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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 13.78 trillion (equivalent to USD 2.13 trillion) in February 2021. In terms of markets, the transactions volume of client market was RMB 2.31 trillion (equivalent to USD 0.36 trillion), and the transactions volume of interbank market was RMB 11.47 trillion (equivalent to USD 1.78 trillion). In terms of products, the cumulative transactions volume of the spot market was RMB 5.49 trillion (equivalent to USD 0.85trillion), and that of the derivatives market was RMB 8.29 trillion (equivalent to USD 1.28 trillion). From January to February 2021, a total of RMB 31.95 trillion (equivalent to USD 4.94 trillion) was traded in the Chinese foreign exchange market. 2021-03-26/en/2021/0226/1805.html
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List of the Cross-border Transporting Foreign Currencies Institutions 2021-03-02/en/2021/0301/1806.html
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Honorable Secretary Li Qiang, Mayor Gong Zheng, Governor Yi Gang, Chairman Guo Shuqing, Chairman Yi Huiman, Ladies and Gentlemen, Good morning. At today’s forum, I would like to talk about the situation and development of China’s foreign exchange market. I. The RMB exchange rate has seen two-way fluctuations and the foreign exchange market operates stably 1. The operation of the foreign exchange market is a subject of common concern. Since the beginning of this year, the RMB exchange rate against the US dollar has seen two-way fluctuations and is generally stable. Developments in international financial markets, especially the fluctuations in the interest rate and the exchange rate of the US dollar, have had some impact on other currencies, including the RMB. At the same time, with the Chinese economy continuing to recover steadily, the RMB exchange rate has remained basically stable at an adaptive and equilibrium level. At present, China’s current account surplus remains in a reasonable range; supply and demand in China’s foreign exchange market are basically in equilibrium; and China’s foreign exchange reserves are stable and rising. China adopts a managed floating exchange rate regime based on market supply and demand with reference to a basket of currencies. It has proved to be an institutional arrangement suitable to China’s national conditions and will be pursued persistently. 2. Factors influencing the RMB exchange rate are complicated and two-way fluctuations will become normal. The RMB exchange rate is more stable than other currency exchange rates; RMB exchange rate expectations are stable; and trading in China’s foreign exchange market has been rational and orderly. There are multiple factors home and abroad that influence the movements of the RMB exchange rate. On the one hand, China’s economy has been stable and improving; it has maintained a normal monetary policy; its balance of payments is sound and stable; and its foreign exchange market is maturing. All these factors will continue to provide strong support for the stability of the RMB exchange rate. On the other hand, there are a number of destabilizing factors and uncertainties in the external environment affecting the RMB exchange rate. First, economic recovery is still uneven around the world, with the US and other developed economies undergoing faster recovery and narrowing the gap with China’s economic growth. Second, with the rise of inflation and inflation expectations in the US, market expectations have been running high for monetary tightening by the US Federal Reserve, and pressure is mounting on it for monetary policy adjustment, which will have major impacts on global foreign exchange markets and cross-border capital flows. Third, since the outbreak of the pandemic, stimulated by the ultra-loose monetary policy, valuations in international financial markets have been rising and deviating from the fundamentals of the real economy. Heightened vulnerabilities and the risks of downward adjustment in international financial markets may lead to rising risk aversion globally and change cross-border capital flows. Fourth, in the post-pandemic era, the intensifying rivalries in the international political and economic arenas may impact financial markets, particularly the foreign exchange market. One thing to