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From October 12 to October 14, 2023, Pan Gongsheng, PBOC Governor and SAFE Administrator, met with First Deputy Prime Minister of Spain, Minister of Economic Affairs and Digital Transformation, and Chair of the International Monetary and Financial Committee Nadia Calviño. They exchanged views on the 16th General Review of Quotas and other issues of mutual interest. Governor Pan Gongsheng met with Governor of the Central Bank of Sri Lanka Nandalal Weerasinghe. They exchanged views on bilateral financial cooperation and other issues of mutual interest. Governor Pan Gongsheng also exchanged views with Governor of the Central Bank of Spain, Chair of the Basel Committee on Banking Supervision Pablo Hernández del Cos on the international financial supervision. 2023-10-14/en/2023/1014/2136.html
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On October 13, 2023, Pan Gongsheng, PBOC Governor and SAFE Administrator, met with U.S. Treasury Secretary Janet L. Yellen during the International Monetary Fund/World Bank Group Annual Meetings in Marrakech, Morocco. They exchanged views on their respective domestic economic situations and the international economic and financial landscape, debt issues of developing countries, and the 16th General Review of Quotas. They also discussed the issues related to the China-U.S. Financial Working Group. 2023-10-13/en/2023/1013/2134.html
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On October 19, 2023, Mr. Pan Gongsheng, PBOC Governor and SAFE Administrator, met with Paul Chan Mo-po, Financial Secretary of the HKSAR and Eddie Yue, Chief Executive of the Hong Kong Monetary Authority (HKMA). They had exchanges over issues of common concern. After that, they witnessed the signing of a cooperation framework agreement on forming a Belt and Road investment platform by Silk Road Fund and the HKMA. 2023-10-20/en/2023/1020/2141.html
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On October 13, 2023, Pan Gongsheng, PBOC Governor and SAFE Administrator, met with Managing Director of the International Monetary Fund (IMF) Kristalina Georgieva during the IMF/World Bank Group Annual Meetings in Marrakech, Morocco. They exchanged views on the Chinese and international economic and financial landscape, the cooperation between China and the IMF and other issues of mutual interest. 2023-10-14/en/2023/1014/2135.html
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On October 20, 2023, Mr. Pan Gongsheng, PBOC Governor and SAFE Administrator, met with Stephen A. Schwarzman, Chairman and CEO of Blackstone. They exchanged views on issues including global economic and financial situation and China’s economic development. Li Hongyan, Deputy Administrator of the SAFE, also attended the meeting. 2023-10-20/en/2023/1020/2142.html
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In the third quarter of 2023, China's current account registered a surplus of RMB 453.3 billion, including a surplus of RMB 1165.8 billion under trade in goods, a deficit of RMB 478.6 billion under trade in services, a deficit of RMB 250.7 billion under primary income, and a surplus of RMB 16.8 billion under secondary income. In the capital and financial accounts, direct investment assets increased by RMB 392.4 billion and liabilities decreased by RMB 84.7 billion, reserve assets decreased by RMB 273.8 billion. In the first three quarters of 2023, China's current account registered a surplus of RMB 1461.8 billion, including a surplus of RMB 3201.2 billion under trade in goods, a deficit of RMB 1187.6 billion under trade in services, a deficit of RMB 627.5 billion under primary income, and a surplus of RMB 75.7 billion under secondary income. In the capital and financial accounts, direct investment assets increased by RMB 1007.6 billion and liabilities increased by RMB 102.3 billion, reserve assets increased by RMB 14.1 billion. In