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On the morning of July 30, the State Administration of Foreign Exchange (SAFE) held a foreign exchange administration work conference for the second half of 2019. The participants earnestly studied and implemented the decisions and plans of the CPC Central Committee and the State Council for the economic and financial undertakings, summarized the work of the first half, analyzed the current situations of the foreign exchange market, and studied and made arrangements for key tasks of foreign exchange administration for the second half. Pan Gongsheng, secretary of the CPC Leadership and administrator of the SAFE, delivered a work report. Members of the CPC Leadership, chief accountants and chief economists of the SAFE attended the conference. The conference concluded that in the year to date, foreign exchange authorities, under the firm leadership of the CPC Central Committee and the State Council, have remained true to their original aspiration and mission, and based on serving the real economy to solidly further the reform and opening-up in the foreign exchange sector, effectively prevented and controlled external shocks and risks, and protected the foreign exchange market order and the country’s economic and financial safety in accordance with the arrangements of the Central Economic Working Conference and the Report on the Work of the Government. Hard efforts paid off and cultivated a good foreign exchange market environment for the steady operation of the national economy in the first half year of 2019. First, with political development as the top priority, foreign exchange authorities have made an all-out effort to enforce strict Party discipline. They have earnestly launched an educational activity themed with "remaining true to original aspiration and keeping mission firmly in mind". They have ensured strict implementation of the central government's "Eight-point Decision" and its implementing rules, and made unremitting efforts to correct the "four forms of decadence" including formalism, bureaucratism, hedonism and extravagance. Efforts have been made to strengthen the organizational work, and train a contingent of competent and professional officials who are loyal to the Party, have moral integrity, and demonstrate a keen sense of responsibility. Second, the foreign exchange administration reform has been deepened further. Foreign exchange authorities have stably promoted the liberalization of capital account, increased the quota for qualified foreign institutional investors (QFIIs), and supported the launch of the Science and Technology Innovation Board and the "Shanghai-London Stock Connect" programme. They have gone further in the reforms to delegate power, improve regulation, and upgrade services, increased the facilitation of trade and investment, and unveiled a number of facilitation measures for trade in goods, trade in services, insurers and multinational corporations. They have supported the trading and investing activities in countries and regions along the Belt and Road, and published the Overview of Foreign Exchange Administration Policies of the Belt and Road Countries in 2018. Third, the management framework of cross-border capital flows that combines macro-prudential management and micro-regulation has been further improved. Foreign exchange authorities have improved their regulation of banks' compliance in foreign exchange business and strengthened the management of high-risk fields of foreign exchange business. They have advanced the cooperation with regulators of other countries and cracked down upon the illegal behavior in the foreign exchange market. Fourth, the operation and management of foreign exchange reserves have been constantly improved. Foreign exchange authorities have done well in balancing the risk and return of reserve assets and organically combined the commercial use of foreign exchange reserves with the serving of national strategies. According to the conference, China’s economy remained within a reasonable range and carried forward an overall steady development trend featuring making progress while presenting stable performance in spite of a severe and complicated external environment in the first half year. This underpinned the continued stability of China’s foreign exchange market, basic equilibrium in the cross-border receipts and payments and in the supply and demand on the domestic foreign exchange market, and a stable rise of the foreign exchange reserve. Although the external environment is still complicated in the second half, China’s cross-border capital flows are expected to remain stable on a whole because of the stable expectations for Chinese economy, further widening of opening-up, more mature