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SAFE Releases China's External Debt Data atthe end of September 2022 As at the end of September 2022, China recorded RMB 17.618 trillion in outstanding external debt denominated in both domestic and foreign currencies (equivalent to USD 2481.5 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 7993.8 billion (equivalent to USD 1125.9 billion), accounting for 45percent; while the outstanding short-term external debt was RMB 9624.4 billion (equivalent to USD 1355.6 billion), taking up 55 percent,of which 38 percent was trade-related credit. In terms of institutional sectors, the outstanding debt of general government totaled RMB 3025.6 billion (equivalent to USD 426.1 billion), accounting for 17 percent;the outstanding debt of the central bank totaled RMB555.1 billion(equivalent to USD 78.2 billion), accounting for 3 percent;the outstanding debt of banks totaled RMB 7443.6 billion (equivalent to USD 1048.4 billion), accounting for42 percent;the outstanding debt of other sectors (includinginter-company lending under direct investments) totaled RMB 6593.9 billion (equivalent to USD 928.8 billion), accounting for 38 percent. In terms of debt instruments, the balance of loans was RMB 2773.1 billion (equivalent to USD 390.6 billion), accounting for 16 percent;the outstanding trade credit and prepayment was RMB 2677.3 billion (equivalent to USD 377.1 billion), accounting for 15 percent;the outstanding currency and deposits was RMB 3965.8 billion (equivalent to USD 558.6 billion), accounting for23percent;the outstanding debt securities was RMB 5171 billion (equivalent to USD 728.3 billion), accounting for 29 percent;the Special Drawing Rights (SDR) allocation amounted to RMB 329 billion(equivalent to USD 46.3 billion), accounting for 2 percent; the balance of inter-company lending under direct investments totaled RMB 2178.9 billion(equivalent to USD 306.9 billion), accounting for 12percent;and the balance of other debt liabilities was RMB 523 billion (equivalent to USD 73.7 billion), accounting for 3 percent. With respect to currency structures, the outstanding external debt in domestic currency totaled RMB 7804.3 billion (equivalent to USD 1099.2 billion), accounting for 44 percent;the outstanding external debt in foreign currencies (including SDR allocation) totaled RMB 9813.9 billion (equivalent to USD 1382.3 billion), accounting for 56 percent. In the outstanding registered external debt in foreign currencies, the USD debt accounted for 86 percent, the Euro debt accounted for 6 percent, theHKD debt accounted for 4 percent, the JPY debt accounted for 1 percent, the SDR and other foreign currency-denominated external debt accounted for 3 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-relatedcredit 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 September 2022 End of September 2022 End of September 2022 （Unit:100 million RMB） （Unit:100 million US dollars） General Government 30256 4261 Short-term 1388 196 Currency and deposits 0 0 Debt securities 1388 196 Loans 0 0 Trade credit and advances 0 0 Other debt liabilities 0 0 Long-term 28867 4066 Special drawing rights (allocations) 0 0 Currency and deposits 0 0 Debt securities 25093 3534 Loans 3774 532 Trade credit and advances 0 0 Other debt liabilities 0 0 Central Bank 5551 782 Short-term 2046 288 Currency and deposits 1248 176 Debt securities 798 112 Loans 0 0 Trade credit and advances 0 0 Other debt liabilities 0 0 Long-term 3504 494 Special drawing rights (allocations) 3290 463 Currency and deposits 0 0 Debt securities 0 0 Loans 0 0 Trade credit and advances 0 0 Other debt liabilities 214 30 Other Depository Corporations 74436 10484 Short-term 56890 8013 Currency and deposits 38397 5408 Debt securities 3909 551 Loans 14074 1982 Trade credit and advances 0 0 Other debt liabilities 510 72 Long-term 17546 2471 Currency and deposits 0 0 Debt securities 13655 1923 Loans 3811 537 Trade credit and advances 0 0 Other debt liabilities 80 11 Other Sectors 44150 6218 Short-term 30426 4285 Currency and deposits 13 2 Debt securities 146 21 Loans 2226 313 Trade credit and advances 26305 3705 Other debt liabilities 1736 245 Long-term 13724 1933 Currency and deposits 0 0 Debt securities 6721 947 Loans 3846 542 Trade credit and advances 469 66 Other debt liabilities 2688 379 Direct Investment: Intercompany Lending 21789 3069 Debt liabilities of direct investment enterprises to direct investors 12492 1759 Debt liabilities of direct investors to direct investment enterprises 1400 197 Debt liabilities to fellow enterprises 7898 1112 Gross External Debt Position 176182 24815 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. 2022-12-30/en/2022/1230/2031.html