add, China’s foreign exchange market has apparent seasonal features. June to August each year usually see large amounts of foreign exchange purchases as foreign-invested enterprises as well as companies listed overseas pay dividends and repatriate profits, and many Chinese students studying overseas pay their tuition fees and living expenses for the coming semester. II. Market entities should adapt to the normality of two-way exchange rate fluctuations and be risk-neutral in exchange rate risk management In an environment characterized by two-way exchange rate fluctuations, exchange rate risk management is highly important to the financial performance of enterprises, especially those active in international businesses. In recent years, China’s foreign exchange market has achieved substantial development. A foreign exchange derivatives market with depth and width has been in operation, which offers a variety of products, such as forwards, foreign exchange swaps, currency swaps and currency options, and has diversified market participants. In 2020, transactions in China’s foreign exchange market totaled USD30 trillion, 60 percent of which was from foreign exchange derivatives trading. Chinese enterprises have continuously raised their awareness to be “exchange rate risk-neutral” and improved their management of exchange rate risks. So far this year, the hedge ratio of enterprises has exceeded 20 percent, up by 5 percentage points from last year. Nonetheless, there is still much room for improvement. To reduce exchange rate risks requires the joint efforts of enterprises, banks and regulators. First, with regard to foreign exchange risk management, some enterprises act procyclically and some expose themselves completely to risks. As their procyclical financial operations build up risk exposure via currency mismatches in their balance sheets, they may gain profits from the rises and falls in exchange rates while inevitably bearing the risks coming along. As far as financial soundness is concerned, an enterprise should adhere to the principles of serving its main business and being risk-neutral in exchange rate risk management; it should make prudential arrangements on the currency structure of its assets and liabilities while avoiding procyclical behavior and complete exposure to risks; and it should never bet on the appreciation or depreciation of the RMB since gamblers are bound to loose someday. Second, we will work towards an open and competitive foreign exchange market. Third, we will push financial institutions to diversify hedge products and reduce hedge costs for enterprises. Fourth, we will improve market transparency so that market entities are better informed to make rational judgments on foreign exchange market situation. Fifth, we will enhance macro-prudential management and the guidance of market expectations to keep the RMB exchange rate basically stable at an adaptive and equilibrium level. III. We will steadily advance the reform of foreign exchange management and enhance the liberalization and facilitation of cross-border trade and investment China’s current account achieved full convertibility in 1996. Since the beginning of this century, we have been steadily moving ahead with the liberalization of our capital account, which has become highly convertible according to international standards. The capital account represents cross-border capital and financial transactions, which mainly fall into three categories, i.e., cross-border direct investment, cross-border securities investment and cross-border lending/borrowing, involving cross-border trading, currency exchange and cross-border inward/outward remittance. Currently, direct investment has basically achieved convertibility. As for securities investment, institutional arrangements for cross-border investment have been put in place, which mainly include institutional investor schemes, interconnectivity mechanisms and direct market access for overseas investors. Cross-border debt financing can be conducted at the discretion of market entities under the macro-prudential management policy framework for full-scale cross-border financing. We will work to ensure both development and security, making continued efforts to reform and improve the foreign exchange management system and mechanisms to align with the new systems for