and rational foreign exchange market and good market order. The conference stressed that, in the second half, foreign exchange authorities must closely unite around the CPC Central Committee with Comrade Xi Jinping as the core, follow Xi Jinping thought on socialism with Chinese characteristics for a new era, maintain political integrity, think in terms of the big picture, follow the leadership core, and keep in alignment with the central Party leadership and have full confidence in the path, theory, system, and culture of socialism with Chinese characteristics, uphold the core position of General Secretary Xi Jinping in the CPC Central Committee and in the whole Party and uphold the authority of the Central Committee and its centralized, unified leadership, combine the educational activity themed with "remaining true to original aspiration and keeping mission firmly in mind" with the advancement of key work in foreign exchange administration, and carry out the plans of the CPC Central Committee and the State Council satisfactorily without any compromise. Foreign exchange authorities must adhere to the general work guideline of making progress while maintaining stability, make plans for and seek coordinated promotion of the foreign exchange administration work by putting it into the cycling of the entire national economy, further enhance the capability of serving the new pattern of China’s opening-up on all fronts, facilitate the reform and opening-up in key fields of foreign exchange, always think about worst-case scenarios, forestall and mitigate external financial shocks and risks, protect the safety of national economy and finance, and deliver a good result for the upcoming 70th anniversary of the founding of new China. The conference also set the working priorities for foreign exchange administration in the second half of 2019. The first is to unswervingly deepen comprehensive and strict exercise of Party self-discipline and develop the active and healthy political culture within the Party. Foreign exchange authorities should make the "remaining true to original aspiration and keeping mission firmly in mind" themed education go deeper and firmer with concrete measures, be problem-oriented, review and reflect on the problems and rectify them well to ensure the thematic education yields tangible results. They should strictly practice the standard that officials must have both ability and political integrity, and cultivate professional and high-quality officials teams who are loyal to the Party, have moral integrity, and demonstrate a keen sense of responsibility. The second is to further promote the liberalization and facilitation of trade and investment in a bid to cater to the needs of opening-up at a high level. Efforts should be made to advance capital account convertibility in a stable and orderly way, put into force the management of pre-establishment national treatment plus a negative list in direct investment fields, refine the system in relation to QFIIs and RQFIIs, and deepen the centralized operation and management of multinational corporations’ capital. More places should be included into the pilot of trade receipts and payments facilitation, and support should be given to prudent and compliant banks, which provide creditworthy enterprises with more facilitation services. Foreign exchange authorities should make plans from an overall perspective, strengthen top-level design, and support innovation in regional opening-up and construction of special zones. They should solidly carry out the work in connection with keeping employment, finance, foreign trade, foreign capital, investment and expectation stable. They should continue to deepen the reforms to delegate power, improve regulation, and upgrade services, launch the "Internet plus Regulation" system of the SAFE, and improve the "Online Application System of Government Services" of the SAFE. The third is to improve the management framework of "macro-prudence plus micro-regulation" for cross-border capital flows, and further strengthen the capability of preventing and controlling external shocks and risks. Foreign exchange authorities should step up monitoring and early warning of the foreign exchange market, and study how to diversify the macro-prudential management tools. They should continue to crack down on illegal acts in the foreign exchange market, particularly malignant breaches of laws and regulations such as underground banks and false and fraudulent transactions. The fourth is to consolidate the foundation of foreign exchange administration work. Foreign exchange authorities should improve the BOP statistics system, reinforce the capability of offsite regulation, develop and improve a digital regulatory platform. Taking the good