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In the second quarter of 2024, China's current account registered a surplus of RMB 387.6 billion, and the capital and financial accounts recorded a deficit of RMB 343.8 billion. In the first half of 2024, China's current account registered a surplus of RMB 669.0 billion, and the capital and financial accounts recorded a deficit of RMB 878.8 billion. In the US dollar terms, in the second quarter, China's current account recorded a surplus of USD 54.5 billion, including a surplus of USD 167.1 billion under trade in goods, a deficit of USD 61.7 billion under trade in services, a deficit of USD 53.5 billion under primary income and a surplus of USD 2.7 billion under secondary income. The capital and financial accounts registered a deficit of USD 48.4 billion, including a deficit of USD 93.8 million under the capital account, and a deficit of USD 48.3 billion under the financial account. In the US dollar terms, in the first half of 2024, China's current account recorded a surplus of USD 93.7 billion, including a surplus of USD 288.4 billion under trade in goods, a deficit of USD 123.0 billion under trade in services, a deficit of USD 77.8 billion under primary income and a surplus of USD 6.1billion under secondary income. The capital and financial accounts recorded a deficit of USD 122.8 billion, including a deficit of USD 114.8 million under the capital account, a deficit of USD 122.7 billion under the financial account. In SDR terms, in the second quarter, China posted a surplus of SDR 41.3 billion under the current account, and a deficit of SDR 36.6 billion under the capital and financial accounts. In SDR terms, in the first half of 2024, China posted a surplus of SDR 70.7 billion under the current account, and a deficit of SDR 92.6 billion under the capital and financial accounts. In addition, in order to facilitate understanding of the data of Balance of Payments and International Investment Position among all data users, the BOP Analysis Team of the SAFE released China’s Balance of Payments Report for the First Half of 2024.(End) Abridged Balance of Payments, Q2 2024 Item Line No. RMB 100 million USD 100 million SDR 100 million 1. Current Account 1 3876 545 413 Credit 2 71230 10022 7589 Debit 3 -67354 -9476 -7177 1. A Goods and Services 4 7491 1054 798 Credit 5 65131 9164 6940 Debit 6 -57640 -8110 -6142 1.A.a Goods 7 11879 1671 1265 Credit 8 58883 8285 6274 Debit 9 -47005 -6614 -5009 1.A.b Services 10 -4388 -617 -468 Credit 11 6247 879 666 Debit 12 -10635 -1496 -1133 1.B Primary Income 13 -3805 -535 -405 Credit 14 5508 775 587 Debit 15 -9313 -1310 -992 1.C Secondary Income 16 190 27 20 Credit 17 592 83 63 Debit 18 -401 -56 -43 2. Capital and Financial Account 19 -3438 -484 -366 2.1 Capital Account 20 -7 -1 -1 Credit 21 1 0 0 Debit 22 -8 -1 -1 2.2 Financial Account 23 -3432 -483 -366 Assets 24 -5372 -756 -572 Liabilities 25 1940 273 206 2.2.1 Financial Account Excluding Reserve Assets 26 -6838 -962 -729 2.2.1.1 Direct Investment 27 -6099 -858 -650 Assets 28 -5043 -710 -537 Liabilities 29 -1056 -149 -113 2.2.1.2 Portfolio Investment 30 -440 -62 -47 Assets 31 -3062 -431 -326 Liabilities 32 2622 369 279 2.2.1.3 Financial Derivatives (other than reserves) and Employee Stock Options 33 -449 -63 -48 Assets 34 -294 -41 -31 Liabilities 35 -155 -22 -17 2.2.1.4 Other Investment 36 151 21 16 Assets 37 -379 -53 -40 Liabilities 38 529 74 56 2.2.2 Reserve Assets 39 3406 479 363 3. Net Errors and Omissions 40 -438 -62 -47 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 difference is the sum of the "Credit" and the "Debit". All items herein refer to difference, unless marked with "Credit" or "Debit". 3. The RMB denominated quarterly BOP data is converted from the USD denominated BOP data for the quarter 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 for the quarter 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. In the second quarter of 2024, the equity other than reinvestment of earnings under direct investment liabilities (credit) was USD 19.7 billion (RMB 139.8 billion). 6. This statement employs rounded-off numbers. 