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In February 2023, the export and import of China’s international trade in goods and services totalled RMB 3324.6 billion, up 10 percent over the same time last year. Of this, the export of goods recorded RMB 1539.3 billion and the import recorded RMB 1328.4 billion, resulting in a surplus of RMB 210.9 billion. The export of services recorded RMB 178.2 billion and the import recorded RMB 278.7 billion, resulting in a deficit of RMB 100.4 billion. In terms of the major items, the export and import of transport, travel, other business services, telecommunications, computer and information services registered RMB 143.1 billion, RMB 100.3 billion, RMB 89.1 billion and RMB 56.6 billion respectively. In the US dollar terms, in February 2023, the export and import of China’s international trade in goods and services were USD 251.5 billion and USD 235.3 billion respectively, with a surplus of USD 16.2 billion. (End) International Trade in Goods and Services of China February 2023 Item In 100 million of RMB In 100 million of USD Goods and services 1105 162 Credit 17176 2515 Debit -16071 -2353 1. Goods 2109 309 Credit 15393 2254 Debit -13284 -1945 2. Services -1004 -147 Credit 1782 261 Debit -2787 -408 2.1Manufacturing services on physical inputs owned by others 61 9 Credit 66 10 Debit -4 -1 2.2Maintenance and repair services n.i.e 20 3 Credit 46 7 Debit -26 -4 2.3Transport -417 -61 Credit 507 74 Debit -924 -135 2.4Travel -884 -129 Credit 59 9 Debit -944 -138 2.5Construction 33 5 Credit 65 10 Debit -33 -5 2.6Insurance and pension services -44 -6 Credit 20 3 Debit -64 -9 2.7Financial services 4 1 Credit 26 4 Debit -22 -3 2.8Charges for the use of intellectual property -142 -21 Credit 66 10 Debit -208 -30 2.9Telecommunications, computerand information services 106 15 Credit 336 49 Debit -230 -34 2.10Other business services 257 38 Credit 574 84 Debit -317 -46 2.11Personal, cultural, and recreational services -3 0 Credit 8 1 Debit -11 -2 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-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. 2023-03-31/en/2023/0331/2062.html
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As at the end of 2022,China recorded RMB 17.0825 trillion in outstanding external debt denominated in both domestic and foreign currencies (equivalent to USD 2452.8 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 7764.1billion (equivalent to USD 1114.8 billion),accounting for 45 percent; while the outstanding short-term external debt was RMB 9318.4 billion (equivalent to USD 1338 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 3038.5 billion(equivalent to USD 436.3 billion), accounting for 18 percent；the outstanding debt of the central bank totaled RMB 567.3 billion(equivalent to USD 81.5 billion), accounting for 3 percent；the outstanding debt of banks totaled RMB 7036.7 billion (equivalent to USD 1010.4 billion), accounting for 41 percent；the outstanding debt of other sectors (including inter-company lending under direct investments) totaled RMB 6440 billion(equivalent to USD 924.7 billion), accounting for 38 percent. In terms of debt instruments, the balance of loans was RMB 2768.7 billion (equivalent to USD 397.5 billion), accounting for 16 percent;the outstanding trade credits and advances was RMB 2664.6 billion (equivalent to USD 382.6 billion), accounting for 16 percent;the outstanding currency and deposits was RMB 3556.4 billion (equivalent to USD 510.6 billion), accounting for 21 percent;the outstanding debt securities was RMB 5094.5 billion (equivalent to USD 731.5 billion), accounting for 30 percent;the Special Drawing Rights (SDR) allocation amounted to RMB 335.6 billion (equivalent to USD 48.2 billion), accounting for 2 percent; the balance of inter-company lending under direct investments totaled RMB 2149.4 billion (equivalent to USD 308.6 billion),accounting for 12 percent;and the balance of other debt liabilities was RMB 513.3 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 7628 billion (equivalent to USD 1095.3 billion), accounting for 45 percent;the outstanding external debt in foreign currencies (including SDR allocation) totaled RMB 9454.5 billion (equivalent to USD 1357.5 billion), accounting for 55 percent. In the outstanding registered external debt in foreign currencies, the USD debt accounted for 85 percent, the Euro debt accounted for 7 percent, the HKD 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. As at the end of 2022，the liability ratio was 13.6 percent, the debt ratio was 66 percent, the debt servicing ratio was 10.5 percent, and the ratio of short-term external debt to foreign exchange reserves was 42.8 percent. China’s major external debt indicators were all within the internationally recognized thresholds, indicating that the external debt risk is controllable. 