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As at the end of September 2022, China’s external financial assets reached USD 8898.0 billion, external financial liabilities reached USD 6534.0 billion, and net external assets totaled USD 2364.0 billion. In the external financial assets, direct investment assets amounted to USD 2576.4 billion, portfolio investment assets, USD 932.8 billion, financial derivative assets, USD 29.8 billion, other investment assets, USD 2165.4 billion, and reserves assets, USD 3193.6 billion, accounting for 29 percent, 10 percent, 0.3 percent, 24 percent and 36 percent of external financial assets respectively. In external liabilities, direct investment liabilities were USD 3411.1 billion, portfolio investment liabilities, USD 1662.3 billion, financial derivative liabilities, USD 28.6 billion and other investment liabilities, USD 1432.0 billion, accounting for 52 percent, 25 percent, 0.4 percent and 22 percent of the external financial liabilities respectively. In SDR terms, China’s external financial assets and liabilities reached SDR 6952.2 billion and SDR 5105.1 billion respectively, and external net assets totaled SDR 1847.1 billion at the end of September 2022.(End) China's International Investment Position, End of September 2022 Item Line No. Position in 100 million USD Position in 100 millionSDR Net Position 1 23640 18471 Assets 2 88980 69522 1 Direct Investment 3 25764 20130 1.1 Equity and Investment Fund Shares 4 21741 16987 1.2 Debt Instruments 5 4023 3143 1.a Financial Sectors 6 3734 2917 1.1.a Equity and Investment Fund Shares 7 3548 2772 1.2.a Debt Instruments 8 185 145 1.b Non-financial Sectors 9 22030 17213 1.1.b Equity and Investment Fund Shares 10 18193 14214 1.2.b Debt Instruments 11 3838 2998 2 Portfolio Investment 12 9328 7288 2.1 Equity and Investment Fund Shares 13 5166 4036 2.2 Debt Securities 14 4162 3252 3 Financial Derivatives (other than reserves) and Employee Stock Options 15 298 233 4 Other Investment 16 21654 16919 4.1 Other Equity 17 97 76 4.2 Currency and Deposits 18 5184 4051 4.3 Loans 19 8702 6799 4.4 Insurance, Pension, and Standardized Guarantee Schemes 20 241 188 4.5 Trade Credit and Advances 21 6506 5083 4.6 Others 22 925 723 5 Reserve Assets 23 31936 24952 5.1 Monetary Gold 24 1047 818 5.2 Special Drawing Rights 25 505 394 5.3 Reserve Position in the IMF 26 100 78 5.4 Foreign Currency Reserves 27 30290 23666 5.5 Other Reserve Assets 28 -5 -4 Liabilities 29 65340 51051 1 Direct Investment 30 34111 26652 1.1 Equity and Investment Fund Shares 31 30898 24141 1.2 Debt Instruments 32 3213 2511 1.a Financial Sectors 33 1887 1474 1.1.a Equity and Investment Fund Shares 34 1667 1303 1.2.a Debt Instruments 35 220 172 1.b Non-financial Sectors 36 32224 25178 1.1.b Equity and Investment Fund Shares 37 29231 22839 1.2.b Debt Instruments 38 2994 2339 2 Portfolio Investment 39 16623 12988 2.1 Equity and Investment Fund Shares 40 10104 7895 2.2 Debt Securities 41 6518 5093 3 Financial Derivatives (other than reserves) and Employee Stock Options 42 286 223 4 Other Investment 43 14320 11188 4.1 Other Equity 44 0 0 4.2 Currency and Deposits 45 5560 4344 4.3 Loans 46 3819 2984 4.4 Insurance, Pension, and Standardized Guarantee Schemes 47 247 193 4.5 Trade Credit and Advances 48 3771 2946 4.6 Others 49 460 359 4.7 Special Drawing Rights 50 463 362 Notes: 1. This table employs rounded-off numbers. 2.Net International Investment Position refers to assets minus liabilities. Positive figure refers to net assets, and negative figure refers to net liabilities. 3.The SDR denominated data is converted from the USD denominated data, using the exchange rate of SDR against USD at the end of the quarter. 4.The IIP data is revised regularly; please find the latest data in “Data and Statistics”. 2022-12-30/en/2022/1230/2032.html