a higher-standard open economy under the new development paradigm. First, we will improve cross-border trade facilitation under the current account while reform of the foreign exchange sector will move ahead to streamline administration, delegate power, improve regulation and upgrade services; and a foreign exchange supervisory system will be established, which focuses on credit risk assessment and ex-post verification. Second, prudent and orderly steps will be taken to advance high-standard opening-up of the capital account. By making coordinated planning for trading, exchange and remittance, for cross-border RMB and foreign currency management, and for capital account liberalization and risk prevention, we will liberalize the remaining few non-convertible items step by step while enhancing facilitation measures under the items already convertible. Focusing on RMB internationalization and two-way opening-up of the financial sector, we will actively support Shanghai in its building of an RMB-denominated financial asset allocation and risk management center to improve the width and depth of the RMB financial market. Third, continued efforts will be made to enhance our abilities for economic and financial management as well as risk prevention and control in an open environment. We will improve the framework for foreign exchange market administration featuring “macro-prudential management plus micro supervision” and enhance the review mechanisms for combating money laundering, terrorist financing and tax evasion so as to safeguard the stable and sound operation of the foreign exchange market. The near-term priorities in the reform and opening-up of the foreign exchange sector are as follows. First, we will diversify market products and participants home and abroad, and improve the infrastructure systems as well as service capacities of China Foreign Exchange Trade System and Shanghai Clearing House so that they are better able to provide services globally from Shanghai. Second, measures will be taken to advance reform regarding cross-border investment by private equity investment funds to support their cross-border industrial investment. Moreover, we will expand the pilot programs of Qualified Domestic Limited Partnership (QDLP) and Qualified Foreign Limited Partnership (QFLP) to support Shanghai becoming a major market in the world for wealth management and asset management. Third, Chinese residents will have more options for asset allocation overseas. Through the mechanisms interconnecting financial market infrastructures, such as the Shanghai-Hong Kong Stock Connect, Shenzhen-Hong Kong Stock Connect and Bond Connect, we will scale up the Qualified Domestic Institutional Investor (QDII) scheme, improve QDII management mechanisms, and launch the pilot program of Cross-Boundary Wealth Management Connect in some regions. Fourth, we will facilitate cross-border financing for enterprises. In recent years, the People’s Bank of China (PBC) and the State Administration of Foreign Exchange (SAFE) have established and improved the macro-prudential management policy framework for full-scale cross-border financing, allowing enterprises to borrow from abroad at their own discretion within quotas based on their net assets. As some innovative enterprises, especially the micro, small and medium-sized enterprises among them, only have small net assets initially and hence low quotas for cross-border financing, we have launched pilot programs in areas, such as Zhongguancun of Beijing and the Shanghai Pilot Free Trade Zone, to facilitate external debt financing for them. Eligible high-tech enterprises are granted facilitation quotas for external debt financing, which they can use at their discretion. This measure is supportive to the development of Shanghai as a sci-tech innovation center. Fifth, work will be done to support cross-border receipts and payments for new forms of trade, such as offshore trade, cross-border e-commerce and market procurement trade. Sixth, we will facilitate coordinated use of cross-border funds in large conglomerates, having launched the pilot program of integrated RMB and foreign currency cash pooling for multinational corporations. Moreover, in the near future, pilot programs for high-standard opening-up of foreign exchange management will be launched in the Lin-gang