchangemarket. 2021-08-27/en/2021/0827/1860.html
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In November 2021,China’s international trade in goods and services recorded receipts of RMB 2186.0 billion and payments of RMB 1898.1 billion based on statistics of balance of payments (BOP), registering a surplus of RMB 287.9 billion. Specifically, trade in goods registered receipts of RMB 1978.5 billion, payments of RMB 1658.3 billion, recording a surplus of RMB 320.2 billion; trade in services recorded receipts of RMB 207.5 billion, payments of RMB 239.8 billion, resulting in a deficit of RMB 32.3 billion. In the US dollar terms, in November 2021, the receipts and payments of China's international trade in goods and services were USD 341.8 billion and USD 296.8 billion respectively, registering a surplus of USD 45.0 billion. Specifically, the receipts and payments from trade in goods were USD 309.4 billion and USD 259.3 billion respectively, resulting in a surplus of USD 50.1 billion. Trade in services registered receipts and payments of USD 32.4 billion and USD 37.5 billion respectively, recording a deficit of USD 5.0 billion. (End) International Trade in Goods and Services of China (Based on the BOP statistics) November 2021 Item In 100 million of RMB In 100 million of USD Goods and services 2879 450 Credit 21860 3418 Debit -18981 -2968 1. Goods 3202 501 Credit 19785 3094 Debit -16583 -2593 2. Services -323 -50 Credit 2075 324 Debit -2398 -375 2.1 Manufacturing services on physical inputs owned by others 75 12 Credit 79 12 Debit -4 -1 2.2 Maintenance and repair services n.i.e 23 4 Credit 44 7 Debit -21 -3 2.3 Transport -9 -1 Credit 901 141 Debit -910 -142 2.4 Travel -565 -88 Credit 61 10 Debit -627 -98 2.5 Construction 37 6 Credit 82 13 Debit -45 -7 2.6 Insurance and pension services -26 -4 Credit 53 8 Debit -79 -12 2.7 Financial services 0 0 Credit 28 4 Debit -28 -4 2.8 Charges for the use of intellectual property -120 -19 Credit 48 7 Debit -168 -26 2.9 Telecommunications, computer and information services 61 9 Credit 267 42 Debit -207 -32 2.10 Other business services 207 32 Credit 495 77 Debit -289 -45 2.11 Personal, cultural, and recreational services -10 -2 Credit 6 1 Debit -16 -3 2.12 Government goods and services n.i.e 6 1 Credit 10 2 Debit -4 -1 Notes: 1. The trade in goodsand 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 ownershipis 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 Manufacturingservices on physical owned by others: processor only provides processing, assembly, packaging and other services and charges service fee from the owner, while the ownership of the goods isnot transferred between the owner and the processor. The credit side records the manufacturing services supplied by the Chinese residents on physical inputs owned by non-residents, and vice versa for debit side. 2.2 Maintenance and repair services: refer to the maintenance and repair services supplied by residents to non-residents or vice versa on goods and equipment (such as vessel, aircraft, and other transportation facility) owned by the receiving party. The credit side records the maintenance and repair services supplied by the Chinese residents to non-residents, and vice versa for debit side. 2.3 Transport: refers to the process of transporting people and goods from one place to another, 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 debit side. 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 services provided by the Chinese residents to non-residents who have stayed in China for less than one year, as well as non-residents studying abroad and seeking medical treatment for indefinite period of stay. The debit side records the goods 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 fixed assets in the form of buildings, land improvement, roads, bridges and dams and other 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 special services. The credit side records the construction services provided by the Chinese residents outside the economic territory. The debit side records the construction services received by the Chinese residents in the Chinese economic territory from non-residents. 