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. Liability ratio refers to the ratio of outstanding external debt as of the end of the year to the GDP for the year. Debt ratio refers to the ratio of the outstanding external debt as of the end of the year to the export revenue from trade in goods and services for the year. Debt servicing ratio refers to the ratio of the repayment of the principal and payment of interest on external debt for the year (the sum of the repayment of the principal and payment of interest on medium- and long-term external debt and the payment of the interest of short-term external debt) to the export revenue from trade in goods and services for the year. The internationally recognized thresholds for external debt risk indicators - liability ratio, debt ratio, debt servicing ratio and ratio of short-term external debt to foreign exchange reserves are 20 percent,100 percent, 20 percent and 100 percent respectively. Annexed table：China’s Gross External Debt Position by Sector, End of 2022 End of 2022 End of 2022 （Unit:100 million RMB） （Unit:100 million US dollars） General Government 30385 4363 Short-term 2470 355 Currency and deposits 0 0 Debt securities 2470 355 Loans 0 0 Trade credit and advances 0 0 Other debt liabilities 0 0 Long-term 27914 4008 Special drawing rights (allocations) 0 0 Currency and deposits 0 0 Debt securities 24176 3471 Loans 3738 537 Trade credit and advances 0 0 Other debt liabilities 0 0 Central Bank 5673 815 Short-term 2043 293 Currency and deposits 1315 189 Debt securities 728 105 Loans 0 0 Trade credit and advances 0 0 Other debt liabilities 0 0 Long-term 3631 521 Special drawing rights (allocations) 3356 482 Currency and deposits 0 0 Debt securities 0 0 Loans 0 0 Trade credit and advances 0 0 Other debt liabilities 275 39 Other Depository Corporations 70367 10104 Short-term 53880 7736 Currency and deposits 34235 4916 Debt securities 4565 656 Loans 14653 2104 Trade credit and advances 0 0 Other debt liabilities 426 61 Long-term 16488 2367 Currency and deposits 0 0 Debt securities 12529 1799 Loans 3881 557 Trade credit and advances 0 0 Other debt liabilities 78 11 Other Sectors 42906 6161 Short-term 29723 4268 Currency and deposits 14 2 Debt securities 115 16 Loans 1795 258 Trade credit and advances 26180 3759 Other debt liabilities 1619 232 Long-term 13183 1893 Currency and deposits 0 0 Debt securities 6362 913 Loans 3620 520 Trade credit and advances 466 67 Other debt liabilities 2735 393 Direct Investment: Intercompany Lending 21494 3086 Debt liabilities of direct investment enterprises to direct investors 11878 1705 Debt liabilities of direct investors to direct investment enterprises 1292 185 Debt liabilities to fellow enterprises 8325 1195 Gross External Debt Position 170825 24528 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. 2023-03-31/en/2023/0330/2061.html
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As at the end of 2022, China’s external financial assets reached USD 9258.0 billion, external financial liabilities reached USD 6726.7 billion, and net external assets totaled USD 2531.3 billion. In the external financial assets, direct investment assets amounted to USD 2795.0 billion, portfolio investment assets, USD 1033.5 billion, financial derivative assets, USD 30.4 billion, other investment assets, USD 2092.5 billion, and reserve assets, USD 3306.5 billion, accounting for 30 percent, 11 percent, 0.3 percent, 23 percent and 36 percent of external financial assets respectively. In external liabilities, direct investment liabilities were USD 3495.6 billion, portfolio investment liabilities, USD 1781.0 billion, financial derivative liabilities, USD 18.3 billion and other investment liabilities, USD 1431.8 billion, accounting for 52 percent, 26 percent, 0.3 percent and 21 percent of the external financial liabilities respectively. In SDR terms, China’s external financial assets and liabilities reached SDR 6956.5 billion and SDR 5054.4 billion respectively, and external net assets totaled SDR 1902.1 billion at the end of 2022. The SAFE has revised the IIP data for each quarter since 2021 according to the latest data and released it through the section of "Data and Statistics" at the official website of the SAFE. In addition, in order to facilitate understanding of the data of Balance of Payments and International Investment Position among all data users, the BOP Analysis Team of the SAFE released China's Balance of Payments Report 2022. (End) China's International Investment Position, End of 2022 Item Line No. Position in 100 million USD Position in 100 million SDR Net Position 1 25313 19021 Assets 2 92580 69565 1 Direct Investment 3 27950 