Special Area of Shanghai and in some parts of the Guangdong-Hong Kong-Macao Greater Bay Area and the Hainan Free Trade Port in order to gain experience for advancing high-standard institutional opening-up of the foreign exchange sector. IV. We will improve the management of foreign exchange reserves and build world-class asset management institutions Regarding the investment of foreign exchange reserves, China is an important investor in global financial markets, and a responsible investor as well. We conduct relevant operations in line with market-based principles, respect international market rules and industry practices, and maintain and promote the stability as well as development of international financial markets. Since 2007, we have incorporated environmental, social and governance (ESG) elements into the processes of foreign exchange reserves management. In China’s foreign exchange reserves, green bonds, which we have invested in through multiple channels, have recorded a compound annual growth rate of around 60 percent for the past five years. The ESG criteria have also been incorporated into investment decision-making and risk management processes. Going forward, premised on security, liquidity and value preservation and appreciation, it will be our long-term objective to invest foreign exchange reserves sustainably. We will continue to implement the ESG concept in the course of investment and enhance the depth and width of ESG investing and risk management. In addition to stepping up green bond investment, we will take active steps to try making sustainable investments through entrusted investment, cooperation with international financial organizations, or outbound direct investment via equity investment institutions such as the Silk Road Fund. And we will improve the framework for the analysis and assessment of risks posed by climate change to reserves investment. China will strengthen international exchanges and cooperation on foreign exchange reserves management, firmly support worldwide green low-carbon development, and work together with the international community to promote global climate governance and foster a community of life for man and nature. Ladies and gentlemen, as proved by the development of China’s financial market, unswervingly carrying out reform and opening-up is a strong driving force and important guarantee for the realization of China’s financial market development that is based on market principles, governed by law and up to international standards. It is also key to enhancing the international competitiveness of China’s financial market as well as its capabilities to serve the real economy. We will better coordinate development and security, make coordinated planning for capital account liberalization, two-way opening-up of financial markets and RMB internationalization, improve the liberalization and facilitation of cross-border trade and investment, and effectively guard against shocks from cross-border capital flows. By so doing, we will safeguard financial stability and national economic and financial security, support the new systems for a higher-standard open economy, and promote the development of Shanghai as an international financial center. Thank you. 2021-06-11/en/2021/0611/1840.html
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In June 2021, China’s international trade in goods and services recorded receipts of RMB 1888.9 billion and payments of RMB 1651.1 billion based on statistics of balance of payments (BOP), registering a surplus of RMB 237.8 billion. Specifically, trade in goods registered receipts of RMB 1705.9 billion, payments of RMB 1428.4 billion, recording a surplus of RMB 277.5 billion; trade in services recorded receipts of RMB 182.9 billion, payments of RMB 222.7 billion, resulting in a deficit of RMB 39.7 billion. In the US dollar terms, in June 2021, China's BOP-based receipts and payments of international trade in goods and services were USD 294.1 billion and USD 257.1 billion respectively, registering a surplus of USD 37 billion. Specifically, the receipts and payments from trade in goods were USD 265.6 billion and USD 222.4 billion respectively, resulting in a surplus of USD 43.2 billion. Trade in services registered receipts and payments of USD 28.5 billion and USD 34.7 billion respectively, recording