opportunity of the establishment of the Foreign Exchange Research Center, they should further enhance the capability of doing researches in foreign exchange and the level of making decisions on foreign exchange services. The fifth is to improve the operation and management of foreign exchange reserves, safeguard the security, liquidity, value growth and maintenance of foreign exchange reserves. Efforts will be made to drive the high-quality development of diversified use of foreign exchange reserves. Heads of departments and units of the SAFE attended the meeting at the main venue. Relevant officials of the Discipline Inspection Group dispatched by the Central Commission for Discipline Inspection and the National Supervisory Commission to the People’s Bank of China, relevant departments and bureaus of the People’s Bank of China and Financial Audit Bureau I of the National Audit Office were invited to the conference. Members of the leaderships and department heads of SAFE branches (foreign exchange administrative departments) and central sub-branches were present at local venues. (End) 2019-07-30/en/2019/0730/1544.html
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The State Administration of Foreign Exchange (SAFE) has recently released its 2018 Annual Report. This was the first time for the report to disclose the results of foreign exchange reserve operations and data on currency composition. The report also made an introduction to the philosophy and risk management of investment with foreign exchange reserves, as well as the globalized operating platform. In this regard, the SAFE spokesperson and Chief Economist Wang Chunying answered media questions. Q1: What are the main considerations for disclosing information on foreign exchange reserve operations? A: As the largest holder of foreign exchange reserves in the world, China has long committed itself to enhancing the transparency of foreign exchange reserve information. In accordance with the Special Data Dissemination Standard (SDDS) of the International Monetary Fund (IMF), the People’s Bank of China (PBC) and the SAFE have begun to unveil the scale of foreign exchange reserves on a regular basis since July 2015. Meanwhile, the information on foreign exchange reserves are also published to the outside in many other forms, e.g. press conference, portal website of the SAFE and annual report of the SAFE. To further disclose the operation and management information of foreign exchange reserves caters to China’s demand for expanding openness on all fronts and is also conducive to boosting the international community’s confidence in the Chinese economy and finance. Q2: What philosophy do you uphold while making investment with foreign exchange reserves? A: China’s foreign exchange reserves act as an important participant and responsible long-time investor in the global financial market. We invest in the international financial market in line with the market-oriented principle, respect the rules of international market and industry practices, protect and promote the stability and development of international financial market. China always pursues diversification and decentralization in investing with foreign exchange reserves. We flexibly adjust and constantly optimize the currency composition and asset structure in light of the market conditions, control overall investment risks and ensure that the our foreign exchange reserves can preserve and increase value leveraging the trade-off between different currencies and different asset classes. Speaking of the currency composition, China’s foreign exchange reserves are seeing an increasingly diverse portfolio of currencies with the advancement of the national economy and trade, which is more decentralized than the average level of global foreign exchange reserves. This suits to the development demand of China’s outbound economy and trade and the international payment demand, and is consistent with the international trend of diversification in the currency composition of foreign exchange reserves. So, it helps to reduce the exchange rate risks of China’s foreign exchange reserves. Q3: What’s the investment and operation goal of China’s foreign exchange reserves? A: China always takes the security, liquidity, value preservation and growth as the objective for the operation of foreign exchange reserves. The core function is to maintain the equilibrium of balance of payments and stability of exchange rates and protect the country’s financial safety. All in all, the operation has brought about stable incomes over a long period of time, with the return staying at a good level among the world’s foreign exchange reserve administrations. Q4: What’s the main reason for China to hold more gold reserves? A: Gold reserve