21002 1.1 Equity and Investment Fund Shares 4 24307 18265 1.2 Debt Instruments 5 3643 2738 1.a Financial Sectors 6 3912 2939 1.1.a Equity and Investment Fund Shares 7 3692 2774 1.2.a Debt Instruments 8 220 165 1.b Non-financial Sectors 9 24039 18063 1.1.b Equity and Investment Fund Shares 10 20615 15491 1.2.b Debt Instruments 11 3423 2572 2 Portfolio Investment 12 10335 7766 2.1 Equity and Investment Fund Shares 13 5902 4435 2.2 Debt Securities 14 4433 3331 3 Financial Derivatives (other than reserves) and Employee Stock Options 15 304 229 4 Other Investment 16 20925 15723 4.1 Other Equity 17 97 73 4.2 Currency and Deposits 18 5140 3862 4.3 Loans 19 8397 6309 4.4 Insurance, Pension, and Standardized Guarantee Schemes 20 261 196 4.5 Trade Credit and Advances 21 6176 4641 4.6 Others 22 854 641 5 Reserve Assets 23 33065 24845 5.1 Monetary Gold 24 1172 881 5.2 Special Drawing Rights 25 512 384 5.3 Reserve Position in the IMF 26 108 81 5.4 Foreign Currency Reserves 27 31277 23502 5.5 Other Reserve Assets 28 -4 -3 Liabilities 29 67267 50544 1 Direct Investment 30 34956 26266 1.1 Equity and Investment Fund Shares 31 31686 23809 1.2 Debt Instruments 32 3270 2457 1.a Financial Sectors 33 1986 1492 1.1.a Equity and Investment Fund Shares 34 1739 1306 1.2.a Debt Instruments 35 247 186 1.b Non-financial Sectors 36 32970 24774 1.1.b Equity and Investment Fund Shares 37 29947 22502 1.2.b Debt Instruments 38 3023 2271 2 Portfolio Investment 39 17810 13382 2.1 Equity and Investment Fund Shares 40 11243 8448 2.2 Debt Securities 41 6567 4935 3 Financial Derivatives (other than reserves) and Employee Stock Options 42 183 138 4 Other Investment 43 14318 10759 4.1 Other Equity 44 0 0 4.2 Currency and Deposits 45 5269 3959 4.3 Loans 46 4031 3029 4.4 Insurance, Pension, and Standardized Guarantee Schemes 47 267 201 4.5 Trade Credit and Advances 48 3826 2875 4.6 Others 49 443 333 4.7 Special Drawing Rights 50 482 362 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”. 2023-03-31/en/2023/0331/2063.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 February 2023. The SAFE Deputy Administrator and Press Spokesperson Wang Chunying answered media questions on China’s foreign exchange receipts and payments of February 2023. Q: Could you brief us on China’s foreign exchange receipts and payments in February 2023? A: China’s foreign exchange market’s supply and demand remained balanced. In February, the amounts of foreign exchange settlement and sales by banks were basically unchanged from the previous month, and cross-border receipts and payments by non-banking sectors, including enterprises and individuals, became more balanced. After the Spring Festival, there was an increase in the import of raw materials and the replenishment of stocks by enterprises, which led to an increase in foreign-related expenditures. It reflects the seasonal characteristics of the production and operation of enterprises. Viewing from the first two months of 2023, foreign-related receipts and payments by non-banking sectors posted a surplus of USD 31.4 billion. The cross-border capital flows made a good start on the whole, and supply and demand in China’s foreign exchange market remained in equilibrium. Market entities generally maintained a rational trading pattern. In February, the foreign exchange settlement rate, the measurement of customers’ desire to settle foreign exchange, or the ratio of foreign exchange sold by customers to banks to foreign exchange received by customers, reached 70.3%, up by 8.9 percentage points month on month. It shows that market entities maintained a rational trading mode of “settlement of foreign exchange at higher rates”, and their willingness to settle foreign exchange was strengthened. On the other hand, the foreign exchange sales rate, which measures customers’ desire to buy foreign exchange, or the ratio of foreign exchange purchased by customers from banks to foreign-related foreign exchange payments made by customers, stood at 68.6%, basically the same as the previous month. It shows that the willingness of market entities to purchase foreign exchange was generally stable. Trade in goods continued to play a fundamental role in stabilizing cross-border capital flows. The cross-border trade surplus in goods was USD 25.9 billion in February, essentially unchanged from the same period in 2022, and still maintained on a large scale. The services trade deficit decreased slightly month on month and year on year to USD 4.3 billion. While the expenditure of cross-border travel was recovering orderly, exports of some emerging service industries also increased steadily. In the future, China’s foreign exchange market will have the foundation and conditions to operate smoothly. As the impact of policies on stabilizing