the US dollar terms, in the third quarter of 2023, China's current account recorded a surplus of USD 62.6 billion, including a surplus of USD 160.9 billion under trade in goods, a deficit of USD 66.0 billion under trade in services, a deficit of USD 34.6 billion under primary income, and a surplus of USD 2.3 billion under secondary income. In the capital and financial accounts, direct investment assets increased by USD 54.0 billion and liabilities decreased by USD 11.8 billion, reserve assets decreased by USD 38.2 billion. In the US dollar terms, in first three quarters of 2023, China's current account recorded a surplus of USD 208.9 billion, including a surplus of USD 454.2 billion under trade in goods, a deficit of USD 168.2 billion under trade in services, a deficit of USD 87.8 billion under primary income, and a surplus of USD 10.8 billion under secondary income. In the capital and financial accounts, direct investment assets increased by USD 142.9 billion and liabilities increased by USD 15.5 billion, reserve assets increased by USD 3.5 billion. In SDR terms, in the third quarter of 2023, China posted a surplus of SDR 46.9 billion under the current account, including a surplus of SDR 120.8 billion under trade in goods, a deficit of SDR 49.6 billion under trade in services. In the capital and financial accounts, direct investment assets increased by SDR 40.7 billion and liabilities decreased by SDR 8.8 billion, reserve assets decreased by SDR 28.2 billion. In SDR terms, in first three quarters of 2023, China posted a surplus of SDR 155.9 billion under the current account, including a surplus of SDR 339.5 billion under trade in goods, a deficit of SDR 125.8 billion under trade in services. In the capital and financial accounts, direct investment assets increased by SDR 107.0 billion and liabilities increased by SDR 11.6 billion, reserve assets increased by SDR 2.9 billion. (End) China's Balance of Payments (Preliminary Data) Unit:RMB 100 million Item Line No. 2023Q3 2023First Three Quarters 1. Current account 1 4533 14618 Credit 2 69706 196630 Debit 3 -65173 -182012 1. A Goods and Services 4 6872 20136 Credit 5 64225 181279 Debit 6 -57354 -161143 1.A.a Goods 7 11658 32012 Credit 8 58708 164518 Debit 9 -47050 -132506 1.A.b Services 10 -4786 -11876 Credit 11 5517 16761 Debit 12 -10303 -28637 1.A.b.1 Processing services 13 215 622 Credit 14 232 665 Debit 15 -17 -43 1.A.b.2 Maintenance and Repair Services 16 94 210 Credit 17 201 506 Debit 18 -107 -296 1.A.b.3 Transport 19 -1569 -4460 Credit 20 1586 4592 Debit 21 -3154 -9052 1.A.b.4 Travel 22 -3545 -9175 Credit 23 269 705 Debit 24 -3813 -9880 1.A.b.5 Construction 25 50 325 Credit 26 221 732 Debit 27 -171 -408 1.A.b.6 Insurance and Pension Services 28 -269 -481 Credit 29 37 444 Debit 30 -306 -925 1.A.b.7 Financial Services 31 1 37 Credit 32 69 233 Debit 33 -68 -196 1.A.b.8 Charges for the Use of Intellectual Property 34 -626 -1663 Credit 35 167 605 Debit 36 -793 -2268 1.A.b.9 Telecommunications, Computer, and Information Services 37 375 922 Credit 38 1010 3044 Debit 39 -635 -2122 1.A.b.10 Other Business Services 40 602 2013 Credit 41 1679 5090 Debit 42 -1078 -3077 1.A.b.11 Personal, Cultural, and Recreational Services 43 -53 -116 Credit 44 23 71 Debit 45 -76 -186 1.A.b.12 Government Goods and Services n.i.e 46 -62 -109 Credit 47 22 75 Debit 48 -84 -185 1.B Primary Income 49 -2507 -6275 Credit 50 4929 13383 Debit 51 -7436 -19658 1.C Secondary Income 52 168 757 Credit 53 551 1968 Debit 54 -383 -1211 2. Capital and Financial Accounts (Including Net Errors and Omissions for the Quarter) 55 -4533 -13290 2.1 Capital Account 56 -10 -16 Credit 57 2 10 Debit 58 -12 -26 2.2. Financial Account (Including Net Errors and Omissions for the Quarter) 59 -4522 -13274 2.2.1 Financial Account (Excluding Reserve Assets, But Including Net Errors and Omissions for the Quarter) 60 -7261 -13133 Including: 2.2.1.1 Direct Investment 61 -4771 -9052 