7. For detailed data, please see the section of “Data and Statistics”at the website of the SAFE. 8. The BOP data is revised regularly; please find the latest data in “Data and Statistics”. Abridged Balance of Payments, First Half of 2024 Item Line No. RMB 100 million USD 100 million SDR 100 million 1. Current Account 1 6690 937 707 Credit 2 135853 19013 14350 Debit 3 -129163 -18076 -13643 1. A Goods and Services 4 11805 1654 1249 Credit 5 125586 17575 13264 Debit 6 -113781 -15921 -12015 1.A.a Goods 7 20593 2884 2177 Credit 8 112866 15796 11921 Debit 9 -92272 -12912 -9744 1.A.b Services 10 -8788 -1230 -928 Credit 11 12720 1779 1343 Debit 12 -21508 -3009 -2271 1.B Primary Income 13 -5553 -778 -588 Credit 14 9016 1263 954 Debit 15 -14568 -2041 -1542 1.C Secondary Income 16 437 61 46 Credit 17 1251 175 132 Debit 18 -814 -114 -86 2. Capital and Financial Account 19 -8788 -1228 -926 2.1 Capital Account 20 -8 -1 -1 Credit 21 5 1 1 Debit 22 -13 -2 -1 2.2 Financial Account 23 -8780 -1227 -925 Assets 24 -15352 -2144 -1616 Liabilities 25 6572 917 691 2.2.1 Financial Account Excluding Reserve Assets 26 -9069 -1272 -962 2.2.1.1 Direct Investment 27 -8090 -1135 -858 Assets 28 -7768 -1089 -822 Liabilities 29 -322 -47 -36 2.2.1.2 Portfolio Investment 30 -1992 -278 -209 Assets 31 -6928 -969 -731 Liabilities 32 4936 691 522 2.2.1.3 Financial Derivatives (other than reserves) and Employee Stock Options 33 -362 -51 -39 Assets 34 -399 -56 -42 Liabilities 35 37 5 4 2.2.1.4 Other Investment 36 1375 192 145 Assets 37 -546 -76 -57 Liabilities 38 1921 268 201 2.2.2 Reserve Assets 39 289 45 37 3. Net Errors and Omissions 40 2099 291 219 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 difference is the sum of the "Credit" and the "Debit". All items herein refer to difference, unless marked with "Credit" or "Debit". 3. The RMB denominated quarterly BOP data is converted from the USD denominated BOP data for the quarter 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 for the quarter 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.In the first half of 2024, the equity other than reinvestment of earnings under direct investment liabilities (credit) was USD 40.7 billion (RMB 291.0 billion). 6. This statement employs rounded-offnumbers. 7. For detailed data, please see the section of “Data and Statistics” at the website of the SAFE. 8. The BOP data is revised regularly; please find the latest data in “Data and Statistics”. 2024-09-30/en/2024/0930/2239.html
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As at the end of June 2024, China recorded RMB 18.1399 trillion in outstanding external debt denominated in both domestic and foreign currencies (equivalent to USD 2545.3 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 7967.7 billion (equivalent to USD 1118.0 billion), accounting for 44 percent; while the outstanding short-term external debt was RMB 10172.2 billion (equivalent to USD 1427.3 billion), taking up 56 percent, of which 32 percent was trade-related credit. In terms of institutional sectors, the outstanding debt of general government totaled RMB 3009.1 billion (equivalent to USD 422.2 billion), accounting for 17 percent; the outstanding debt of the central bank totaled RMB 906.1 billion (equivalent to USD 127.1 billion), accounting for 5 percent; the outstanding debt of banks totaled RMB 7973.4 billion (equivalent to USD 1118.8 billion), accounting for 44 percent; the outstanding debt of other sectors (including inter-company lending under direct investments) totaled RMB 6251.3 billion (equivalent to USD 877.2 billion), accounting for 34 percent. In terms of debt instruments, the balance of loans was RMB 2753.2 billion (equivalent to USD 386.3 billion), accounting for 15 percent; the outstanding trade credits and advances was RMB 2706.0 billion (equivalent to USD 379.7 billion), accounting for 15 percent; the outstanding currency and deposits was RMB 3425.0 billion (equivalent to USD 480.6 billion), accounting for 19 percent; the outstanding debt securities was RMB 5979.8 billion (equivalent to USD 839.1 billion), accounting for 33 percent; the Special Drawing Rights (SDR) allocation amounted to RMB 339.4 billion (equivalent to USD 47.6 billion), accounting for 2 percent; the balance of inter-company lending under direct investments totaled RMB 1901.6 billion (equivalent to USD 266.8 billion), accounting for 10 percent; and the balance of other debt liabilities was RMB 1034.9 billion (equivalent to USD 145.2 billion), accounting for 6 percent. With respect to currency structures, the outstanding external debt in domestic currency totaled RMB 8863.2 billion (equivalent to USD 1243.6 billion), accounting for 49 percent; the outstanding external debt in foreign currencies (including SDR allocation) totaled RMB 9276.7 billion (equivalent to USD 1301.7 billion), accounting for 51 percent. In the outstanding registered external debt in foreign currencies, the USD debt accounted for 81 percent, the Euro debt accounted for 7 percent, the JPY debt accounted for 5 percent, the HKD debt accounted for 4 percent，the SDR and other foreign currency-denominated external debt accounted for 3 percent. Since all major external debt indicators were with in the internationally recognized thresholds, China’sexternal debt risk is under control. Appendix Definition of 