a deficit of USD 6.2 billion. (End) International Trade in Goods and Services of China (Based on the BOP statistics) June 2021 Item In 100 million of RMB In 100 million of USD Goods and services 2378 370 Credit 18889 2941 Debit -16511 -2571 1. Goods 2775 432 Credit 17059 2656 Debit -14284 -2224 2. Services -397 -62 Credit 1829 285 Debit -2227 -347 2.1Manufacturing services on physical inputs owned by others 78 12 Credit 82 13 Debit -4 -1 2.2Maintenance and repair services n.i.e 13 2 Credit 41 6 Debit -28 -4 2.3Transport -44 -7 Credit 633 99 Debit -677 -105 2.4Travel -437 -68 Credit 66 10 Debit -502 -78 2.5Construction 58 9 Credit 105 16 Debit -47 -7 2.6Insurance and pension services -46 -7 Credit 34 5 Debit -80 -13 2.7Financial services -7 -1 Credit 19 3 Debit -27 -4 2.8Charges for the use of intellectual property -228 -36 Credit 72 11 Debit -300 -47 2.9Telecommunications, computer and information services 78 12 Credit 310 48 Debit -232 -36 2.10Other business services 152 24 Credit 450 70 Debit -298 -46 2.11Personal, cultural, and recreational services -18 -3 Credit 9 1 Debit -27 -4 2.12Government goods and services n.i.e 5 1 Credit 9 1 Debit -4 -1 Notes: 1. The 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-life insurance, 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 to communications 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. 2021-07-30/en/2021/0730/1842.html
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As at the end of March 2021, China recorded RMB 16.6033 trillion in outstanding external debt denominated in both domestic and foreign currencies(equivalent to USD 2526.6 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 7411.8 billion(equivalent to USD 1127.9 billion), accounting for 45 percent; while the outstanding short-term external debt was RMB 9191.5 billion (equivalent to USD 1398.7 billion), taking up 55 percent, of which 39 percent was trade-related credit. In terms of institutional sectors, the outstanding debt of general government totaled RMB 2659.6 billion (equivalent to USD 404.7 billion), accounting for 16 percent; the outstanding debt of the central bank totaled RMB 242.9 billion (equivalent to USD 37 billion), accounting for 2 percent; the outstanding debt of banks totaled RMB 7674.3 billion (equivalent to USD 1167.8 billion), accounting for 46 percent; the outstanding debt of other sectors (including inter-company lending under direct investments) totaled RMB 6026.5 billion (equivalent to USD 917.1 billion), accounting for 36 percent. In terms of debt instruments, the balance of loans was RMB 2980 billion (equivalent to USD 453.5 billion), accounting for 18 percent; the outstanding trade credit and prepayment was RMB 2425.5 billion (equivalent to USD 369.1 billion), accounting for 15 percent; the outstanding currency and deposits was RMB 3724.5 billion (equivalent to USD 566.8 billion), accounting for 22.5 percent; the outstanding debt securities was RMB 5098.3 billion (equivalent to USD 775.8 billion), accounting for 31 percent; the Special Drawing Rights (SDR) allocation amounted to RMB 65.1 billion (equivalent to USD 9.9 billion), accounting for 0.5 percent; the balance of inter-company lending under direct investments totaled RMB 1879.6 billion (equivalent to USD 286 billion), accounting for 11 percent; and the balance of other debt liabilities was RMB 430.3 billion (equivalent to USD 65.5 billion), accounting for 2 percent. With respect to currency structures, the outstanding external debt in domestic currency totaled RMB 7130.5 billion (equivalent to USD 1085.1 billion),accounting for 43 percent;the outstanding external debt in foreign currencies (including SDR allocation) totaled RMB 9472.8 billion (equivalent to USD 1441.5 billion), accounting for 57 percent. In the outstanding registered external debt in foreign currencies, the USD debt accounted for 84 percent, the Euro debt accounted for 8 percent, the HKD debt accounted for 4 percent, the JPY debt accounted for 2 percent, the SDR and other foreign currency-denominated external debt accounted for 2 percent. Since all major external debt indicators were within the internationally recognized thresholds, China’s external debt risk is under control. Appendix 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 March 2021 End of March 2021 End of March 2021 （Unit:100 