has been a key part of countries' diversified international reserves. With properties of financial assets and commodities, gold is conducive to adjusting and optimizing the overall risk and return characteristics of the portfolios of international reserves. From the long-term and strategic perspectives, we will dynamically adjust the portfolio allocation of international reserves when necessary, to ensure the security, liquidity, value preservation and appreciation of international reserves. Q5: How does China perform risk management of foreign exchange reserves? A: China always gives top priority to preventing risks arising from the operation of foreign exchange reserves. The country continues to perfect the risk management and internal control framework, to enhance the capabilities of identifying, assessing and managing risks, to diversify and improve the risk management tools and approaches, and to establish and improve the risk management system. Thanks to the country’s ceaseless efforts to step up prospective analysis and early warning of significant risk events, China’s foreign exchange reserves have weathered through a number of market shocks and challenges such as the international financial crisis and the European sovereign debt crisis flexibly and appropriately, thus not only succeeding in maintaining the overall security and liquidity of foreign exchange reserve assets but also making positive contribution to serving the country’s economic development, reform and opening-up, preventing and mitigating significant risks. 2019-07-28/en/2019/0728/1543.html
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The State Administration of Foreign Exchange (SAFE) has recently released the Balance of Payments (BOP) for the first quarter of 2019 and the International Investment Position (IIP) as of the end of March, 2019. The SAFE spokesperson and Chief Economist Wang Chunying answered media questions on relevant issues. Q: Could you brief us on China's balance of payments for the first quarter of 2019? A: Based on the balance of payments, China's current account and financial account (excluding reserve assets) both registered surplus for the first quarter of 2019. The foreign reserves rose and the balance of payments maintained basic equilibrium. First, the surplus under the current account remained within a reasonable range, the surplus under trade in goods increased and the deficit under trade in services narrowed. In the first quarter of 2019, a surplus of USD 49 billion was recorded under the current account, and its ratio to GDP for the period was 1.5%. The surplus in trade in goods under balance of payments reached USD 94.7 billion, up by 83% year on year. The deficit under trade in service was USD 63.4 billion, down by 14% year on year. Specifically, tourism posted a deficit of USD 57.6 billion, down by 9%. Second, the financial account (excluding reserve assets) was in surplus, featuring net cross-border capital inflows. In the first quarter, the financial account (excluding reserve assets) registered a surplus of USD 48.8 billion, and the main net inflow items are direct investment and portfolio investment. Net inflows of foreign exchange by direct investment amounted to USD 26.5 billion. Specifically, the net inflows of inward foreign direct investment to China approached USD 47.6 billion; the net outflows of China’s outbound direct investment reached USD 21 billion. The net inflows of portfolio investment reached USD 19.5 billion. Specifically, the net increase of foreign portfolio investment in China reached USD 35.7 billion; China's external portfolio investment posted a net increase of USD 16.2 billion. Third, reserve assets rose. In the first quarter, China's reserve assets rose by USD 10 billion as a result of the BOP transactions (excluding the impact of non-transaction factors such as exchange rate and price), among which, foreign exchange reserves increased by USD 10 billion. In 2019, China will continue to promote high-quality economic development and all-round opening-up, which is conducive to consolidating the foundation for stable operation of the balance of payments. It is expected that China's balance of payments will continue the development pattern of basic balance of current account and overall stability of cross-border capital flows. Q: What would you say about China's International Investment Position as at the end of March 2019? A: According to the international investment position statement, China's international investment position remained robust at the end of March 2019. The main characteristics are as follows: Firstly, the total size of external financial assets increased. China's external assets reached USD 7.3817 trillion at the end of March, up by 0.8% over the end