economic growth continues to emerge, the expansion of production and operation activities of enterprises has accelerated, and China’s economic operation has rebounded significantly, leading to a more consolidated foundation for maintaining stable cross-border capital flows. At the same time, the opening-up of China’s financial market has made steady progress, and the use of RMB assets as investment and natural hedge has become increasingly prominent. Supported by these factors, foreign capital will continue to steadily invest in China’s securities market. In addition, China’s foreign exchange market has become more resilient, and market entities have become more mature and rational, allowing them to better adapt to changes in the external environment. 2023-03-15/en/2023/0315/2060.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 January 2023. The SAFE Deputy Administrator and Press Spokesperson Wang Chunying answered media questions on China’s foreign exchange receipts and payments in January 2023. Q: Could you brief us on China’s foreign exchange receipts and payments in January 2023? A: China’s cross-border capital flows stay stable, and the country’s foreign exchange supply and demand remained balanced. In January, the surplus registered by the foreign-related receipts and payments by non-banking sectors, including enterprises and individuals, was USD 35.1 billion, a month-on-month increase of 52%; while the surplus registered by the foreign exchange settlement and sales by banks was USD 2.5 billion. Considering other supply and demand factors, the foreign exchange supply and demand within the country remained basically balanced. In general, the foreign exchange market got off to a good start in 2023, with stable expectations of market entites and rational, orderly transactions of all kinds. Cross-border capital inflows, such as trade in goods, foreign direct investment, and other projects, continued to play a fundamental role, and foreign investment in China’s domestic stocks hit a record high. In January, the foreign-related receipts and payments under trade in goods reached a record-high surplus of USD 38.7 billion, up by 9% month on month. The net inflow of foreign direct investment funds remained relatively stable. As China optimized epidemic prevention and control measures, various policy initiatives aiming to stabilize the economic growth gradually achieved positive results and consolidated the trend of economic stabilization and recovery. Besides, foreign investors actively participated in China’s domestic stock market. A record-breaking amount was spent in one month on the net purchase of domestic Chinese stocks in January, totaling USD 27.7 billion. China’s sound long-term economic fundamentals will not change moving forward, and the International Monetary Fund (IMF) expects that China’s economy will remain the main engine driving the global economy this year. Moreover, the attraction of RMB assets will be further enhanced, and the foundation for maintaining stable cross-border capital flows will be further stabilized. At the same time, the extent of monetary policy tightening in major developed economies and its spillover effects have become moderated. Overall, China’s foreign exchange market has been provided with a better foundation and conditions to continue with stable operation. 2023-02-15/en/2023/0215/2056.html
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As at the end of 2022, China's banking sector recorded external financial assets of USD 1518.6 billion, external liabilities of USD 1352.2 billion, and net external financial assets of USD 166.5 billion, including net RMB liabilities of USD 323.6 billion and net foreign currency assets of USD 490.0 billion. Among the external financial assets of the banking sector, by instrument, deposits and loans were USD 988.3 billion, bonds investment, USD 330.4 billion, and other assets including equity, USD 200.0 billion, accounting for 65 percent, 22 percent and 13 percent of the sector's total external financial assets respectively. By currency, RMB assets were USD 294.4 billion, USD assets were USD 938.4 billion, and other currency assets were USD 285.8 billion, accounting for 19 percent, 62 percent and 19 percent respectively. By counterpart sector, the amount invested in the overseas banking sector was USD 814.2 billion, accounting for 54 percent; the amount invested in the overseas non-banking sector was USD 704.4 billion, accounting for 46 percent. Among the external liabilities of the banking sector, by instrument, deposits and loans were USD 760.6 billion, bonds investment, USD 230.7 billion, and other liabilities including equity, USD 360.9 billion, accounting for 56 percent, 17 percent and 27 percent of the sector's total external liabilities respectively. By currency, RMB liabilities were USD 617.9 billion, USD liabilities, USD 454.4 billion, and other currency liabilities, USD 279.8 billion, accounting for 46 percent, 34 percent and 21 percent respectively. By counterpart sector, USD 549.2 billion was from overseas banking sector, accounting for 41 percent; while USD 803.0 billion was from overseas non-banking sector, accounting for 59 percent. (End) 2023-03-30/en/2023/0330/2058.html