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 2024 End of June 2024 End of June 2024 （Unit:100 million RMB） （Unit:100 million US dollars） General Government 30091 4222 Short-term 1592 223 Currency and deposits 0 0 Debt securities 1592 223 Loans 0 0 Trade credit and advances 0 0 Other debt liabilities 0 0 Long-term 28499 3999 Special drawing rights (allocations) 0 0 Currency and deposits 0 0 Debt securities 24665 3461 Loans 3834 538 Trade credit and advances 0 0 Other debt liabilities 0 0 Central Bank 9061 1271 Short-term 2831 397 Currency and deposits 1427 200 Debt securities 1404 197 Loans 0 0 Trade credit and advances 0 0 Other debt liabilities 0 0 Long-term 6230 874 Special drawing rights (allocations) 3394 476 Currency and deposits 0 0 Debt securities 0 0 Loans 0 0 Trade credit and advances 0 0 Other debt liabilities 2836 398 Other Depository Corporations 79734 11188 Short-term 61901 8686 Currency and deposits 32814 4604 Debt securities 10437 1465 Loans 17198 2413 Trade credit and advances 0 0 Other debt liabilities 1452 204 Long-term 17834 2502 Currency and deposits 0 0 Debt securities 14972 2101 Loans 2777 390 Trade credit and advances 0 0 Other debt liabilities 85 12 Other Sectors 43497 6103 Short-term 31002 4350 Currency and deposits 9 1 Debt securities 193 27 Loans 1065 149 Trade credit and advances 26587 3731 Other debt liabilities 3148 442 Long-term 12495 1753 Currency and deposits 0 0 Debt securities 6535 917 Loans 2658 373 Trade credit and advances 474 66 Other debt liabilities 2828 397 Direct Investment: Intercompany Lending 19016 2668 Debt liabilities of direct investment enterprises to direct investors 10299 1445 Debt liabilities of direct investors to direct investment enterprises 1383 194 Debt liabilities to fellow enterprises 7334 1029 Gross External Debt Position 181399 25453 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. 2024-09-30/en/2024/0930/2237.html
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As at the end of June 2024, China’s external financial assets reached USD 9792.9 billion, external financial liabilities reached USD 6804.6 billion, and net external assets totaled USD 2988.3 billion. In the external financial assets, direct investment assets amounted to USD 3023.9 billion, portfolio investment assets, USD 1235.3 billion, financial derivative assets, USD 21.9 billion, other investment assets, USD 2057.9 billion, and reserves assets, USD 3453.9 billion, accounting for 31 percent, 13 percent, 0.2 percent, 21 percent and 35 percent of external financial assets respectively. In external liabilities, direct investment liabilities were USD 3487.7 billion, portfolio investment liabilities, USD 1857.7 billion, financial derivative liabilities, USD 29.5 billion and other investment liabilities, USD 1429.7 billion, accounting for 51 percent, 27 percent, 0.4 percent and 21 percent of the external financial liabilities respectively. In SDR terms, China’s external financial assets and liabilities reached SDR 7445.1 billion and SDR 5173.3 billion respectively, and external net assets totaled SDR 2271.9 billion at the end of June 2024. In addition, in order to facilitate understanding of the data of Balance of Payments and International Investment Position among all data users, the BOP Analysis Team of the SAFE released China's Balance of Payments Report for the First Half of 2024.(End) China's International Investment Position, End of June 2024 Item Line No. Position in 100 million USD Position in 100 million SDR Net Position 1 29883 22719 Assets 2 97929 74451 1 Direct Investment 3 30239 22989 1.1 Equity and Investment Fund Shares 4 26011 19775 1.2 Debt Instruments 5 4228 3214 1.a Financial Sectors 6 4245 3227 1.1.a Equity and Investment Fund Shares 7 3927 2985 1.2.a Debt Instruments 8 318 242 1.b Non-financial Sectors 9 25994 19762 1.1.b Equity and Investment Fund Shares 10 22085 16790 1.2.b Debt Instruments 11 3910 2972 2 Portfolio Investment 12 12353 9391 2.1 Equity and Investment Fund Shares 13 7303 5553 2.2 Debt Securities 14 5050 3839 3 Financial Derivatives (other than reserves) and Employee Stock Options 15 219 167 4 Other Investment 16 20579 15646 4.1 Other Equity 17 99 75 4.2 Currency and Deposits 18 4631 3521 4.3 Loans 19 8085 6146 4.4 Insurance, Pension, and Standardized Guarantee Schemes 20 300 228 4.5 Trade Credit and Advances 21 6548 4978 4.6 Others 22 916 697 5 Reserve Assets 23 34539 26258 5.1 Monetary Gold 24 1697 1290 5.2 Special Drawing Rights 25 532 404 5.3 Reserve Position in the IMF 26 98 74 5.4 Foreign Currency Reserves 27 32224 24498 5.5 Other Reserve Assets 28 -11 -8 Liabilities 29 68046 51733 1 Direct Investment 30 34877 26516 1.1 Equity and Investment Fund Shares 31 32062 24375 1.2 Debt Instruments 32 2815 