2.2.1.1.1 Assets 62 -3924 -10076 2.2.1.1.2 Liabilities 63 -847 1023 2.2.2 Reserve Assets 64 2738 -141 2.2.2.1 Monetary gold 65 -350 -792 2.2.2.2 Special drawing rights 66 -16 -81 2.2.2.3 Reserve position in the IMF 67 7 89 2.2.2.4 Foreign exchange reserves 68 3097 642 2.2.2.5 Other reserves 69 0 0 3. Net Errors and Omissions 70 / -1328 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 statementfor the quarter using the period average central parity rate of RMB against USD. 4.The preliminary amount for the first three quarters of 2023 is the sum of the official amounts of the BOP for 2023H1 and the preliminary amount for 2023Q3. 5.This table employs rounded-off numbers. China's Balance of Payments (Preliminary Data) Unit: USD 100 million Item Line No. 2023Q3 2023First Three Quarters 1. Current account 1 626 2089 Credit 2 9619 27928 Debit 3 -8992 -25839 1. A Goods and Services 4 949 2859 Credit 5 8862 25750 Debit 6 -7913 -22890 1.A.a Goods 7 1609 4542 Credit 8 8101 23365 Debit 9 -6492 -18823 1.A.b Services 10 -660 -1682 Credit 11 762 2385 Debit 12 -1422 -4067 1.A.b.1 Processing services 13 30 88 Credit 14 32 94 Debit 15 -2 -6 1.A.b.2 Maintenance and Repair Services 16 13 30 Credit 17 28 72 Debit 18 -15 -42 1.A.b.3 Transport 19 -216 -633 Credit 20 219 653 Debit 21 -435 -1286 1.A.b.4 Travel 22 -489 -1303 Credit 23 37 100 Debit 24 -526 -1403 1.A.b.5 Construction 25 7 46 Credit 26 30 104 Debit 27 -24 -58 1.A.b.6 Insurance and Pension Services 28 -37 -67 Credit 29 5 64 Debit 30 -42 -131 1.A.b.7 Financial Services 31 0 5 Credit 32 10 33 Debit 33 -9 -28 1.A.b.8 Charges for the Use of Intellectual Property 34 -86 -236 Credit 35 23 86 Debit 36 -110 -322 1.A.b.9 Telecommunications, Computer, and Information Services 37 52 131 Credit 38 139 433 Debit 39 -88 -302 1.A.b.10 Other Business Services 40 83 288 Credit 41 232 725 Debit 42 -149 -437 1.A.b.11 Personal, Cultural, and Recreational Services 43 -7 -16 Credit 44 3 10 Debit 45 -11 -26 1.A.b.12 Government Goods and Services n.i.e 46 -9 -15 Credit 47 3 11 Debit 48 -12 -26 1.B Primary Income 49 -346 -878 Credit 50 680 1898 Debit 51 -1026 -2777 1.C Secondary Income 52 23 108 Credit 53 76 280 Debit 54 -53 -172 2. Capital and Financial Accounts (Including Net Errors and Omissions for the Quarter) 55 -626 -1894 2.1 Capital Account 56 -1 -2 Credit 57 0 1 Debit 58 -2 -4 2.2. Financial Account (Including Net Errors and Omissions for the Quarter) 59 -625 -1891 2.2.1 Financial Account (Excluding Reserve Assets, But Including Net Errors and Omissions for the Quarter) 60 -1007 -1856 Including: 2.2.1.1 Direct Investment 61 -658 -1274 2.2.1.1.1 Assets 62 -540 -1429 2.2.1.1.2 Liabilities 63 -118 155 2.2.2 Reserve Assets 64 382 -35 2.2.2.1 Monetary gold 65 -48 -112 2.2.2.2 Special drawing rights 66 -2 -12 2.2.2.3 Reserve position in the IMF 67 1 13 2.2.2.4 Foreign exchange reserves 68 432 76 2.2.2.5 Other reserves 69 0 0 3. Net Errors and Omissions 70 / -195 Note:1. The table is compiled according to BPM6. 2."Credit" is presented as positive value while "debit" asnegative 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 preliminary amount for the first three quarters of 2023 is the sum of the official amounts of the BOP for 2023H1 and the preliminary amount for 2023Q3. 4.This table employs rounded-off numbers. China's Balance of Payments (Preliminary Data) Unit:SDR 100 million Item Line No. 2023Q3 2023First Three Quarters 1. Current account 1 469 1559 Credit 2 7222 20882 Debit 3 -6753 -19322 1. A Goods and Services 4 712 2137 Credit 5 6654 19253 Debit 6 -5942 -17116 1.A.a Goods 7 1208 3395 Credit 8 6083 17470 Debit 9 -4875 -14075 1.A.b Services 10 -496 -1258 Credit 11 572 1783 Debit 12 -1067 -3041 1.A.b.1 Processing services 13 22 66 Credit 14 24 71 Debit 15 -2 -5 1.A.b.2 Maintenance and Repair Services 16 10 22 Credit 17 21 54 Debit 18 -11 -31 1.A.b.3 Transport 19 -163 -473 Credit 20 164 488 Debit 21 -327 -962 1.A.b.4 Travel 22 -367 -974 Credit 