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External Financial Assets and Liabilities of China's Banking Sector(As of December 31,2022) 2023-03-30/en/2023/0330/2059.html
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According to the statistics of the State Administration of Foreign Exchange (SAFE), the Chinese foreign exchange market (excluding foreign currency pairs, the same below) recorded total transactions of RMB 20.64 trillion (equivalent to USD 3.02 trillion) in February 2023. In terms of markets, the transactions volume of client market was RMB 2.90 trillion (equivalent to USD 0.42 trillion), and the transactions volume of interbank market was RMB 17.74 trillion (equivalent to USD 2.60 trillion). In terms of products, the cumulative transactions volume of the spot market was RMB 7.44 trillion (equivalent to USD 1.09 trillion), and that of the derivatives market was RMB 13.19 trillion (equivalent to USD 1.93 trillion). From January to February 2023, a total of RMB 34.93 trillion (equivalent to USD 5.12 trillion) was traded in the Chinese foreign exchange market. 2023-03-24/en/2023/0324/2057.html
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According to the statistics of the State Administration of Foreign Exchange (SAFE), by the end of February 2023, China’s foreign exchange reserves registered USD 3.1332 trillion, down by USD 51.3 billion, or 1.61%, from the end of January. In February 2023, influenced by global macroeconomic data, expectations on monetary policies of major economies, and other factors, the US dollar index rose, and the prices of global financial assets declined in general. China’s foreign exchange reserves declined this month due to the combined effects of currency translation and asset price changes. China has made great efforts to promote steady economic recovery and high-quality development, and the Chinese economy has great potential and development momentum, which is conducive to keeping foreign exchange reserves basically stable. 2023-03-07/en/2023/0307/2055.html
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The 2024 National Foreign Exchange Administration Work Conference was convened in Beijing from January 4 to 5, 2024. During the conference, participants thoroughly studied and implemented the principles outlined in the Central Economic Work Conference and the Central Financial Work Conference. They also summarized the foreign exchange administration work in the year 2023, analyzed the current financial and foreign exchange situation, and made deployments of the key tasks for 2024. Zhu Hexin, the Administrator of the State Administration of Foreign Exchange (the SAFE), and head of its party-leading group, delivered a work report. Members of the party leading group and the Deputy Administrators as well as the Chief Economist of the SAFE attended the conference. Zhou Xiaoying, Deputy Leader of the 18th Circuit Guidance Group of the CPC Central Committee on Themed Education, also attended the conference and offered guidance. During the conference, it was pointed out that in 2023, the SAFE unwaveringly implemented the decisions and arrangements of the CPC Central Committee and the State Council, coordinated development and security, and advanced reform and opening-up in the foreign exchange market to boost economic recovery. The conference highlighted the SAFE’s effective measures in maintaining the stable operation of the foreign exchange market and the security of the national economy and finance, as well as the new progress achieved by the SAFE across various areas of work. It was noted that the year 2023 witnessed a basic equilibrium in the balance of payments, while the operation of the foreign exchange market remained basically stable amidst a complex and challenging landscape. Firstly, the Party’s leadership has been further strengthened. The SAFE rigorously carried out the themed education on studying and implementing Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, thoroughly studied, disseminated, and implemented the guiding principles of the Central Financial Work Conference. The SAFE also rigorously and resolutely undertook rectification tasks assigned by central discipline inspections, better strengthened primary-level party organizations, and took concrete