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As shown in the statistics of the State Administration of Foreign Exchange (SAFE), in May 2024, the amount of foreign exchange settlement and sales by banks was RMB 1250.5 billion and RMB 1363.8 billion, respectively. During January to May 2024, the accumulative amount of foreign exchange settlement and sales by banks was RMB 6335.4 billion and RMB 6895.0 billion, respectively. In the US dollar terms, in May 2024, the amount of foreign exchange settlement and sales by banks was USD 176.0 billion and USD 191.9 billion, respectively. During January to May 2024, the accumulative amount of foreign exchange settlement and sales by banks was USD 891.9 billion and USD 970.7 billion, respectively. In May 2024, the amount of cross-border receipts and payments by non-banking sectors was RMB 4155.7 billion and RMB 4157.5 billion, respectively. During January to May 2024, the accumulative amount of cross-border receipts and payments by non-banking sectors was RMB 20140.6 billion and RMB 20391.4 billion, respectively. In the US dollar terms, in May 2024, the amount of cross-border receipts and payments by non-banking sectors was USD 584.8 billion and USD 585.1 billion, respectively. During January to May 2024, the accumulative amount of cross-border receipts and payments by non-banking sectors was USD 2835.5 billion and USD 2870.9 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. 2024-06-17/en/2024/0617/2210.html
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China's External Portfolio Investment Assets at the End of 2023 2024-05-31/en/2024/0531/2209.html
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The State Administration of Foreign Exchange (SAFE) recently released preliminary data on the Balance of Payments (BOP) for the first quarter of 2024. SAFE Deputy Administrator and Press Spokesperson Wang Chunying answered media questions on relevant issues. Q: Could you brief us on China’s BOP for the first quarter of 2024? A: The preliminary data shows that in the first quarter of 2024, China maintained a basic equilibrium in its BOP. The current account surplus registered USD 39.2 billion in the first quarter of the year, with its ratio to Gross Domestic Product (GDP) reaching 0.9%, thus maintaining within a reasonable and balanced range. Meanwhile, cross-border capital flows in both directions were kept reasonable and well-organized. First, trade in goods continued to maintain a surplus. In the first quarter of 2024, trade in goods in terms of BOP recorded a surplus of USD 121.1 billion. Specifically, exports of goods amounted to USD 751.1 billion, marking a 2% year-on-year increase, while imports of goods totaled USD 630 billion, representing a 3% year-on-year increase. This is mainly because China's economy has witnessed a positive start since the onset of 2024 and, with constant progress in industrial transformation and upgrades, new growth drivers, modes and forms of trade have been expanding and the structure of trade has been optimizing. Secondly, a deficit was recorded for trade in services. On one hand, the travel deficit rose by 34% year-on-year to USD 53.8 billion, as travel-related income and expenditures steadily returned to pre-pandemic levels. On the other hand, the surplus in key service trade sectors continued to expand. Notably, the surplus in consulting, advertising, and other business services reached USD 12 billion, reaching historically high levels. Meanwhile, the surplus in telecommunications, computer, and information services grew by 30% year-on-year to USD 4.8 billion. Thirdly, two-way direct investment was conducted in an orderly manner. In the first quarter of 2024, enterprises exhibited stable practices of “going global” with a net outflow of outbound foreign direct investment in the form of equity investment reaching USD 25.7 billion. Conversely, there was a net inflow of USD 19 billion of foreign direct investment in China in the form of equity investment, involving an increase of USD 21 billion in capital inflow, indicating the overall stability of foreign capital in establishing and operating businesses in China. Overall, despite the growing complexity, severity, and uncertainty of the external environment, China is accelerating the construction of the new development paradigm and promoting high-quality development. China’s economy has a solid foundation, marked by many advantages, strong resilience, and vast potential, which will continue to provide fundamental support for the country's basic equilibrium in the balance of payments. 2024-05-10/en/2024/0510/2205.html
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As at the end of March 2024, China's banking sector recorded external financial assets of USD 1507.9 billion, external liabilities of USD 1416.5 billion, and net external assets of USD 91.4 billion, including net RMB liabilities of USD 302.2 billion and net foreign currency assets of USD 393.6 billion. Among the external financial assets of the banking sector, by instrument, deposits and loans were USD 931.8 billion, bonds investment, USD 352.3 billion, and other assets including equity, USD 223.8 billion, accounting for 62 percent, 23 percent and 15 percent of the sector's total external financial assets respectively. By currency, RMB assets were USD 380.4 billion, USD assets were USD 798.4 billion, and other currency assets were USD 329.1 billion, accounting for 25 percent, 53 percent and 22 percent respectively. By counterpart sector, the amount invested in the overseas banking sector was USD 747.9 billion, accounting for 50 percent; the amount invested in the overseas non-banking sector was USD 760.0 billion, accounting for 50 percent. Among the external liabilities of the banking sector, by instrument, deposits and loans were USD 753.5 billion, bonds investment, USD 306.6 billion, and other liabilities including equity, USD 356.4 billion, accounting for 53 percent, 22 percent and 25 percent of the sector's total external liabilities respectively. By currency, RMB liabilities were USD 682.6 billion, USD liabilities, USD 439.9 billion, and other currency liabilities, USD 294.1 billion, accounting for 48 percent, 31 percent and 21 percent respectively. By counterpart sector, USD 635.7 billion was from overseas banking sector, accounting for 45 percent; while USD 780.8 billion was from overseas non-banking sector, accounting for 55 percent. (End) 2024-06-27/en/2024/0627/2212.html