2140 1.a Financial Sectors 33 2022 1538 1.1.a Equity and Investment Fund Shares 34 1817 1381 1.2.a Debt Instruments 35 206 157 1.b Non-financial Sectors 36 32855 24978 1.1.b Equity and Investment Fund Shares 37 30245 22994 1.2.b Debt Instruments 38 2610 1984 2 Portfolio Investment 39 18577 14123 2.1 Equity and Investment Fund Shares 40 10995 8359 2.2 Debt Securities 41 7582 5764 3 Financial Derivatives (other than reserves) and Employee Stock Options 42 295 224 4 Other Investment 43 14297 10869 4.1 Other Equity 44 0 0 4.2 Currency and Deposits 45 4836 3677 4.3 Loans 46 3759 2858 4.4 Insurance, Pension, and Standardized Guarantee Schemes 47 278 212 4.5 Trade Credit and Advances 48 3797 2887 4.6 Others 49 1150 874 4.7 Special Drawing Rights 50 476 362 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”. 2024-09-30/en/2024/0930/2238.html
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As shown in the statistics of the State Administration of Foreign Exchange (SAFE), in September 2024, the amount of foreign exchange settlement and sales by banks was RMB 1682.9 billion and RMB 1341.7 billion, respectively. During January to September 2024, the accumulative amount of foreign exchange settlement and sales by banks was RMB 11914.0 billion and RMB 12778.6 billion, respectively. In the US dollar terms, in September 2024, the amount of foreign exchange settlement and sales by banks was USD 237.7 billion and USD 189.5 billion, respectively. During January to September 2024, the accumulative amount of foreign exchange settlement and sales by banks was USD 1676.2 billion and USD 1797.5 billion, respectively. In September 2024, the amount of cross-border receipts and payments by non-banking sectors was RMB 4464.1billion and RMB 4038.0 billion, respectively. During January to September 2024, the accumulative amount of cross-border receipts and payments by non-banking sectors was RMB 37386.3 billion and RMB 37367.7 billion, respectively. In the US dollar terms, in September 2024, the amount of cross-border receipts and payments by non-banking sectors was USD 630.6 billion and USD 570.4 billion, respectively. During January to September 2024, the accumulative amount of cross-border receipts and payments by non-banking sectors was USD 5259.4 billion and USD 5256.6 billion, respectively. Addendum: Glossary and relevant definitions Balance of payments (BOP) refers to all economic transactions between residents and non-residents. Foreign exchange settlement and sales by banks refers to settlement and sale transaction that bank executes for customers and for the banks themselves, including statistic data on settlements of forward contracts for foreign exchange settlement and sales and the exercises of option, and excluding the transactions in the interbank foreign exchange market. The statistic reporting date of Foreign exchange settlement and sales by banks should be the trade day of the Foreign exchange settlement and sales transaction. By definition, foreign exchange settlement means that foreign exchange holders sell foreign exchange to banks, and foreign exchange sales means that banks sell foreign exchange to foreign exchange buyers. The newly signed contract amount of forward foreign exchange settlement and sales refers to the binding forward contract between a bank and its client that predetermines foreign exchange currency, amount, exchange rate and tenor which to be executed upon maturity. The unwind amount of forward foreign exchange settlement and sales refers to, where client is unable to perform the original forward contract due to change in its real demand, client to fully or partially close its forward position by executing another deal with opposite direction to the original contract. The rolling amount of forward foreign exchange settlement and sales refers to client to adjust the settlement date of original contract due to change in its real demand. The outstanding amount of forward foreign exchange settlement and sales by the end of the current period refers to the total amount of forward contracts accumulated from all non-matured forward contracts with client. The net Delta exposure of outstanding options refers to the implied foreign exchange spot risk exposure from outstanding option contracts that bank executed with client. The cross-border receipts and payments by non-banking sectors refers to the receipts and payments between domestic non-banking sectors (including institutional and individual residents) and non-residents through domestic banks, excluding receipts and payments in cash. In particular, the statistics includes cross-border receipts and payments between non-banking sectors and non-residents through domestic banks (including RMB and foreign currency), and domestic receipts and payments between non-banking sectors and non-residents through domestic banks (temporarily excluding domestic receipts and payments in RMB between individual residents and non-resident individuals). Data are collected when customers conduct receipts and payments with non-resident counterparties at domestic banks. Specifically, the receipts refer to the capital of non-banking sectors received from non-residents via domestic banks; the payments refer to the capital of non-banking sectors paid to non-residents via domestic banks. 2024-10-22/en/2024/1022/2241.html