million RMB） （Unit:100 million US dollars） General Government 26596 4047 Short-term 957 146 Currency and deposits 0 0 Debt securities 957 146 Loans 0 0 Trade credit and advances 0 0 Other debt liabilities 0 0 Long-term 25639 3901 Special drawing rights (allocations) 0 0 Currency and deposits 0 0 Debt securities 22055 3356 Loans 3584 545 Trade credit and advances 0 0 Other debt liabilities 0 0 Central Bank 2429 370 Short-term 1429 217 Currency and deposits 690 105 Debt securities 739 112 Loans 0 0 Trade credit and advances 0 0 Other debt liabilities 0 0 Long-term 1000 153 Special drawing rights (allocations) 651 99 Currency and deposits 0 0 Debt securities 0 0 Loans 0 0 Trade credit and advances 0 0 Other debt liabilities 349 54 Other Depository Corporations 76743 11678 Short-term 55520 8449 Currency and deposits 36546 5561 Debt securities 4362 664 Loans 14167 2156 Trade credit and advances 0 0 Other debt liabilities 445 68 Long-term 21223 3229 Currency and deposits 0 0 Debt securities 16572 2522 Loans 4551 692 Trade credit and advances 0 0 Other debt liabilities 100 15 Other Sectors 41469 6311 Short-term 28725 4371 Currency and deposits 10 1 Debt securities 108 16 Loans 3208 488 Trade credit and advances 23830 3626 Other debt liabilities 1569 240 Long-term 12744 1940 Currency and deposits 0 0 Debt securities 6190 942 Loans 4291 653 Trade credit and advances 424 65 Other debt liabilities 1839 280 Direct Investment: Intercompany Lending 18796 2860 Debt liabilities of direct investment enterprises to direct investors 11657 1774 Debt liabilities of direct investors to direct investment enterprises 951 145 Debt liabilities to fellow enterprises 6188 941 Gross External Debt Position 166033 25266 Notes: 1. The short-term and long-term herein are broken down by contractual (original) maturity. 2. The data in this table have been rounded off. 2021-06-25/en/2021/0625/1836.html
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As shown in the statistics of the State Administration of Foreign Exchange (SAFE), in June 2021, the amount of foreign exchange settlement and sales by banks was RMB 1518.8 billion and RMB 1377.5 billion, respectively, with a surplus of RMB 141.3 billion. During January to June 2021, the accumulative amount of foreign exchange settlement and sales by banks was RMB 7828.1 billion and RMB 6952.2 billion, respectively, with an accumulative surplus of RMB 876.0 billion. In the US dollar terms, in June 2021, the amount of foreign exchange settlement and sales by banks was USD 236.5 billion and USD 214.5 billion, respectively, with a surplus of USD 22 billion. During January to June 2021, the accumulative amount of foreign exchange settlement and sales by banks was USD 1210.1 billion and USD 1074.5 billion, respectively, with an accumulative surplus of USD 135.6 billion. In June 2021, the amount of cross-border receipts and payments by non-banking sectors was RMB 3550.6 billion and RMB 3345.8 billion, respectively, with a surplus of RMB 204.7 billion. During January to June 2021, the accumulative amount of cross-border receipts and payments by non-banking sectors was RMB 18387.0 billion and RMB 17164.2 billion, respectively, with an accumulative surplus of RMB 1222.8 billion. In the US dollar terms, in June 2021, the amount of cross-border receipts and payments by non-banking sectors was USD 552.8 billion and USD 520.9 billion, respectively, with a surplus of USD 31.9 billion. During January to June 2021, the accumulative amount of cross-border receipts and payments by non-banking sectors was USD 2841.9 billion and USD 2652.9 billion, respectively, with an accumulative surplus of USD 189.0 billion. 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 foreign exchange holders sell foreign exchange to designated foreign exchange bank, and foreign exchange sales means designated bank sells 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 designated foreign exchange bank and 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. 2021-07-23/en/2021/0723/1841.html