of 2018, mainly because China's ODI increased by USD 28.5 billion, or 1.5%; portfolio investment assets picked up by USD 47.6 billion or 9.6%; and reserve assets rose by USD 28.2 billion or 0.9%. Secondly, external liabilities continued to increase. China's external liabilities reached USD 5.4306 trillion at the end of March, up by 4.6% over the end of 2018. Specifically, FDI rose by USD 101.2 billion or 3.7%; Portfolio investment liabilities (foreign purchases of securities issued by China) rose by USD 159.3 billion, or up by 14.5%. Thirdly, the decline in net external assets mainly reflects the increase in the stock market capitalization of China's listed companies in the first quarter. At the end of March, China's net external assets (asset-liability) totaled USD 1.9511 trillion, down by 8.4% from the end of 2018, mainly affected by valuation factors such as asset price changes. In the first quarter, the domestic stock market and Hong Kong stock market witnessed a significant rise, and the market value of shares issued by Chinese enterprises held by non-residents increased, which belonged to China's external portfolio investment liabilities. The increase of market value led to the increase of liabilities, so the scale of China's net external assets decreased correspondingly. Overall, China sustained its No. 1 position worldwide by reserve assets. With orderly outbound investments and rising inbound investments, China's international investment position is still robust. 2019-06-27/en/2019/0627/1519.html
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The State Administration of Foreign Exchange (SAFE) has recently released the preliminary data on the balance of payments for the second quarter and the first half of 2019. SAFE spokesperson and Chief Economist Wang Chunying answered media questions on relevant issues. Q: Could you brief us on the characteristics of the balance of payments for the first half of 2019? A: In the first half of 2019, a surplus of USD 106 billion was recorded under the current account, and its ratio to GDP was 1.6%. As initially estimated, net inflows were registered under the financial account excluding reserve assets, and direct investment and portfolio investment were in surplus. Specifically, First, under the current account, trade in goods remained in surplus, trade in service recorded a shrinking deficit, and primary and secondary income were in surplus. In the BOP, trade in goods registered a surplus of USD 222.8 billion in the first half; trade in service registered a deficit of USD 129.3 billion, down by 12% year on year. Deficits were recorded under travel and transportation but went down by 8% and 14% year on year respectively; primary income registered a surplus of USD 7.1 billion, versus a deficit of USD 30.3 billion the same period last year; secondary income represented a surplus of USD 5.4 billion, compared with a deficit of USD 6.5 billion the same period last year. Second, under the financial account excluding reserve assets, direct investment and portfolio investment remained in surplus. In the first half, direct investment registered a surplus of USD 33.6 billion. In particular, ODI, at USD 46.7 billion, stayed stable; FDI, at USD 80.3 billion, remained high. Under portfolio investment, foreign investors bought additional securities of USD 50-odd billion while China bought foreign securities of extra USD 30-plus billion, and two-way equity and bond investment increased, suggesting that the two-way opening of capital market in China has fueled capital transactions and cross-border capital flows to better satisfy the demands for cross-border asset allocation among domestic and foreign investors. Currently China sees stable economic expectations, deeper opening up, and deeper trade and investment liberalization and facilitation. It is expected that during the whole year, the current account will remain within the reasonable range and likely to continue with a slight surplus; and the financial account excluding reserve assets will remain stable. All this shows that the balance of payments will remain in an equilibrium. 2019-08-09/en/2019/0809/1547.html