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The State Administration of Foreign Exchange (SAFE) has recently released data on foreign exchange settlement and sales by banks as well as cross-border receipts and payments by non-banking sectors in November 2022. SAFE Deputy Administrator and Press Spokesperson Wang Chunying answered media questions on China’s foreign exchange receipts and payments for the month of November 2022. Q: Could you brief us on China’s foreign exchange receipts and payments in November 2022? A: In November, China’s foreign exchange market operated more smoothly, and the foreign exchange supply and demand within the country remained basically balanced. In November, deficit in foreign exchange settlement and sales by banks narrowed by 47% month-on-month. Taking into account other supply and demand factors in the foreign exchange market, China’s foreign exchange supply and demand became more balanced. In terms of major channels, the net inflow of cross-border funds under trade in goods in November was USD 34.3 billion, up by 4% month-on-month. The net capital inflow of foreign direct investment in China increased rapidly on a month-on-month basis, and foreign investment in domestic securities market showed a net increase. It is expected that cross-border capital, such as trade in goods and foreign direct investment, will continue to flow in steadily in the future, which will continue to play a fundamental role in stabilizing the foreign exchange market. Recently, marginal changes are witnessed in the international economic and financial situation as well as the monetary policy expectations of major developed economies. The US dollar has been falling, and the related spillover impact has eased. With better coordinated epidemic prevention and control with economic and social development in China, the Chinese economy will continue to recover given the effects of the policy package to stabilize the economy and the follow-up measures coming into full force, which will further boost market expectations and confidence. In the meantime, the steady structure of China’s balance of payments and the increased resilience of the foreign exchange market will also help maintain the stable operation of the foreign exchange market. 2022-12-15/en/2022/1215/2029.html
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As at the end of September 2022, China's banking sector recorded external financial assets of USD 1506.9 billion, external liabilities of USD 1346.5 billion, and net external financial assets of USD 160.4 billion, including net RMB liabilities of USD 323.5 billion and net foreign currency assets of USD 483.9 billion. Among the external financial assets of the banking sector, by instrument, deposits and loans were USD 996.5 billion, bonds investment, USD 307.4 billion, and other assets including equity, USD 202.9 billion, accounting for 66 percent, 20 percent and 13 percent of the sector's total external financial assets respectively. By currency, RMB assets were USD 271.3 billion, USD assets were USD 970.3 billion, and other currency assets were USD 265.3 billion, accounting for 18 percent, 64 percent and 18 percent respectively. By counterpart sector, the amount invested in the overseas banking sector was USD 803.5 billion, accounting for 53 percent; the amount invested in the overseas non-banking sector was USD 703.3 billion, accounting for 47 percent. Among the external liabilities of the banking sector, by instrument, deposits and loans were USD 775.6 billion, bonds investment, USD 227.6 billion, and other liabilities including equity, USD 343.3 billion, accounting for 58 percent, 17 percent and 25 percent of the sector's total external liabilities respectively. By currency, RMB liabilities were USD 594.7 billion, USD liabilities, USD 495.3 billion, and other currency liabilities, USD 256.4 billion, accounting for 44 percent, 37 percent and 19 percent respectively. By counterpart sector, USD 541.1 billion was from overseas banking sector, accounting for 40 percent; while USD 805.4 billion was from overseas non-banking sector, accounting for 60 percent. (End) 2022-12-29/en/2022/1229/2026.html