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The State Administration of Foreign Exchange (SAFE) has recently released data on foreign exchange settlement and sales by banks as well as cross-border receipts and payments by non-banking sectors for August 2024. The SAFE officials answered media questions regarding the topic. Q: Could you brief us on China’s foreign exchange receipts and payments for August 2024? A: Supply and demand in China's foreign exchange market were basically in equilibrium with more stable cross-border capital flows. In August, the foreign-related receipts and payments by non-banking sectors, including enterprises and individuals, registered a surplus of USD 15.3 billion. Domestic entities slowed down in foreign exchange purchase, and gradually had more demand for foreign exchange settlement, closing the difference between foreign exchange settlement and sales by banks. Thanks to improving internal and external environment, China's foreign exchange market is expected to be more stable in the near future, with rational and orderly market transactions. Cross-border capital flows through major channels generally changed for the better. Supported by the continued recovery of China's foreign trade, the net inflows of cross-border capital under trade in goods witnessed an 11% year-on-year increase in August. Foreign institutions continued to increase their holdings of domestic bonds, and foreign capital still showed a strong willingness to allocate RMB assets. In addition, the dividend payout of foreign-invested enterprises fell seasonally, and the cross-border financing of affiliated enterprises tended to be stable. Looking ahead, China's foreign exchange market will sustain stable operations. Domestically, there will be more positive factors and favorable conditions for its economic operation, and China will consolidate and expand the momentum of economic rebound. At the same time, China will further advance the development and reform of its foreign exchange market, and improve the internal resilience of its market, which will continue to play a positive role in stabilizing market expectations and transactions. Globally, as developed economies such as Europe and the United States start a cycle of interest rate cuts, the international financial market environment is expected to be more favorable. 2024-09-18/en/2024/0918/2240.html
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As at the end of June 2024, China's banking sector recorded external financial assets of USD 1519.0 billion, external liabilities of USD 1485.7 billion, and net external assets of USD 33.3 billion, including net RMB liabilities of USD 316.7 billion and net foreign currency assets of USD 350.0 billion. Among the external financial assets of the banking sector, by instrument, deposits and loans were USD 931.5 billion, bonds investment, USD 355.9 billion, and other assets including equity, USD 231.7 billion, accounting for 61 percent, 23 percent and 15 percent of the sector's total external financial assets respectively. By currency, RMB assets were USD 413.7 billion, USD assets were USD 780.5 billion, and other currency assets were USD 324.8 billion, accounting for 27 percent, 51 percent and 21 percent respectively. By counterpart sector, the amount invested in the overseas banking sector was USD 755.4 billion, accounting for 50 percent; the amount invested in the overseas non-banking sector was USD 763.6 billion, accounting for 50 percent. Among the external liabilities of the banking sector, by instrument, deposits and loans were USD 726.3 billion, bonds investment, USD 349.1 billion, and other liabilities including equity, USD 410.3 billion, accounting for 49 percent, 23 percent and 28 percent of the sector's total external liabilities respectively. By currency, RMB liabilities were USD 730.5 billion, USD liabilities, USD 411.8 billion, and other currency liabilities, USD 343.5 billion, accounting for 49 percent, 28 percent and 23 percent respectively. By counterpart sector, USD 682.4 billion was from overseas banking sector, accounting for 46 percent; while USD 803.3 billion was from overseas non-banking sector, accounting for 54 percent. (End) 2024-09-27/en/2024/0927/2235.html