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The State Administration of Foreign Exchange (SAFE) has recently issued the Circular on Further Facilitating Insurance Companies in Settlement of Foreign Exchange Capital (Huifa No. 17 [2019], hereinafter referred to as Circular). The official of the SAFE has answered press questions on relevant issues. 1. Could you brief us on the background of the Circular? A: In recent years, the SAFE has been actively serving China's new pattern of all-round opening-up, deepening reform and opening up in foreign exchange, driving the reform of "delegation, administration and service”, and constantly improving the capacity and level of foreign exchange administration to serve the real economy. In March 2015, reform on insurance-related foreign exchange administration was carried out to streamline business application materials and approval procedures, and improve the efficiency of foreign exchange insurance business. With the constant expansion of opening-up and the development of financial marketization, insurance companies have raised new demands for fund facilitation of foreign exchange insurance business. On the basis of fully investigating the demands of market entities and soliciting opinions from various parties, the SAFE has further promoted administration streamlining and power delegation, improved foreign exchange administration of insurance business, made research and issued the Circular. II. What are the main contents of the Circular? A: The Circular adheres to the "principle of actual demand", cancels the approval procedure for settlement of foreign exchange capital of insurance companies, improves the fund use efficiency of insurance companies, clarifies that financial institutions operating foreign exchange business (“financial institutions”) should conduct authenticity examination of business in accordance with the "three principles of business development", and standardizes the management of foreign exchange insurance business. The main contents include: The first is to cancel the approval procedure for settlement of foreign exchange capital of insurance companies and implement the discretionary foreign exchange settlement system. An insurance company may, according to actual operating requirements, handle the settlement of foreign exchange capital and funds raised through overseas IPO with a financial institution so as to improve the fund utilization efficiency of the insurance company. The second is to allow insurance intermediaries to conduct foreign exchange settlement or purchase of indemnities under insurance-related collection and payment for clients. Financial institutions shall examine the authenticity of foreign exchange settlement or purchase. The insurance agencies and insurance brokers that meet the requirements of the competent insurance authorities may directly handle foreign exchange settlement of indemnity funds under the insurance-related collection and payment for clients with a financial institution provided that the recipient of indemnities presents a power of attorney for foreign exchange settlement, so as to improve the payout efficiency with RMB for cross-border insurance-related collection and payment for clients. The third is to improve the ongoing and ex-post regulation of insurance-related foreign exchange business. The business compliance requirements of insurance institutions such as negative issues report shall be refined to ensure the healthy development of foreign exchange insurance business. III. What is the main consideration that allows insurance intermediaries to conduct foreign exchange settlement for indemnity funds under collection and payment for clients? A: With the constant expansion of opening-up and the development of financial marketization, in the efforts of serving the Belt and Road construction, more and more insurance intermediaries, especially insurance agencies and insurance brokers, are going global to serve cross-border insurance business. In the survey of market entities, some insurance intermediaries reflect the problem in RMB payout efficiency of cross-border insurance-related collection and payment service for clients. For example, due to the sudden occurrence of maritime and marine travel business, if the insurance intermediaries are not allowed to conduct exchange settlement of indemnity funds under the insurance-related collection and payment for clients, they will not be able to directly pay RMB to the policyholders, thus affecting the timeliness of relief efforts. The relaxing of the requirement for settlement of indemnity funds under collection and payment for clients by insurance intermediaries can effectively solve this problem and better serve the Belt and Road construction. IV. What contents shall be included in the independent report of negative issues of insurance institutions according to the Circular? A: The Circular adds a new management mode for insurance institutions to actively report negative issues. The reported items of insurance companies include: no foreign exchange insurance business undertaken for two consecutive years after obtaining the license to operate foreign exchange insurance business, being taken over by the insurance regulatory authorities, committing serious violation of laws and regulations and receiving administrative penalties. The reported items of insurance agencies and brokers include having committed serious violations of laws and regulations and having received administrative penalties. Local SAFE branches may require insurance institutions, if needed, to make rectification in order to effectively guard against financial risks. 2019-06-05/en/2019/0605/1522.html