actions to resolutely advocate the establishment of both Comrade Xi Jinping’s core position on the Party Central Committee and in the Party as a whole, as well as the guiding role of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era. It resolutely upheld Comrade Xi Jinping’s core position on the Party Central Committee and in the Party as a whole and upheld the authority of the Party Central Committee and its centralized, unified leadership. Secondly, there has been a continual enhancement in the quality and effectiveness of foreign exchange administration services for the real economy. The SAFE enhanced policy supply for the facilitation of cross-border trade and investment, with a comprehensive set of nationwide initiatives already in place. Additionally, policies further facilitating cross-border financing have been extensively endorsed, fostering the development of innovative and high-tech enterprises. The SAFE extended support to private enterprises, aiding their two-way opening of “bringing in” foreign investment and “going global” with outward investment. Moreover, foreign exchange services have been optimized, ensuring greater convenience for individual foreign exchange transactions. High-quality foreign exchange support services were provided for major events such as the Hangzhou Asian Games and the Chengdu FISU World University Games. The SAFE drove the continuous enhancement of digital capital account services in the banking sector and helped diversify the application scenarios for cross-border financial services. Further efforts have been made to deepen the construction of the foreign exchange market and improve enterprise risk hedging services. In support of regional opening-up and innovation, the SAFE piloted innovative foreign exchange administration policies in key areas such as the Guangdong-Macao in-depth cooperation zone in Hengqin, and Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone as well as Xiong’an New Area, expanding the pilot areas of the policies for high-level opening-up of cross-border trade and investment. Thirdly, foreign exchange supervision has become more precise and effective. The SAFE strengthened macroprudential management, which includes implementing counter-cyclical measures to balance supply and demand in the foreign exchange market. The SAFE enhanced supervision on key businesses and entities, with a heightened focus on collaborative regulatory efforts. It systematically advanced reforms in the banking sector’s foreign exchange operations, and prioritized technological empowerment to enhance the effectiveness of supervision. The SAFE also took stringent measures to crack down on illegal activities, such as underground banks, cross-border gambling, and export tax evasion related to foreign exchange violations. Fourthly, the SAFE has been improving the operation and management of foreign exchange reserves, with the total reserve size stably maintained above USD 3.1 trillion throughout the year. The conference emphasized that in 2024, foreign exchange administration work should be guided by Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era. It called for the comprehensive implementation of the guiding principles of the 20th CPC National Congress and the second plenary session of the 20th CPC Central Committee. Furthermore, the decisions and arrangements established at the Central Economic Work Conference and the Central Financial Work Conference shall be diligently implemented. The conference also highlighted the significance of upholding and strengthening the Party’s overarching leadership in financial work. It reiterated an unwavering commitment to pursue the distinctive path of financial development with Chinese Characteristics, guided by the principles of seeking progress while maintaining stability, promoting stability through progress, and establishing the new before abolishing the old. The objective is to effectively balance high-quality development and robust security, steadily advance deep-level reforms, and foster high-standard opening-up in the foreign exchange sector. Besides, the conference underscored the importance of facilitating cross-border trade and investment, enhancing the integrated management of the foreign exchange market through the two-pronged “macro-prudential management with micro regulation” framework, and ensuring the security, liquidity, and value appreciation of foreign exchange reserve assets. Overall, the conference highlighted the pivotal role of the foreign exchange administration sector in supporting China’s pursuit of high-quality development on its path to modernization. The conference outlined key tasks for foreign exchange administration in 2024. Firstly, the SAFE will be committed to upholding and