23 28 75 Debit 24 -395 -1049 1.A.b.5 Construction 25 5 35 Credit 26 23 78 Debit 27 -18 -43 1.A.b.6 Insurance and Pension Services 28 -28 -50 Credit 29 4 48 Debit 30 -32 -98 1.A.b.7 Financial Services 31 0 4 Credit 32 7 25 Debit 33 -7 -21 1.A.b.8 Charges for the Use of Intellectual Property 34 -65 -176 Credit 35 17 64 Debit 36 -82 -241 1.A.b.9 Telecommunications, Computer, and Information Services 37 39 98 Credit 38 105 324 Debit 39 -66 -226 1.A.b.10 Other Business Services 40 62 215 Credit 41 174 542 Debit 42 -112 -327 1.A.b.11 Personal, Cultural, and Recreational Services 43 -5 -12 Credit 44 2 8 Debit 45 -8 -20 1.A.b.12 Government Goods and Services n.i.e 46 -6 -11 Credit 47 2 8 Debit 48 -9 -19 1.B Primary Income 49 -260 -658 Credit 50 511 1419 Debit 51 -771 -2078 1.C Secondary Income 52 17 81 Credit 53 57 210 Debit 54 -40 -129 2. Capital and Financial Accounts (Including Net Errors and Omissions for the Quarter) 55 -469 -1415 2.1 Capital Account 56 -1 -2 Credit 57 0 1 Debit 58 -1 -3 2.2. Financial Account (Including Net Errors and Omissions for the Quarter) 59 -468 -1413 2.2.1 Financial Account (Excluding Reserve Assets, But Including Net Errors and Omissions for the Quarter) 60 -751 -1384 Including: 2.2.1.1 Direct Investment 61 -494 -954 2.2.1.1.1 Assets 62 -407 -1070 2.2.1.1.2 Liabilities 63 -88 116 2.2.2 Reserve Assets 64 282 -29 2.2.2.1 Monetary gold 65 -36 -84 2.2.2.2 Special drawing rights 66 -2 -9 2.2.2.3 Reserve position in the IMF 67 1 9 2.2.2.4 Foreign exchange reserves 68 319 54 2.2.2.5 Other reserves 69 0 0 3. Net Errors and Omissions 70 / -145 Notes: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 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 three quarters of 2023 is the sum of the official amounts of the BOP for 2023H1 and the preliminary amount for 2023Q3. 5.This table employs rounded-off numbers. 2023-11-03/en/2023/1103/2145.html
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In October 2023, the export and import of China’s international trade in goods and services totalled RMB 4091.0 billion. Of this, the export of goods recorded RMB 1961.5 billion and the import recorded RMB 1634.9 billion, resulting in a surplus of RMB 326.6 billion. The export of services recorded RMB 177.7 billion and the import recorded RMB 316.8 billion, resulting in a deficit of RMB 139.1 billion. In terms of the major items, the export and import of transport, travel, other business services, telecommunications, computer and information services registered RMB 148.5 billion, RMB 130.0 billion, RMB 86.3 billion and RMB 48.2 billion respectively. In the US dollar terms, in October 2023, the export and import of China’s international trade in goods and services were USD 298.0 billion and USD 271.9 billion respectively, with a surplus of USD 26.1 billion.(End) International Trade in Goods and Services of China October 2023 Item In 100 million of RMB In 100 million of USD Goods and services 1876 261 Credit 21393 2980 Debit -19517 -2719 1. Goods 3266 455 Credit 19615 2732 Debit -16349 -2277 2. Services -1391 -194 Credit 1777 248 Debit -3168 -441 2.1Manufacturing services on physical inputs owned by others 72 10 Credit 77 11 Debit -5 -1 2.2Maintenance and repair services n.i.e 36 5 Credit 66 9 Debit -30 -4 2.3Transport -541 -75 Credit 472 66 Debit -1013 -141 2.4Travel -1100 -153 Credit 100 14 Debit -1200 -167 2.5Construction 45 6 Credit 90 13 Debit -46 -6 2.6Insurance and pension services -131 -18 Credit 12 2 Debit -143 -20 2.7Financial services 3 0 Credit 21 3 Debit -19 -3 2.8Charges for the use of intellectual property -167 -23 Credit 45 6 Debit -212 -30 2.9Telecommunications, computer and information services 164 23 Credit 323 45 Debit -159 -22 2.10Other business services 246 34 Credit 554 77 Debit -308 -43 2.11Personal, cultural, and recreational services -16 -2 Credit 9 1 Debit -25 -3 2.12Government goods and services n.i.e -1 0 Credit 7 1 Debit -8 -1 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. 2023-11-24/en/2023/1124/2147.html