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Recently, the State Administration of Foreign Exchange (SAFE) releases data on China's external portfolio investment assets by country/region and by sector of resident holder at the end of 2023. The statistics show that China's external portfolio investment assets (excluding reserve assets) amounted to USD 1098.4 billion by the end of 2023, including USD 622.6 billion in equity investments and USD 475.8 billion in bond investments. The top 5 recipients of Chinese investments were Hong Kong SAR, the United States, Cayman Islands, the British Virgin Islands and the United Kingdom, with the amounts being USD 418.7 billion, USD 256.7 billion, USD 95.9 billion, USD 76.3 billion and USD 35.8 billion respectively. By the end of 2023, other financial corporations (non-bank financial institutions), bank and non-financial sector were the main sectors holding external portfolio investment assets, with the amounts being USD 620.8 billion, USD 353.2 billion and USD 124.3 billion respectively, accounting for 57 percent, 32 percent and 11 percent of China’s total external portfolio investment assets. (End) 2024-05-31/en/2024/0531/2208.html
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External Financial Assets and Liabilities of China's Banking Sector(As of March 31, 2024) 2024-06-27/en/2024/0627/2211.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 23.04 trillion (equivalent to USD 3.24 trillion) in April 2024. In terms of markets, the transactions volume of client market was RMB 3.46 trillion (equivalent to USD 0.49 trillion), and the transactions volume of interbank market was RMB 19.58 trillion (equivalent to USD 2.76 trillion). In terms of products, the cumulative transactions volume of the spot market was RMB 7.39 trillion (equivalent to USD 1.04 trillion), and that of the derivatives market was RMB 15.65 trillion (equivalent to USD 2.20 trillion). From January to April 2024, a total of RMB 89.21 trillion (equivalent to USD 12.56 trillion) was traded in the Chinese foreign exchange market. 2024-05-24/en/2024/0524/2206.html
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According to the statistics by the State Administration of Foreign Exchange (SAFE), by the end of April 2024, China’s foreign exchange reserves totaled USD 3.2008 trillion, down by USD 44.8 billion or 1.38% from March 2024. In April 2024, the US dollar index rose, while global financial asset prices witnessed a widespread fall, influenced by factors such as monetary policy expectations and macroeconomic data in major economies. China’s foreign exchange reserves decreased this month due to the combined effect of currency translation and changes in asset prices. China’s economy has a solid foundation, numerous advantages, great resilience, and enormous potential, which will continue to support the general stability of China’s foreign exchange reserves. 2024-05-07/en/2024/0507/2204.html
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The 2025 National Foreign Exchange Administration Work Conference was convened in Beijing from January 3 to 4, 2025. During the conference, participants comprehensively implemented the guiding principles of the 20th CPC National Congress, the Second and Third Plenary Sessions of the 20th CPC Central Committee, and the Central Economic Work Conference. They also summarized the foreign exchange administration work in the year 2024, analyzed the current financial and foreign exchange situation, and made deployments of the key tasks for 2025. Zhu Hexin, Secretary of the CPC Leadership Group of the State Administration of Foreign Exchange (the SAFE) and the Administrator of the SAFE, delivered a work report. Members of the CPC SAFE Leadership Group and the Deputy Administrators as well as the Chief Accountant of the SAFE attended the conference. During the conference, it was pointed out that in 2024, the SAFE unwaveringly implemented the decisions and arrangements of the CPC Central Committee and the State Council, enhanced overall planning by seizing the opportunity of accepting the third round of discipline inspections of the 20th CPC Central Committee, advanced progress in a steady manner, took practical actions to overcome difficulties, and achieved new results in all aspects of work. It was noted that the year 2024 witnessed a basic equilibrium in the balance of payments, while the operation of the foreign exchange market remained relatively resilient amidst a complex and challenging landscape. Firstly, the Party building has been comprehensively strengthened with political construction as the guide. The SAFE firmly regarded the study and implementation of the guiding principle of General Secretary Xi Jinping’s keynote speeches and important instructions as the primary political task, consolidated and expanded the outcomes of thematic education, and seriously carried out study and education on Party discipline. The SAFE also rigorously and resolutely undertook rectification tasks assigned by central discipline inspections, and took concrete actions to resolutely advocate the establishment of both Comrade Xi Jinping’s core