2.6 Insuranceand pension services: refers to various insurance services and commission to agents related with insurance transaction. The credit side records the life insurance and annuity, non-lifeinsurance, reinsurance, standardized guarantee services and relevant supporting services supplied by the Chinese residents to non-residents, and vice versa for debit side. 2.7 Financial services: refer to financial intermediation and supporting services, excluding those covered by insurance and pension services. The credit side records the financial intermediation and supporting services supplied by the Chinese residents to non-residents, and vice versa for debit side. 2.8 Charges for the use of intellectual property: refer to licensed use of intangible, non-productive/non-financial assets and exclusive rights between residents and non-residents and the licensed use of existing original works or prototypes. The credit side records the intellectual property-related services supplied by the Chinese residents to non-residents, and vice versa for debit side. 2.9 Telecommunications, computer and information services: refer tocommunications services between residents and non-residents and transactions of services related to computer data and news, excluding commercial services delivered via telephone, computer and Internet. The credit side records the telecommunications, computer and information services supplied by residents to non-residents, and vice versa for debit side. 2.10 Other business services: refer to other types of services between residents and non-residents, including research and development services, professional and management consulting services, technical and trade-related services. The credit side records the other business services supplied by the Chinese residents to non-residents, and vice versa for debit side. 2.11 Personal, cultural and recreational services: refer to transactions of personal, cultural and recreational services between residents and non-residents, including audiovisual and related services (films,radio, television programs and music recordings) and other personal, cultural and recreational services (health, education, etc.). The credit side records the related services supplied by the Chinese residents to non-residents, and vice versa for debit side. 2.12 Government goods and services n.i.e: refer to various goods and services provided and purchased by governments and international organizations not included in other categories of goods and services. The credit side records the goods and services not included elsewhere and supplied by the Chinese residents to non-residents, and vice versa for debit side. 2021-12-30/en/2021/1230/1902.html
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The State Administration of Foreign Exchange (SAFE) has recently issued the Guidelines on Code of Conduct for the Foreign Exchange Market (Huifa No. 34 [2021], hereinafter referred to as the Guidelines). The SAFE Deputy Administrator and Press Spokesperson Wang Chunying answered media questions on relevant content of the Guidelines. Q: Could you brief us on the background of the Guidelines? A: In recent years, countries around the world have generally strengthened the governance of the foreign exchange market, in order to promote it operate in a more standardized manner. For example, financial regulators of major economies, using the Bank for International Settlements as a platform, formulated the FX Global Code in 2017, and established a Global Foreign Exchange Committee to promote the implementation of the guidelines. China is also an important participant. The SAFE attaches great importance to and actively promotes the standardized operation of the foreign exchange market. Under its guidance, the China Foreign Exchange Trade System organized market makers in the interbank foreign exchange market to formulate and issue the Guidelines on Professional Ethics and Market Practices in the Interbank Foreign Exchange Market in 2014. Under the joint instruction of the SAFE and the People’s Bank of China, in reference to the FX Global Code and based on the practice of China’s foreign exchange market, the Guidelines for China’s Foreign Exchange Market were released by the self-regulatory mechanism for the national foreign exchange market in 2017. The SAFE instructed the China Foreign Exchange Trade System to revise the Trading Rules of Interbank Renminbi Foreign Exchange Market in 2020. These laws and regulations mentioned above have played a positive role in promoting and standardizing the development of China’s foreign exchange market. In order to further guide the standardized operation of the foreign exchange market, the SAFE formulated the Guidelines on the basis of summarizing the previous supervision experience and learning the opinions of relevant departments, market subjects and the public through full investigation. The Guidelines enriched the existing supervision and regulation system of the foreign exchange market, and promoted honest, fair, orderly and efficient operation of the foreign exchange market. Q: Could you tell us the scope and subjects of the Guidelines? A: The scope of application of the Guidelines includes the interbank market and the over-the-counter (OTC) market. The subjects of the Guidelines are