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Q: The latest data on foreign exchange reserves disseminated by the State Administration of Foreign Exchange show that China's foreign exchange reserves as of the end of June 2019 rose by USD 18.2 billion month on month. Could you tell us why such a change occurred? What would you say about the future trends of foreign exchange reserves? A: As at the end of June 2019, China's foreign exchange reserves recorded USD 3.1192 trillion, up by USD 18.2 billion or 0.6% month on month. In June, the USD index fell and the asset price rose on the international financial market due to factors such as the global trade situations and monetary policies of central banks of major countries. Due to the combined impact of exchange rate translation and asset price changes, China’s foreign exchange reserves rose. Since the beginning of this year, despite increasing uncertainties and destabilizing factors in the external environment, China's economy has maintained overall stability and operated within a reasonable range. Supply and demand in the foreign exchange market are basically balanced, the cross-border capital flows through major channels have shown positive changes, and the foreign exchange reserves have steadily increased. Looking ahead, although the international economic and financial situations will remain complicated, China will continue to advance the high-quality economic development and actively implement the measures of opening up to the outside world in an all-around manner. The economic growth is expected to become more resilient and sustainable. All these will provide strong support for the stability of China's foreign exchange market and thus provide a solid foundation for the overall stability of the foreign exchange reserves. 2019-07-08/en/2019/0708/1536.html
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The branches 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, the branches in Shenzhen, Dalian, Qingdao, Xiamen, and Ningbo, and all designated Chinese-funded foreign exchange banks, In order to facilitate the settlement of cross-border e-commerce, promote the healthy development of foreign exchange business of payment institutions and prevent risks from foreign exchange payment, the SAFE formulated the Measures for the Administration of Foreign Exchange Business of Payment Institutions (“the Measures”, please see the Appendix) based on summarizing the pilot experience of cross-border foreign exchange payment business of payment institutions. Relevant issues are notified as follows: I. Payment institutions that participated in the pilot program on cross-border foreign exchange payment business before the implementation of the Measures shall, within three months from the implementation date of the Measures, conduct directory registration with the branches and foreign exchange administration departments of the SAFE (“the SAFE branches”) at the place of registration in line with the requirements of the Measures. II. Banks may, with reference to Article 12 of the Measures, apply to provide settlement and sales of foreign exchange and relevant fund receipt and payment services to cross-border e-commerce operators and consumers who purchase goods or services by presenting electronic transaction information, provided that the banks meet the requirements on transaction information collection and authenticity verification. III. In order to ensure the smooth transition of pilot business of payment institutions on cross-border foreign exchange payment, each SAFE branch shall accurately convey the policy requirements to the payment institutions within its jurisdiction, make scientific deployment of personnel and properly perform all kinds of work for implementation of the Measures. IV. This Circular shall come into force as of the date of promulgation. In case of any inconsistency between the previous provisions and this Circular, this Circular shall prevail. The Circular of the State Administration of Foreign Exchange on the Implementation of the Pilot Program of Cross-border Foreign Exchange Payment Business through Payment Institutions (Huifa No.7 [2015]) will be abolished. Upon receipt of this Circular, the SAFE branches should immediately forward it to the central sub-branches (sub-branches), local commercial banks, and foreign banks within their respective jurisdiction, and all designated Chinese-funded foreign exchange banks should promptly forward it to their branches. Appendix: Measures for the Administration of Foreign Exchange Business of Payment Institutions State Administration of Foreign Exchange April 29, 2019 2019-04-29/en/2019/0429/1525.html