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As at the end of March 2021, China’s external financial assets reached USD 8877.6 billion, external financial liabilities reached USD 6737.5 billion, and net external assets totaled USD 2140 billion. In the external financial assets, direct investment assets amounted to USD 2431.9 billion, portfolio investment assets, USD 965.8 billion, financial derivative assets, USD 16.5 billion, other investment assets, USD 2166.2 billion, and reserves assets, USD 3297.1 billion, accounting for 27 percent, 11 percent, 0.2 percent, 24 percent and 37 percent of external financial assets respectively. In external liabilities, direct investment liabilities were USD 3238.6 billion, portfolio investment liabilities, USD 2028.9 billion, financial derivative liabilities, USD 10.4 billion and other investment liabilities, USD 1459.6 billion, accounting for 48 percent, 30 percent, 0.2 percent and 22 percent of the external financial liabilities respectively. In SDR terms, China’s external financial assets and liabilities reached SDR 6264.1 billion and SDR 4754.1 billion respectively, and external net assets totaled SDR 1510 billion at the end of March 2021. (End) China's International Investment Position, End of March 2021 Item Line No. Position in 100 million USD Position in 100 million SDR Net Position 1 21,400 15,100 Assets 2 88,776 62,641 1 Direct Investment 3 24,319 17,160 1.1 Equity and Investment Fund Shares 4 21,006 14,822 1.2 Debt Instruments 5 3,313 2,338 1.a Financial Sectors 6 3,172 2,238 1.1.a Equity and Investment Fund Shares 7 3,094 2,183 1.2.a Debt Instruments 8 78 55 1.b Non-financial Sectors 9 21,147 14,922 1.1.b Equity and Investment Fund Shares 10 17,912 12,639 1.2.b Debt Instruments 11 3,235 2,282 2 Portfolio Investment 12 9,658 6,815 2.1 Equity and Investment Fund Shares 13 6,655 4,696 2.2 Debt Securities 14 3,003 2,119 3 Financial Derivatives (other than reserves) and Employee Stock Options 15 165 116 4 Other Investment 16 21,662 15,285 4.1 Other Equity 17 89 63 4.2 Currency and Deposits 18 5,292 3,734 4.3 Loans 19 9,355 6,601 4.4 Insurance, Pension, and Standardized Guarantee Schemes 20 178 126 4.5 Trade Credit and Advances 21 5,850 4,128 4.6 Others 22 897 633 5 Reserve Assets 23 32,971 23,265 5.1 Monetary Gold 24 1,059 747 5.2 Special Drawing Rights 25 113 80 5.3 Reserve Position in the IMF 26 103 72 5.4 Foreign Exchange Reserves 27 31,700 22,368 5.5 Other Reserve Assets 28 -5 -3 Liabilities 29 67,375 47,541 1 Direct Investment 30 32,386 22,852 1.1 Equity and Investment Fund Shares 31 29,415 20,756 1.2 Debt Instruments 32 2,971 2,096 1.a Financial Sectors 33 1,816 1,281 1.1.a Equity and Investment Fund Shares 34 1,648 1,163 1.2.a Debt Instruments 35 168 119 1.b Non-financial Sectors 36 30,570 21,570 1.1.b Equity and Investment Fund Shares 37 27,767 19,593 1.2.b Debt Instruments 38 2,803 1,978 2 Portfolio Investment 39 20,289 14,316 2.1 Equity and Investment Fund Shares 40 12,803 9,034 2.2 Debt Securities 41 7,486 5,282 3 Financial Derivatives (other than reserves) and Employee Stock Options 42 104 74 4 Other Investment 43 14,596 10,299 4.1 Other Equity 44 0 0 4.2 Currency and Deposits 45 5,682 4,009 4.3 Loans 46 4,575 3,228 4.4 Insurance, Pension, and Standardized Guarantee Schemes 47 178 125 4.5 Trade Credit and Advances 48 3,691 2,604 4.6 Others 49 372 262 4.7 Special Drawing Rights 50 99 70 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”. 2021-06-25/en/2021/0625/1838.html
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In the first quarter of 2021, China's current account registered a surplus of RMB 450.3 billion, and the capital and financial accounts recorded a deficit of RMB 450.7 billion. In SDR terms, in the first quarter of 2021, China posted a surplus of SDR 48.3 billion under the current account, and a deficit of SDR 48.4 billion under the capital and financial accounts. In the US dollar terms, in the first quarter, China's current account recorded a surplus of USD 69.4 billion, including a surplus of USD 118.7 billion under trade in goods, a deficit of USD 22.2 billion under trade in services, a deficit of USD 29.4 billion under primary income and a surplus of USD 2.3 billion under secondary income. The capital and financial accounts recorded a deficit of USD 69.5 billion, including a deficit of USD 38 million under the capital account, a surplus of USD 75.7 under direct investment, a surplus of USD 3.5 billion under portfolio investment, a surplus of USD 1.8 billion under financial derivatives, a deficit of USD 115.5 billion under other investment, and reserves assets increased by USD 35 billion.