defined as all parties involved in the foreign exchange market. The institutions engaging in foreign exchange transactions, China Foreign Exchange Trade System, Shanghai Clearing House, and the money brokerage companies are all incorporated into the concept of “market participants”. All the market participants shall abide by the code of conduct on an equal basis. Among them, banks and other financial institutions, as the main suppliers of financial services, are the core participants in providing foreign exchange market services from a professional perspective, and as a result they are the major supervision subjects of the Guidelines. Q: Could you tell us the core content of regulation under the Guidelines? A: The Guidelines focus on regulating transactions in the foreign exchange market, and the core content is transaction management and information management. Market participants shall process customer trading instructions or orders in a fair, transparent and honest manner, properly eliminate or manage conflicts of interest, conduct proprietary foreign exchange transactions reasonably. They shall not transfer profits, engage in trading activities using non-public information, or engage in market manipulation or fraud. Market participants shall effectively identify and protect sensitive information, exchange transaction information in a manner in accordance with regulations, properly preserve transaction information records and exchange information records, and perform information disclosure obligations to customers or the public. Q: Could you tell us the impact of the Guidelines on banks and foreign exchange markets? A: The issuance of the Guidelines is an important measure for the construction and governance of China’s foreign exchange market, and it plays a positive role in promoting the development of the foreign exchange market. First, the Guidelines will facilitate the smooth and orderly operation of the foreign exchange market. The Guidelines are the crystallization of practices in the foreign exchange market, reflecting the needs of banks and other financial institutions. Since its establishment in 1994, China’s foreign exchange market has generally maintained stable and standardized operation. As early as 2014 and 2017, China issued the Guidelines on Professional Ethics and Market Practices in the Interbank Foreign Exchange Market and the Guidelines for China’s Foreign Exchange Market in the form of market self-regulatory codes. Based on practical experience in the market, the Guidelines upgrade the effective rules in the above self-regulatory codes into regulations to further provide legal guarantee for the standardized operation of the foreign exchange market. Second, the Guidelines are conducive to further exerting the role of the foreign exchange market in serving the real economy. The Guidelines put forward specific requirements for banks and other financial institutions to perform the principles of openness, fairness, justice and integrity in OTC foreign exchange transactions conducted by customers, which will have positive impacts on participants in China’s foreign exchange market and better serve the real economy. Third, the Guidelines help China’s foreign exchange market in docking of mature rules in the international market. Benchmarking the FX Global Code and the latest practice of international financial regulatory reform, the Guidelines contribute to promoting the integration of China’s foreign exchange market management rules with international standard. Thus, it is of positive significance for China’s banks to participate in global competition and expand the opening-up of the financial market. In recent years, banks have continued to promote various tasks in terms of system, equipment, personnel and other aspects in compliance with the self-regulatory requirements of the foreign exchange market, and consolidated the foundation of standardized operation. The Guidelines are generally based on market practices and experience and will not affect banks’ normal participation in foreign exchange transactions or their existing foreign exchange business with their customers. Q: The Guidelines set up a transitional period for OTC foreign exchange transactions conducted by banks and other financial institutions. Could you tell us what are the main considerations? A: The formulation of the Guidelines draws on the latest international regulatory experience, absorbs the self-regulatory standard on dealing with customers from the FX Global Code and the Guidelines for China’s Foreign Exchange Market. When conducting OTC foreign exchange transactions, it requires banks and other financial institutions to handle customer transaction orders fairly, protect customer sensitive information, and must not take advantage of market position of comparative advantage, or take improper behavior to harm the interests of customers. According to the opinions solicited in the early stage, banks and other financial institutions still need to make some preparations for the implementation of the Guidelines for customers’ OTC foreign exchange transactions, for instance, retaining exchange records related to the transactions of enterprises and other customers. The transitional period can facilitate banks and other financial institutions to carry out relevant preparations. 2021-12-03/en/2021/1203/1910.html