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According to the statistics of the State Administration of Foreign Exchange (SAFE), by the end of November 2022, China’s foreign exchange reserves stood at USD 3.1175 trillion, up by USD 65.1 billion, or 2.13%, from the end of October. In November 2022, influenced by the global macroeconomic data, the monetary policy expectations of major economies and other factors, the US dollar index fell and the prices of global financial assets climbed. China’s foreign exchange reserves rose this month due to the combined effects of currency translation and asset price changes. China continues to promote the implementation of a package of policies to stabilize the economy with subsequent measures coming into full force, and with China’s economy showing a recovery and upward trend, which will support the overall stability of the foreign exchange reserves. 2022-12-07/en/2022/1207/2028.html
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External Financial Assets and Liabilities of China's Banking Sector(As of September 30, 2022) 2022-12-29/en/2022/1229/2027.html
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According to the statistics of the State Administrationof Foreign Exchange (SAFE), the Chinese foreign exchange market (excludingforeign currency pairs, the same below) recorded total transactions of RMB 19.80 trillion (equivalent to USD 2.76 trillion) in November 2022. In terms of markets, the transactions volume of clientmarket was RMB 2.94 trillion(equivalent to USD 0.41 trillion), and the transactions volume of interbankmarket was RMB 16.86 trillion(equivalent to USD 2.35 trillion). Interms of products, the cumulative transactions volume of the spot market wasRMB 7.90 trillion (equivalent to USD 1.10 trillion), and that of the derivatives market was RMB 11.90 trillion (equivalent to USD 1.66 trillion). From January to November 2022, a total of RMB 215.41 trillion (equivalent to USD 32.20 trillion) was traded in the Chinese foreign exchangemarket. 2022-12-30/en/2022/1230/2030.html
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FILE： Annual Report of the State Administration of Foreign Exchange (2020) 2021-12-17/en/2020/1221/2025.html
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In April 2023, the export and import of China’s international trade in goods and services totalled RMB 3669.8 billion, up 7 percent over the same time last year. Of this, the export of goods recorded RMB 1798.2 billion and the import recorded RMB 1405.9 billion, resulting in a surplus of RMB 392.3 billion. The export of services recorded RMB 174.8 billion and the import recorded RMB 291.0 billion, resulting in a deficit of RMB 116.2 billion. In terms of the major items, the export and import of transport, travel, other business services, telecommunications, computer and information services registered RMB 142.0 billion, RMB 106.5 billion, RMB 88.0 billion and RMB 52.8 billion respectively. In the US dollar terms, in April 2023, the export and import of China’s international trade in goods and services were USD 286.5 billion and USD 246.5 billion respectively, with a surplus of USD 40.1 billion.(End) International Trade in Goods and Services of China April 2023 Item In 100 million of RMB In 100 million of USD Goods and services 2761 401 Credit 19729 2865 Debit -16969 -2465 1. Goods 3923 570 Credit 17982 2612 Debit -14059 -2042 2. Services -1162 -169 Credit 1748 254 Debit -2910 -423 2.1Manufacturing services on physical inputs owned by others 66 10 Credit 70 10 Debit -4 -1 2.2Maintenance and repair services n.i.e 17 3 Credit 49 7 Debit -31 -5 2.3Transport -488 -71 Credit 466 68 Debit -954 -139 2.4Travel -909 -132 Credit 78 11 Debit -987 -143 2.5Construction 27 4 Credit 67 10 Debit -41 -6 2.6Insurance and pension services -56 -8 Credit 13 2 Debit -69 -10 2.7Financial services 7 1 Credit 24 3 Debit -17 -2 2.8Charges for the use of intellectual property -152 -22 Credit 89 13 Debit -241 -35 2.9Telecommunications, computer and information services 136 20 Credit 332 48 Debit -196 -28 2.10Other business services 204 30 Credit 542 79 Debit -338 -49 2.11Personal, cultural, and recreational services -13 -2 Credit 8 1 Debit -21 -3 2.12Government goods and services n.i.e -2 0 Credit 10 1 Debit -12 -2 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. 2023-05-26/en/2023/0526/2079.html
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China's External Portfolio Investment Assets at the End of 2022 2023-05-26/en/2023/0526/2076.html