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In September 2023, the export and import of China’s international trade in goods and services totalled RMB 4248.7 billion. Of this, the export of goods recorded RMB 2054.3 billion and the import recorded RMB 1674.3 billion, resulting in a surplus of RMB 380.0 billion. The export of services recorded RMB 176.9 billion and the import recorded RMB 343.2 billion, resulting in a deficit of RMB 166.3 billion. In terms of the major items, the export and import of transport, travel, other business services, telecommunications, computer and information services registered RMB 155.0 billion, RMB 134.4 billion, RMB 88.4 billion and RMB 51.2 billion respectively. In the US dollar terms, in September 2023, the export and import of China’s international trade in goods and services were USD 310.6 billion and USD 280.8 billion respectively, with a surplus of USD 29.7 billion.(End) International Trade in Goods and Services of China September 2023 Item In 100 million of RMB In 100 million of USD Goods and services 2137 297 Credit 22312 3106 Debit -20175 -2808 1. Goods 3800 529 Credit 20543 2860 Debit -16743 -2331 2. Services -1663 -231 Credit 1769 246 Debit -3432 -478 2.1Manufacturing services on physical inputs owned by others 71 10 Credit 76 11 Debit -6 -1 2.2Maintenance and repair services n.i.e 25 3 Credit 64 9 Debit -39 -5 2.3Transport -509 -71 Credit 521 72 Debit -1029 -143 2.4Travel -1167 -162 Credit 88 12 Debit -1255 -175 2.5Construction 31 4 Credit 83 11 Debit -52 -7 2.6Insurance and pension services -156 -22 Credit 9 1 Debit -165 -23 2.7Financial services 5 1 Credit 24 3 Debit -19 -3 2.8Charges for the use of intellectual property -205 -29 Credit 55 8 Debit -260 -36 2.9Telecommunications, computer and information services 128 18 Credit 320 45 Debit -192 -27 2.10Other business services 146 20 Credit 515 72 Debit -369 -51 2.11Personal, cultural, and recreational services -15 -2 Credit 8 1 Debit -23 -3 2.12Government goods and services n.i.e -16 -2 Credit 7 1 Debit -23 -3 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-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. 2023-10-27/en/2023/1027/2143.html
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As shown in the statistics of the State Administration of Foreign Exchange (SAFE), in October 2023, the amount of foreign exchange settlement and sales by banks was RMB 1151.6 billion and RMB 1205.7 billion, respectively. During January to October 2023, the accumulative amount of foreign exchange settlement and sales by banks was RMB 12857.6 billion and RMB 13174.0 billion, respectively. In the US dollar terms, in October 2023, the amount of foreign exchange settlement and sales by banks was USD 160.4 billion and USD 168.0 billion, respectively. During January to October 2023, the accumulative amount of foreign exchange settlement and sales by banks was USD 1830.7 billion and USD 1875.0 billion, respectively. In October 2023, the amount of cross-border receipts and payments by non-banking sectors was RMB 3373.7 billion and RMB 3506.6 billion, respectively. During January to October 2023, the accumulative amount of cross-border receipts and payments by non-banking sectors was RMB 35591.6 billion and RMB 36190.0 billion, respectively. In the US dollar terms, in October 2023, the amount of cross-border receipts and payments by non-banking sectors was USD 470.0 billion and USD 488.5 billion, respectively. During January to October 2023, the accumulative amount of cross-border receipts and payments by non-banking sectors was USD 5063.3 billion and USD 5144.8 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. 2023-11-15/en/2023/1115/2146.html
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China's External Portfolio Investment Assets at the End of June 2023 2023-11-24/en/2023/1124/2150.html