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In the third quarter of 2021, China's current account registered a surplus of RMB 476.2 billion, and the capital and financial accounts recorded a deficit of RMB 311.9 billion. The financial account (excluding reserve assets) recorded a surplus of RMB 84.7 billion, and reserve assets rose by RMB 397.3 billion, of which RMB 271.6 billion was from the allocation of Special Drawing Right (SDR) by IMF. In the first three quarters of 2021, China's current account registered a surplus of RMB 1271.2 billion, and the capital and financial accounts recorded a deficit of RMB 677.9 billion. The financial account (excluding reserve assets) recorded a surplus of RMB 268.2 billion, and reserve assets rose by RMB 946.7 billion. In SDR terms, in the third quarter of 2021, China posted a surplus of SDR 51.8 billion under the current account, and a deficit of SDR 34 billion under the capital and financial accounts. The financial account (excluding reserve assets) registered a surplus of SDR 9.1 billion, and reserves assets rose by SDR 43.2 billion, of which SDR 29.5 billion was from the allocation of SDR by IMF. In SDR terms, in the first three quarters of 2021, China posted a surplus of SDR 137.3 billion under the current account, and a deficit of SDR 73.1 billion under the capital and financial accounts. The financial account (excluding reserve assets) registered a surplus of SDR 29.2 billion, and an increase of SDR 102.3 billion under reserves assets. In the US dollar terms, in the third quarter of 2021, China's current account recorded a surplus of USD 73.6 billion, including a surplus of USD 136 billion under trade in goods, a deficit of USD 31.9 billion under trade in services, a deficit of USD 34.1 billion under primary income, and a surplus of USD 3.5 billion under secondary income. The capital and financial accounts recorded a deficit of USD 48.3 billion, including a surplus of USD 107 million under the capital account, a surplus of USD 13 billion under the financial account (excluding reserve assets), and an increase of USD 61.4 billion under reserves assets, of which USD 41.9 billion was from the allocation of SDR by IMF. In the US dollar terms, in the first three quarters of 2021, China's current account recorded a surplus of USD 196.3 billion, including a surplus of USD 374.2 billion under trade in goods, a deficit of USD 82.5 billion under trade in services, a deficit of USD 105.6 billion under primary income, and a surplus of USD 10.2 billion under secondary income. The capital and financial accounts recorded a deficit of USD 104.4 billion, including a surplus of USD 97 million under the capital account, a surplus of USD 41.8 billion under the financial account (excluding reserve assets), and an increase of USD 146.4 billion under reserves assets. (End) Abridged Balance of Payments of China, Third Quarter of 2021 Item Line No. RMB 100 million USD 100 million SDR 100 million 1. Current Account 1 4762 736 518 Credit 2 64649 9992 7027 Debit 3 -59888 -9256 -6510 1. A Goods and Services 4 6736 1041 732 Credit 5 59263 9160 6442 Debit 6 -52527 -8118 -5710 1.A.a Goods 7 8801 1360 957 Credit 8 53619 8287 5828 Debit 9 -44818 -6927 -4872 1.A.b Services 10 -2065 -319 -225 Credit 11 5644 872 614 Debit 12 -7709 -1192 -838 1.B Primary Income 13 -2203 -341 -240 Credit 14 4622 714 502 Debit 15 -6825 -1055 -742 1.C Secondary Income 16 229 35 25 Credit 17 765 118 83 Debit 18 -535 -83 -58 2. Capital and Financial Account 19 -3119 -483 -340 2.1 Capital Account 20 7 1 1 Credit 21 9 1 1 Debit 22 -2 0 0 2.2 Financial Account 23 -3126 -484 -340 Assets 24 -8817 -1363 -959 Liabilities 25 5691 880 619 2.2.1 Financial Account Excluding Reserve Assets 26 847 130 91 2.2.1.1 Direct Investment 27 2766 427 300 Assets 28 -1922 -297 -209 Liabilities 29 4689 725 510 2.2.1.2 Portfolio Investment 30 1603 248 174 Assets 31 -34 -5 -4 Liabilities 32 1637 253 178 2.2.1.3 Financial Derivatives (other than reserves) and Employee Stock Options 33 133 20 14 Assets 34 223 34 24 Liabilities 35 -90 -14 -10 2.2.1.4 Other Investment 36 -3654 -566 -398 Assets 37 -3110 -481 -339 Liabilities 38 -545 -84 -59 2.2.2 Reserve Assets 39 -3973 -614 -432 3. Net Errors and Omissions 40 -1643 -253 -178 Notes: 1.The statement is compiled according to BPM6. Reserve assets are included incapital 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 the period average central parity rate of RMB against USD. The quarterly accumulated RMB denominated BOP data is derived from the sum of the RMB denominated data for the quarters. 