(End) Abridged Balance of Payments, Q1 2021 Item Line No. RMB 100 million USD 100 million SDR 100 million 1. Current Account 1 4,503 694 483 Credit 2 54,684 8,433 5,870 Debit 3 -50,180 -7,739 -5,386 1. A Goods and Services 4 6,257 965 672 Credit 5 49,700 7,665 5,335 Debit 6 -43,443 -6,700 -4,663 1.A.a Goods 7 7,696 1,187 826 Credit 8 45,013 6,942 4,832 Debit 9 -37,317 -5,755 -4,006 1.A.b Services 10 -1,439 -222 -154 Credit 11 4,687 723 503 Debit 12 -6,126 -945 -658 1.B Primary Income 13 -1,905 -294 -205 Credit 14 4,308 664 462 Debit 15 -6,213 -958 -667 1.C Secondary Income 16 151 23 16 Credit 17 675 104 72 Debit 18 -524 -81 -56 2. Capital and Financial Account 19 -4,507 -695 -484 2.1 Capital Account 20 -2 -0.4 0 Credit 21 2 0 0 Debit 22 -4 -1 0 2.2 Financial Account 23 -4,505 -695 -484 Assets 24 -19,562 -3,017 -2,100 Liabilities 25 15,057 2,322 1,616 2.2.1 Financial Account Excluding Reserve Assets 26 -2,235 -345 -240 2.2.1.1 Direct Investment 27 4,909 757 527 Assets 28 -1,421 -219 -153 Liabilities 29 6,329 976 679 2.2.1.2 Portfolio Investment 30 228 35 24 Assets 31 -4,647 -717 -499 Liabilities 32 4,874 752 523 2.2.1.3 Financial Derivatives (other than reserves) and Employee Stock Options 33 116 18 12 Assets 34 229 35 25 Liabilities 35 -113 -17 -12 2.2.1.4 Other Investment 36 -7,488 -1,155 -804 Assets 37 -11,454 -1,766 -1,229 Liabilities 38 3,966 612 426 2.2.2 Reserve Assets 39 -2,269 -350 -244 3. Net Errors and Omissions 40 4 1 0 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 here in 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 quarterly average central parity rate of RMB against USD. The quarterly accumulated RMB denominated BOP data is derived from the sum total of the RMB denominated data for the quarters. 4.The SDR denominated quarterly BOP data is converted from the USD denominated BOP data for the quarter using the quarterly average exchange rate of SDR against USD. The quarterly accumulated SDR denominated BOP data is derived from the sum total of the SDR denominated data for the quarters. 5.This statement employs rounded-off numbers. 6.For detailed data, please see the section of “Data and Statistics” at the website of the SAFE. 7. The BOP data is revised regularly; please find the latest data in “Data and Statistics”. 2021-06-25/en/2021/0625/1837.html
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As at the end of March 2021, China's banking sector recorded external financial assets of USD 1481.3 billion, external liabilities of USD 1572.1 billion, and net external liabilities of USD 90.8 billion including net RMB liabilities of USD 452.3 billion and net foreign currency assets of USD 361.4 billion. Among the external financial assets of the banking sector, by instrument, deposits and loans were USD 1098.3 billion, bonds investment, USD 192.8 billion, and other assets including equity, USD 190.2 billion, accounting for 74 percent, 13 percent and 13 percent of the sector's total external financial assets respectively. By currency, RMB assets were USD 177.8 billion, USD assets were USD 1000 billion, and other currency assets were USD 303.4 billion, accounting for 12 percent, 68 percent and 20 percent respectively. By counterpart sector, the amount invested in the overseas banking sector was USD 814.8 billion, accounting for 55 percent; the amount invested in the overseas non-banking sector was USD 666.5 billion, accounting for 45 percent. Among the external liabilities of the banking sector, by instrument, deposits and loans were USD 837.1 billion, bonds investment, USD 310.9 billion, and other liabilities including equity, USD 424.1 billion, accounting for 53 percent, 20 percent and 27 percent of the sector's total external liabilities respectively. By currency, RMB liabilities were USD 630.1 billion, USD liabilities, USD 582.6 billion, and other currency liabilities, USD 359.4 billion, accounting for 40 percent, 37 percent and 23 percent respectively. By counterpart sector, USD 600.2 billion was from overseas banking sector, accounting for 38 percent; while USD 971.9 billion was from overseas non-banking sector, accounting for 62 percent. (End) 2021-06-24/en/2021/0624/1834.html
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External Financial Assets and Liabilities of China's Banking Sector (As of March 31, 2021) 2021-06-24/en/2021/0624/1835.html