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External Financial Assets and Liabilities of China's Banking Sector(As of June 30, 2024) 2024-09-27/en/2024/0927/2236.html
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According to the statistics of the State Administration of Foreign Exchange (SAFE), the Chinese foreign exchange market (excluding foreign currency pairs, the same below) recorded total transactions of RMB 26.94 trillion (equivalent to USD 3.78 trillion) in August 2024. In terms of markets, the transactions volume of client market was RMB 3.40 trillion (equivalent to USD 0.48 trillion), and the transactions volume of interbank market was RMB 23.54 trillion (equivalent to USD 3.30 trillion). In terms of products, the cumulative transactions volume of the spot market was RMB 9.88 trillion (equivalent to USD 1.39 trillion), and that of the derivatives market was RMB 17.06 trillion (equivalent to USD 2.39 trillion). From January to August 2024, a total of RMB 190.33 trillion (equivalent to USD 26.76 trillion) was traded in the Chinese foreign exchange market. 2024-09-27/en/2024/0927/2232.html
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In the second quarter of 2025, China's current account registered a surplus of RMB 971.5 billion, including a surplus of RMB 1575.1 billion under trade in goods, a deficit of RMB 334.5 billion under trade in services, a deficit of RMB 297.8 billion under primary income and a surplus of RMB 28.7 billion under secondary income. The capital and financial accounts (including net errors and omissions for the quarter) recorded a deficit of RMB 971.5 billion. Inward foreign direct investments (FDI) continued the net inflow. In the first half of 2025, China's current account registered a surplus of RMB 2158.9 billion, including a surplus of RMB 3279.8 billion under trade in goods, a deficit of RMB 760.4 billion under trade in services, a deficit of RMB 408.9 billion under primary income, and a surplus of RMB 48.5 billion under secondary income. The capital and financial accounts (including net errors and omissions for the second quarter) recorded a deficit of RMB 1981.0 billion. In the US dollar terms, in the second quarter of 2025, China's current account registered a surplus of USD 135.1 billion, including a surplus of USD 219.1 billion under trade in goods, a deficit of USD 46.5 billion under trade in services, a deficit of USD 41.4 billion under primary income and a surplus of USD 4.0 billion under secondary income. The capital and financial accounts (including net errors and omissions for the quarter) recorded a deficit of USD 135.1 billion. In the US dollar terms, in the first half of 2025, China's current account recorded a surplus of USD 300.6 billion, including a surplus of USD 456.6 billion under trade in goods, a deficit of USD 105.9 billion under trade in services, a deficit of USD 56.9 billion under primary income, and a surplus of USD 6.7 billion under secondary income. The capital and financial accounts (including net errors and omissions for the second quarter) recorded a deficit of USD 275.8 billion. In SDR terms, in the second quarter of 2025, China's current account registered a surplus of SDR 99.6 billion, including a surplus of SDR 161.5 billion under trade in goods, a deficit of SDR 34.3 billion under trade in services, a deficit of SDR 30.5 billion under primary income and a surplus of SDR 2.9 billion under secondary income. The capital and financial accounts (including net errors and omissions for the quarter) recorded a deficit of SDR 99.6 billion. In SDR terms, in the first half of 2025, China posted a surplus of SDR 225.7 billion under the current account, including a surplus of SDR 342.5 billion under trade in goods, a deficit of SDR 79.6 billion under trade in services, a deficit of SDR 42.3 billion under primary income and a surplus of SDR 5.0 billion under secondary income. The capital and financial accounts (including net errors and omissions for the second quarter) recorded a deficit of SDR 206.5 billion.