4.The SDR denominated quarterly BOP data is converted from the USD denominated BOP data, using the period 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 Three Quarters of 2021 Item Line No. RMB 100 million USD 100 million SDR 100 million 1. Current Account 1 12712 1963 1373 Credit 2 180059 27829 19451 Debit 3 -167348 -25866 -18079 1. A Goods and Services 4 18877 2917 2039 Credit 5 163139 25214 17624 Debit 6 -144262 -22297 -15585 1.A.a Goods 7 24210 3742 2615 Credit 8 147850 22851 15972 Debit 9 -123640 -19109 -13357 1.A.b Services 10 -5333 -825 -576 Credit 11 15290 2363 1652 Debit 12 -20622 -3188 -2228 1.B Primary Income 13 -6828 -1056 -738 Credit 14 14688 2270 1586 Debit 15 -21515 -3326 -2324 1.C Secondary Income 16 663 102 72 Credit 17 2232 345 241 Debit 18 -1570 -243 -170 2. Capital and Financial Account 19 -6779 -1044 -731 2.1 Capital Account 20 6 1 1 Credit 21 14 2 1 Debit 22 -7 -1 -1 2.2 Financial Account 23 -6785 -1045 -731 Assets 24 -41119 -6353 -4433 Liabilities 25 34334 5308 3702 2.2.1 Financial Account Excluding Reserve Assets 26 2682 418 292 2.2.1.1 Direct Investment 27 10620 1640 1145 Assets 28 -5524 -854 -597 Liabilities 29 16144 2495 1742 2.2.1.2 Portfolio Investment 30 2857 445 311 Assets 31 -6425 -992 -691 Liabilities 32 9283 1437 1001 2.2.1.3 Financial Derivatives (other than reserves) and Employee Stock Options 33 240 37 26 Assets 34 588 91 63 Liabilities 35 -348 -54 -38 2.2.1.4 Other Investment 36 -11036 -1704 -1190 Assets 37 -20291 -3134 -2185 Liabilities 38 9255 1430 996 2.2.2 Reserve Assets 39 -9467 -1464 -1023 3. Net Errors and Omissions 40 -5933 -919 -642 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 the period 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 the period average exchange rate of SDR against USD. The quarterly accumulated SDR denominated BOP data is derived from the sum 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”. 2021-12-31/en/2021/1231/1908.html
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As at the end of September 2021, China’s external financial assets reached USD 9056.6 billion, external financial liabilities reached USD 7031.4 billion, and net external assets totaled USD 2025.1 billion. In the external financial assets, direct investment assets amounted to USD 2468.5 billion, portfolio investment assets, USD 966.9 billion, financial derivative assets, USD 13.8 billion, other investment assets, USD 2234.4 billion, and reserves assets, USD 3373 billion, accounting for 27 percent, 11 percent, 0.2 percent, 25 percent and 37 percent of external financial assets respectively. In external liabilities, direct investment liabilities were USD 3422.3 billion, portfolio investment liabilities, USD 2054.8 billion, financial derivative liabilities, USD 10.4 billion and other investment liabilities, USD 1543.9 billion, accounting for 49 percent, 29 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 6428.2 billion and SDR 4990.8 billion respectively, and external net assets totaled SDR 1437.4 billion at the end of September 2021. (End) China's International Investment Position, End of September 2021 Item Line No. Position in 100 million USD Position in 100 million SDR Net Position 1 20251 14374 Assets 2 90566 64282 1 Direct Investment 3 24685 17521 1.1 Equity and Investment Fund Shares 4 21160 15019 1.2 Debt Instruments 5 3525 2502 1.a Financial Sectors 6 3567 2532 1.1.a Equity and Investment Fund Shares 7 3437 2440 1.2.a Debt Instruments 8 130 92 1.b Non-financial Sectors 9 21119 14990 1.1.b Equity and Investment Fund Shares 10 17723 12580 1.2.b Debt Instruments 11 3396 2410 2 Portfolio Investment 12 9669 6863 2.1 Equity and Investment Fund Shares 13 6430 4564 2.2 Debt Securities 14 3239 2299 3 Financial Derivatives (other than reserves) and Employee Stock Options 15 138 98 4 Other Investment 16 22344 15859 4.1 Other Equity 17 93 66 4.2 Currency and Deposits 18 4964 3524 4.3 Loans 19 9813 6965 4.4 Insurance, Pension, and Standardized Guarantee Schemes 20 212 150 4.5 Trade Credit and Advances 21 6233 4424 4.6 Others 22 1028 730 5 Reserve Assets 23 33730 23941 5.1 Monetary Gold 24 1092 775 5.2 Special Drawing Rights 25 533 379 5.3 Reserve Position in the IMF 26 101 72 5.4 Foreign Exchange Reserves 27 32006 22718 5.5 Other Reserve Assets 