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The State Administration of Foreign Exchange (SAFE) has recently released the data on external debt as at the end of March 2019. The SAFE spokesperson and Chief Economist Wang Chunying answered media questions on China’s recent external debt situations. Q: Could you brief us on China's external debt for the first quarter of 2019? A: The scale of China’s external debt is basically stable. As at the end of March, the full-scale outstanding external debt (including domestic and foreign currencies) hit USD 1.9717 trillion, representing an increase of USD 6.5 billion from the end of 2018, up by 0.3%. Q: What would you say about the external debt situation in China? A: The growth of China's external debt has slowed down. Firstly, the currency structure of external debt has continued to improve. The increase of external debt in the first quarter of 2019 was mainly driven by external debt in domestic currency, which increased by 0.8 percentage point from the end of 2018. Secondly, the demand of foreign investors for purchasing domestic RMB bonds has remained stable with a slight increase. In the first quarter of 2019, the balance of debt securities increased by 4.3% from the end of 2018, accounting for 22.6% of the full-scale outstanding external debt. With the increasing uncertainties and destabilizing factors in the external environment, China's economic operation has maintained the development trend of overall stability and steady progress, showing adequate resilience. In the future, the SAFE will further refine the two-pronged "macro-prudential and micro-regulation" management framework for cross-border capital flow, and adhere to the practice of focusing on both serving the real economy and preventing risk from cross-border capital flow, so as to promote healthy economic development. 2019-06-28/en/2019/0628/1518.html
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国家外汇管理局统计数据显示，2019年7月，银行结汇11068亿元人民币（等值1610亿美元），售汇11491亿元人民币（等值1671亿美元），结售汇逆差423亿元人民币（等值61亿美元）。其中，银行代客结汇10353亿元人民币，售汇10635亿元人民币，结售汇逆差283亿元人民币；银行自身结汇716亿元人民币，售汇856亿元人民币，结售汇逆差140亿元人民币。同期，银行代客远期结汇签约1139亿元人民币，远期售汇签约362亿元人民币，远期净结汇776亿元人民币。截至7月末，远期累计未到期结汇4473亿元人民币，未到期售汇4757亿元人民币，未到期净售汇284亿元人民币；未到期期权Delta净敞口-2265亿元人民币。 2019年1-7月，银行累计结汇71324亿元人民币（等值10493亿美元），累计售汇73995亿元人民币（等值10887亿美元），累计结售汇逆差2671亿元人民币（等值394亿美元）。其中，银行代客累计结汇66518亿元人民币，累计售汇68486亿元人民币，累计结售汇逆差1968亿元人民币；银行自身累计结汇4806亿元人民币，累计售汇5509亿元人民币，累计结售汇逆差703亿元人民币。同期，银行代客累计远期结汇签约8871亿元人民币，累计远期售汇签约2829亿元人民币，累计远期净结汇6042亿元人民币。 2019年7月，银行代客涉外收入20504亿元人民币（等值2982亿美元），对外付款20647亿元人民币（等值3003亿美元），涉外收付款逆差143亿元人民币（等值21亿美元）。 2019年1-7月，银行代客涉外收入138455亿元人民币（等值20376亿美元），对外付款136489亿元人民币（等值20084亿美元），涉外收付款顺差1966亿元人民币（等值292亿美元）。 附：名词解释和相关说明 国际收支是指我国居民与非居民间发生的一切经济交易，包括引起居民和非居民间资产和负债变化的所有金融交易和实物交易。 银行结售汇是指银行为客户及其自身办理的结汇和售汇业务，包括远期结售汇履约和期权行权数据，不包括银行间外汇市场交易数据。银行结售汇统计时点为人民币与外汇兑换行为发生时。其中，结汇是指外汇所有者将外汇卖给外汇指定银行，售汇是指外汇指定银行将外汇卖给外汇使用者。结售汇差额是结汇与售汇的轧差数。银行结售汇形成的差额将通过银行在银行间外汇市场买卖平盘，是引起我国外汇储备变化的主要来源之一，但其不等于同期外汇储备的增减额。 银行结售汇不按居民与非居民交易的原则进行统计，且其仅包括银行与客户及其自身之间发生的本外币买卖，即人民币和外汇的兑换交易，不同于国际收支交易的统计范围。 远期结售汇签约是指银行与客户协商签订远期结汇（售汇）合同，约定将来办理结汇（售汇）的外汇币种、金额、汇率和期限；到期外汇收入（支出）发生时，即按照远期结汇（售汇）合同订明的币种、金额、汇率办理结汇（售汇）。远期结售汇业务使得企业可提前锁定未来结汇或售汇的汇率，从而有效规避人民币汇率变动的风险。银行一般会通过银行间外汇市场来对冲远期结售汇业务形成的风险敞口。比如，当银行签订的远期结汇大于远期售汇时，银行一般会将同等金额的外汇提前在银行间外汇市场卖出，反之亦然。因而远期结售汇也是影响我国外汇储备变化的一个因素。 远期结售汇平仓是指客户因真实需求背景发生变更、无法履行资金交割义务，对原交易反向平盘，了结部分或全部远期头寸的行为。 远期结售汇展期是指客户因真实需求背景发生变更，调整原交易交割时间的行为。 本期末远期结售汇累计未到期额是指银行与客户签订的远期结汇和售汇合同在本期末仍未到期的余额；差额是指未到期远期结汇和售汇余额之差。签约额与累计未到期额之间的关系为：本期末远期结售汇累计未到期额=上期末远期结售汇累计未到期额+本期远期结售汇签约额-本期远期结售汇履约额-本期远期结售汇平仓额。 未到期期权Delta净敞口是指银行对客户办理的期权业务在本期末累计未到期合约所隐含的即期汇率风险敞口。银行为管理这部分风险敞口，在期权合约存续期间通常会在外汇市场进行对冲。 银行代客涉外收付款是指境内非银行居民机构和个人（统称非银行部门）通过境内银行与非居民机构和个人之间发生的收付款，不包括现钞收付和银行自身涉外收付款。具体包括：非银行部门和非居民之间通过境内银行发生的跨境收付款（包括外汇和人民币），以及非银行部门和非居民之间通过境内银行发生的境内收付款（暂不包括境内居民个人与境内非居民个人之间发生的人民币收付款），统计时点为客户在境内银行办理涉外收付款时。其中，银行代客涉外收入是指非银行部门通过境内银行从非居民收入的款项，银行代客对外支出是指非银行部门通过境内银行向非居民支付的款项。 银行代客涉外收付款是国际收支统计的组成部分，但其统计原则与国际收支采用的权责发生制原则不同，采用资金收付制原则，且其仅反映境内非银行部门与非居民之间的资金流动状况，不能反映实物交易和银行自身的涉外交易，统计范围小于国际收支统计。 2019-08-22/anhui/2019/0822/1308.html
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常德市中心支局举办全市资本项目业务培训班 为贯彻落实资本项目外汇管理政策，提高全市资本项目外汇业务工作水平，8月30日,常德市中心支局举办了全市资本项目政策培训研讨班，辖内11家外汇指定银行的部门负责人及经办人员共计22人参加了培训会。 培训研讨会重点就资本项目外汇政策和相关业务操作知识进行了解读，培训内容主要包括资本项目基本概念与业务分类、资本项目外汇管理现状、资本项目主要政策法规、资本项目外汇业务操作指引、银行办理资本项目外汇业务等五个方面。培训中，11家外汇指定银行对各自资本业务开展情况进行了介绍发言，并采取互动模式就资本项目外汇管理重点、难点问题进行了充分讨论、沟通交流，为辖内后续拓展和规范办理资本业务打下坚实基础。 培训研讨会上传达了省局外汇管理工作会议和全市金融工作会议精神，安排部署了下半年资本项目外汇管理工作重点，提出了相关工作要求。一是加强学习，提升技能。二是要严守制度，规范履职。三是加强沟通，及时反馈。四是强化内控，防范风险。 2019-09-05/hunan/2019/0905/1121.html