(End) China's Balance of Payments, Q2 2025 (Preliminary Data) Item Line No. RMB 100 million USD 100 million SDR 100 million 1. Current account 1 9715 1351 996 Credit 2 76684 10664 7868 Debit 3 -66968 -9312 -6871 1. A Goods and Services 4 12406 1726 1272 Credit 5 69992 9733 7181 Debit 6 -57586 -8007 -5909 1.A.a Goods 7 15751 2191 1615 Credit 8 62696 8718 6433 Debit 9 -46945 -6528 -4817 1.A.b Services 10 -3345 -465 -343 Credit 11 7296 1015 749 Debit 12 -10642 -1480 -1092 1.A.b.1 Processing services 13 174 24 18 Credit 14 224 31 23 Debit 15 -51 -7 -5 1.A.b.2 Maintenance and Repair Services 16 83 12 8 Credit 17 235 33 24 Debit 18 -153 -21 -16 1.A.b.3 Transport 19 -900 -125 -92 Credit 20 2095 291 215 Debit 21 -2996 -417 -307 1.A.b.4 Travel 22 -3050 -424 -313 Credit 23 952 132 98 Debit 24 -4002 -556 -411 1.A.b.5 Construction 25 126 18 13 Credit 26 288 40 30 Debit 27 -162 -23 -17 1.A.b.6 Insurance and Pension Services 28 -220 -31 -23 Credit 29 46 6 5 Debit 30 -266 -37 -27 1.A.b.7 Financial Services 31 0 0 0 Credit 32 79 11 8 Debit 33 -79 -11 -8 1.A.b.8 Charges for the Use of Intellectual Property 34 -747 -104 -77 Credit 35 155 22 16 Debit 36 -901 -125 -92 1.A.b.9 Telecommunications, Computer, and Information Services 37 492 68 51 Credit 38 1238 172 127 Debit 39 -746 -104 -77 1.A.b.10 Other Business Services 40 778 108 80 Credit 41 1923 267 197 Debit 42 -1145 -159 -118 1.A.b.11 Personal, Cultural, and Recreational Services 43 -55 -8 -6 Credit 44 34 5 4 Debit 45 -89 -12 -9 1.A.b.12 Government Goods and Services n.i.e 46 -26 -4 -3 Credit 47 27 4 3 Debit 48 -53 -7 -5 1.B Primary Income 49 -2978 -414 -305 Credit 50 5982 832 613 Debit 51 -8959 -1246 -919 1.C Secondary Income 52 287 40 29 Credit 53 710 99 73 Debit 54 -423 -59 -43 2. Capital and Financial Accounts (Including Net Errors and Omissions for the Quarter) 55 -9715 -1351 -996 2.1 Capital Account 56 -5 -1 -1 Credit 57 2 0 0 Debit 58 -7 -1 -1 2.2. Financial Account (Including Net Errors and Omissions for the Quarter) 59 -9710 -1351 -996 2.2.1 Financial Account (Excluding Reserve Assets, But Including Net Errors and Omissions for the Quarter) 60 -10398 -1446 -1066 Including: 2.2.1.1 Direct Investment 61 -1502 -209 -154 2.2.1.1.1 Assets 62 -2127 -296 -218 2.2.1.1.1.1 Equity and investment fund shares 63 -1948 -271 -200 2.2.1.1.1.2 Debt instruments 64 -179 -25 -18 2.2.1.1.2 Liabilities 65 624 87 64 2.2.1.1.2.1 Equity and investment fund shares 66 675 94 69 2.2.1.1.2.2 Debt instruments 67 -51 -7 -5 2.2.2 Reserve Assets 68 687 96 70 2.2.2.1 Monetary gold 69 0 0 0 2.2.2.2 Special drawing rights 70 -147 -20 -15 2.2.2.3 Reserve position in the IMF 71 -85 -12 -9 2.2.2.4 Foreign exchange reserves 72 919 128 94 2.2.2.5 Other reserves 73 0 0 0 3. Net Errors and Omissions 74 / / / Note:1. The table is compiled according to BPM6. 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 balances, unless marked with "Credit" or "Debit". 3.The RMB denominated BOP statement is converted from the USD denominated BOP statement for the quarter using the period average central parity rate of RMB against USD. The SDR denominated quarterly BOP statement is converted from the USD denominated BOP statement for the quarter using the period average exchange rate of SDR against USD. 4.Since net errors and omissions are included, the amount of the capital and financial accounts is the opposite number of the difference in the current account. 5.According to preliminary statistics, in the second quarter of 2025, the equity other than reinvestment of earnings under direct investment liabilities (credit) was USD 20.4 billion (RMB 146.4 billion). 6.This table employs rounded-off numbers. China's Balance of Payments, First Half of 2025 (Preliminary Data) Item Line No. RMB 100 million USD 100 million SDR 100 million 1. Current account 1 21589 3006 2257 Credit 2 148714 20701 15512 Debit 3 -127125 -17695 -13256 1. A Goods and Services 4 25194 3507 2629 Credit 5 136441 18993 14234 Debit 6 -111248 -15485 -11605 1.A.a Goods 7 32798 4566 3425 Credit 8 121960 16977 12722 Debit 9 -89162 -12411 -9297 1.A.b Services 10 -7604 -1059 -796 Credit 11 14482 2016 1512 Debit 12 -22086 -3074 -2307 1.A.b.1 Processing services 13 361 50 38 Credit 14 435 61 45 Debit 15 -74 -10 -8 1.A.b.2 Maintenance and Repair Services 16 191 27 20 Credit 17 461 64 48 Debit 18 -269 -38 -28 1.A.b.3 Transport 19 -1687 -235 -176 Credit 20 4185 583 437 Debit 21 -5872 -817 -613 1.A.b.4 Travel 22 -7319 -1019 -767 Credit 23 1749 243 182 Debit 24 -9068 -1262 -949 1.A.b.5 Construction 25 229 32 24 Credit 26 554 77 58 Debit 27 -325 -45 -34 1.A.b.6 Insurance and Pension Services 28 -550 -77 -57 Credit 29 112 16 12 Debit 30 -662 -92 -69 1.A.b.7 Financial Services 31 15 2 2 Credit 32 161 22 17 Debit 33 -146 -20 -15 1.A.b.8 Charges for the Use of Intellectual Property 34 -1317 -183 -137 Credit 35 344 48 36 Debit 36 -1661 -231 -173 1.A.b.9 Telecommunications, Computer, and Information Services 37 912 127 95 Credit 38 2434 339 254 Debit 39 -1522 -212 -159 1.A.b.10 Other Business Services 40 1688 235 177 Credit 41 3914 545 409 Debit 42 -2226 -310 -232 1.A.b.11 Personal, Cultural, and Recreational Services 43 -87 -12 -9 Credit 44 81 11 8 Debit 45 -168 -23 -17 1.A.b.12 Government Goods and Services n.i.e 46 -40 -6 -4 Credit 47 53 7 6 Debit 48 -93 -13 -10 1.B Primary Income 49 -4089 -569 -423 