28 -2 -2 Liabilities 29 70314 49908 1 Direct Investment 30 34223 24291 1.1 Equity and Investment Fund Shares 31 31077 22058 1.2 Debt Instruments 32 3146 2233 1.a Financial Sectors 33 1950 1384 1.1.a Equity and Investment Fund Shares 34 1745 1238 1.2.a Debt Instruments 35 206 146 1.b Non-financial Sectors 36 32273 22907 1.1.b Equity and Investment Fund Shares 37 29333 20820 1.2.b Debt Instruments 38 2940 2087 2 Portfolio Investment 39 20548 14585 2.1 Equity and Investment Fund Shares 40 12729 9035 2.2 Debt Securities 41 7819 5550 3 Financial Derivatives (other than reserves) and Employee Stock Options 42 104 74 4 Other Investment 43 15439 10958 4.1 Other Equity 44 0 0 4.2 Currency and Deposits 45 5884 4176 4.3 Loans 46 4527 3213 4.4 Insurance, Pension, and Standardized Guarantee Schemes 47 232 165 4.5 Trade Credit and Advances 48 3920 2782 4.6 Others 49 366 260 4.7 Special Drawing Rights 50 510 362 Notes:1. This table employs rounded-off numbers. 2.Net International Investment Position refers to assets minus liabilities. Positive figure refers to net assets, and negative figure refers to net liabilities. 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 find the latest data in “Data and Statistics”. 2021-12-31/en/2021/1231/1907.html
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As at the end of September 2021, China's banking sector recorded external financial assets of USD 1561.2 billion, external liabilities of USD 1563.0 billion, and net external liabilities of USD 1.8 billion including net RMB liabilities of USD 445.0 billion and net foreign currency assets of USD 443.1 billion. Among the external financial assets of the banking sector, by instrument, deposits and loans were USD 1148.3 billion, bonds investment, USD 220.6 billion, and other assets including equity, USD 192.3 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 212.1 billion, USD assets were USD 1056.7 billion, and other currency assets were USD 292.4 billion, accounting for 14 percent, 68 percent and 19 percent respectively. By counterpart sector, the amount invested in the overseas banking sector was USD 885.2 billion, accounting for 57 percent; the amount invested in the overseas non-banking sector was USD 675.9 billion, accounting for 43 percent. Among the external liabilities of the banking sector, by instrument, deposits and loans were USD 843.9 billion, bonds investment, USD 326.3 billion, and other liabilities including equity, USD 392.8 billion, accounting for 54 percent, 21 percent and 25 percent of the sector's total external liabilities respectively. By currency, RMB liabilities were USD 657.0 billion, USD liabilities, USD 586.0 billion, and other currency liabilities, USD 320.0 billion, accounting for 42 percent, 37 percent and 20 percent respectively. By counterpart sector, USD 591.9 billion was from overseas banking sector, accounting for 38 percent; while USD 971.1 billion was from overseas non-banking sector, accounting for 62 percent. (End) 2021-12-30/en/2021/1230/1903.html
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Q: The State Administration of Foreign Exchange (SAFE) has just released the latest data regarding China’s foreign exchange reserves. Could you explain the causes for the changes in China’s foreign exchange reserves of November 2021? Also, what will be the future trends? A: By the end of November 2021, China’s foreign exchange reserves stood at US$3.2224 trillion, up by 0.15 percent or US$4.8 billion from the end of October. In November 2021, China’s foreign exchange market transactions remained active, and cross-border capital flows were generally stable. In the international financial market, affected by factors such as the COVID-19 pandemic and the expectations of major countries' monetary policies, the US dollar index increased, and bond prices of major countries generally rose as well. The volume of China’s foreign exchange reserves, dominated in the US dollar, grew up this month due to the combined impacts of currency translation and assets price change. Due to the constant evolution of the COVID-19 pandemic, the global economic recovery is facing more uncertain and unstable factors, and the international financial market is highly volatile. However, owing to coordinated pandemic prevention and control and economic and social development in a scientific way, China’s economic performance was stable and maintained a sustained recovery on the whole, which is conducive to maintaining the overall stability of foreign exchange reserves. 2021-12-07/en/2021/1207/1897.html
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External Financial Assets and Liabilities of China's Banking Sector (As of September 30, 2021) 2021-12-30/en/2021/1230/1904.html