strengthening the centralized and unified leadership of the Party Central Committee over financial and foreign exchange work. It will gain a deep understanding of the decisive significance of establishing Comrade Xi Jinping’s core position on the Party Central Committee and in the Party as a whole and establishing the guiding role of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era. The SAFE will place utmost importance on prioritizing the Party’s political building, aiming to enhance cohesion and forge the Party’s soul with Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era. More efforts will be dedicated to studying, disseminating, and implementing the guiding principles of the Central Financial Work Conference. Furthermore, SAFE will keep on thoroughly implementing the rectification tasks assigned by the central discipline inspections. This involves continuous efforts to uphold integrity, discipline, and anti-corruption measures while focusing on improving the competences of officials who are professional and loyal to our Party. Secondly, the SAFE will advance reforms and opening up in the foreign exchange sector, with an aim to better serve the high-quality development of the real economy. With a focus on supporting technological innovation enterprises and micro, small, and medium-sized enterprises (MSMEs), the SAFE will enhance cross-border trade and investment facilitation. Efforts will be directed toward expanding the coverage of facilitation policies in terms of foreign exchange receipts and payments for high-quality enterprises, thus propelling the standardized and innovative development of new trade formats. Additionally, the SAFE will improve the integrated capital pooling trials for multinational corporations' both domestic and foreign currencies, while systematically advancing the two-way opening of China’s financial markets, particularly by enhancing the quality of capital account opening. The SAFE will establish an open and diverse foreign exchange market with robust functions and orderly competition. Furthermore, the SAFE will continue to improve exchange rate risk management services for enterprises. It will provide special support for the development of key areas such as the Hainan Free Trade Port and the Guangdong-Hong Kong-Macao Greater Bay Area to foster high-level free trade pilot zones. Thirdly, the SAFE will mitigate the risks associated with cross-border capital flows. This involves strengthening macro-prudential management and expectation guidance, enhancing monitoring, early warning, and response mechanisms for cross-border capital flows, and resolutely correcting pro-cyclical and one-sided behaviors. The SAFE will maintain the RMB exchange rate at a reasonable and balanced level, ensuring its fundamental stability, and safeguard the basic equilibrium of the balance of payments. Fourthly, The SAFE will achieve more comprehensive regulatory coverage in the foreign exchange sector. The objective is to regulate foreign exchange businesses in accordance with the law and ensure thorough oversight. The normalization of regulatory practices will be reinforced, and technological tools will be employed to enhance supervisory effectiveness. The SAFE will improve the management mechanism for cross-border transactions, emphasizing principles such as authenticity, diversity, due diligence, safety, and efficiency. The SAFE will also prudently advance the reform of bank foreign exchange operations, and rigorously crack down on any illegal or non-compliant activities in the foreign exchange market. Fifthly, the SAFE will improve the management of foreign exchange reserves with Chinese characteristics, ensuring the safety, liquidity, and value preservation and appreciation of these assets. Sixthly, the SAFE will solidify the foundation of foreign exchange administration. This involves strengthening the legal framework for foreign exchange management, accelerating the establishment of a modernized international balance of payments statistical system, comprehensively streamlining the operational procedures of the SAFE through institutional reforms, exploring the implementation of intelligent foreign exchange administration, and conducting in-depth research on key issues related to foreign exchange. Head officials of relevant departments, provincial branches, and institutions of the SAFE, as well as colleagues accredited to the Discipline Inspection and Supervision Team, attended the conference. Representatives from the Office of the Central Financial and Economic Affairs Commission, the Office of the Central Financial Commission, the General Office of the State Council, and the National Audit Office were also presented at the conference upon invitation. 2024-01-05/en/2024/0105/2164.html