Credit 50 10942 1523 1140 Debit 51 -15031 -2092 -1563 1.C Secondary Income 52 485 67 50 Credit 53 1331 185 139 Debit 54 -846 -118 -88 2. Capital and Financial Accounts (Including Net Errors and Omissions for the Second Quarter) 55 -19810 -2758 -2065 2.1 Capital Account 56 -10 -1 -1 Credit 57 3 0 0 Debit 58 -14 -2 -1 2.2. Financial Account (Including Net Errors and Omissions for the Second Quarter) 59 -19799 -2757 -2063 2.2.1 Financial Account (Excluding Reserve Assets, But Including Net Errors and Omissions for the Second Quarter) 60 -22721 -3163 -2372 Including: 2.2.1.1 Direct Investment 61 -3932 -547 -413 2.2.1.1.1 Assets 62 -5598 -779 -587 2.2.1.1.1.1 Equity and investment fund shares 63 -4260 -593 -445 2.2.1.1.1.2 Debt instruments 64 -1338 -186 -142 2.2.1.1.2 Liabilities 65 1665 232 174 2.2.1.1.2.1 Equity and investment fund shares 66 2208 308 231 2.2.1.1.2.2 Debt instruments 67 -543 -76 -58 2.2.2 Reserve Assets 68 2922 407 309 2.2.2.1 Monetary gold 69 0 0 0 2.2.2.2 Special drawing rights 70 -233 -32 -24 2.2.2.3 Reserve position in the IMF 71 -110 -15 -11 2.2.2.4 Foreign exchange reserves 72 3264 454 344 2.2.2.5 Other reserves 73 0 0 0 3. Net Errors and Omissions 74 -1780 -248 -192 Note:1. The table is compiled according to BPM6. 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 balances, unless marked with "Credit" or "Debit". 3.The RMB denominated BOP statement is converted from the USD denominated BOP statement for the quarter using the period average central parity rate of RMB against USD. The SDR denominated quarterly BOP statement is converted from the USD denominated BOP statement for the quarter using the period average exchange rate of SDR against USD. 4.The preliminary amount for the first half of 2025 is the sum of the official amounts of the BOP for 2025Q1 and the preliminary amount for 2025Q2. 5.According to preliminary statistics, in the first half of 2025, the equity other than reinvestment of earnings under direct investment liabilities (credit) was USD 39.2 billion (RMB 281.3 billion). 6.This table employs rounded-off numbers. 2025-08-08/en/2025/0808/2323.html
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In June 2025, the export and import of China’s international trade in goods and services totalled RMB 4221.4 billion, up 6 percent over the same time last year. Of this, the export of goods recorded RMB 2118.5 billion and the import recorded RMB 1511.2 billion, resulting in a surplus of RMB 607.3 billion. The export of services recorded RMB 243.7 billion and the import recorded RMB 348.0 billion, resulting in a deficit of RMB 104.3 billion. In terms of the major items, the export and import of transport, travel, other business services, telecommunications, computer and information services registered RMB 163.9 billion, RMB 160.3 billion, RMB 96.7 billion and RMB 65.9 billion respectively. In the US dollar terms, in June 2025, the export and import of China’s international trade in goods and services were USD 329.2 billion and USD 259.1 billion respectively, with a surplus of USD 70.1 billion.(End) International Trade in Goods and Services of China June 2025 Item In 100 million of RMB In 100 million of USD Goods and services 5030 701 Credit 23622 3292 Debit -18592 -2591 1. Goods 6073 846 Credit 21185 2952 Debit -15112 -2106 2. Services -1043 -145 Credit 2437 340 Debit -3480 -485 2.1Manufacturing services on physical inputs owned by others 64 9 Credit 82 11 Debit -19 -3 2.2Maintenance and repair services n.i.e 30 4 Credit 88 12 Debit -58 -8 2.3Transport -303 -42 Credit 668 93 Debit -971 -135 2.4Travel -976 -136 Credit 313 44 Debit -1289 -180 2.5Construction 54 7 Credit 101 14 Debit -47 -7 2.6Insurance and pension services -107 -15 Credit 25 3 Debit -132 -18 2.7Financial services 9 1 Credit 29 4 Debit -20 -3 2.8Charges for the use of intellectual property -248 -35 Credit 68 10 Debit -316 -44 2.9Telecommunications, computer and information services 170 24 Credit 414 58 Debit -244 -34 2.10Other business services 293 41 Credit 630 88 Debit -337 -47 2.11Personal, cultural, and recreational services -21 -3 Credit 10 1 Debit -30 -4 2.12Government goods and services n.i.e -9 -1 Credit 8 1 Debit -17 -2 Notes: 1. The international trade in goods and services in this table refers to the transactions between residents and non-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: processor only provides processing, assembly, packaging and other services and charges service fee from the owner, while the ownership of the goods is not 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 postal and 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 Insurance and 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. 2025-07-31/en/2025/0731/2322.html