position within the Party Central Committee and the Party as a whole, as well as the guiding role of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, and resolutely achieved the Two Upholds. Secondly, there has been a continual enhancement in the quality and effectiveness of foreign exchange supporting the real economy. The SAFE implemented the guiding principles of the meeting of the Political Bureau of the CPC Central Committee meeting on September 26, 2024, and promoted the expansion of three cross-border investment and financing facilitation pilots, including the direct handling of foreign debt registration by banks. The SAFE further improved the facilitation of cross-border trade, investment and financing, and effectively developed technology finance, green finance, inclusive finance, pension finance, and digital finance by focusing on supporting sci-tech enterprises. The SAFE canceled the administrative license for the registration on the List of Enterprises Making Foreign Exchange Receipts and Payments under Trade, expanded coverage and improve quality of policies facilitating foreign exchange receipts and payments for high-quality enterprises, supported the development of new trade formats, and optimized the foreign exchange services for foreigners in China. The SAFE also promoted the expansion of reform of the banking sector’s foreign exchange operations, and improved the supporting systems. Thirdly, the high-level opening-up of the foreign exchange sector has been steadily promoted. The SAFE promoted the quality of capital account opening, worked with the People’s Bank of China to revise provisions on the Regulations on the Domestic Securities and Futures Investment Capital of Foreign Institutional Investors, supported domestic institutions to carry out cross-border securities investment in an orderly manner, and optimized the pilot policy for the integrated capital pool for multinational corporations’ domestic and foreign currencies. The SAFE further advanced the construction of the foreign exchange market, optimized enterprise exchange rate risk management services, supported the opening-up and development of key regions, and expanded the pilot for the high-level opening-up of cross-border trade and investment. Fourthly, the supervision capacity and level under the conditions of opening-up have been further improved. The SAFE strengthened macro-prudential management, strengthened counter-cyclical adjustment and expectation guidance, and promoted the balance between supply and demand in the foreign exchange market. The SAFE also intensified in-process and ex-post supervision, enhanced the off-site supervision work mechanism, and severely cracked down on illegal foreign exchange activities such as underground banks, cross-border gambling, and export tax fraud. Fifthly, the SAFE has been improving the operation and management of foreign exchange reserves, with the total reserve size stably maintained above USD 3.2 trillion since the beginning of the year. The conference emphasized that in 2025, foreign exchange administration work should be guided by Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era. It called for the thorough implementation of the guiding principles of the 20th CPC National Congress and the Second and Third Plenary Sessions 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. In accordance with the requirements of the national work conferences for the financial system, the SAFE shall persist in seeking progress while maintaining stability and promoting stability through progress, uphold fundamental principles and break new ground, pursuit system integration, better coordinate development and security, and anchor on the establishment and improvement of a “more convenient, more open, and secure” foreign exchange administration system and mechanism. The SAFE shall implement more proactive and effective foreign exchange administration policies, promote in-depth reform and high-level opening-up in the foreign exchange field, and prevent and resolve external shock risks, to make greater contributions to the high-quality completion of the goals and tasks of the 14th Five-Year Plan and the good start of the 15th Five-Year Plan. The conference outlined key tasks for foreign exchange administration in 2025. Firstly, the SAFE will promote comprehensive and strict governance over the Party members in depth. The SAFE will conscientiously implement the “First Agenda” system, promote the normalization and long-term effect of Party discipline study and education, take the lead in governance, play the three leading roles, and propel itself ahead to become a model government organization. Secondly, the SAFE will strictly and concretely implement the rectification tasks assigned by the central discipline inspections. The SAFE will adhere to problem-oriented rectification, deeply address both symptoms and root causes, and demonstrate political responsibility with the actual results of rectification. Thirdly, the SAFE will intensify efforts to promote foreign exchange facilitation reforms. The SAFE will continue to advance technology finance, green finance, inclusive finance, pension finance, and digital finance, include more sci-tech enterprises in the pilot of cross-border financing facilitation, and guide overseas high-quality capital to invest in domestic high-tech industries. In accordance with the requirements of being “both open and manageable”, the SAFE will orderly expand the coverage of the reform of bank foreign exchange operations. The SAFE will actively support the stabilization of foreign trade and foreign investment, promote the optimization and expansion of trade facilitation policies, improve the facilitation level of foreign exchange business in new trade formats, and promote the facilitation of foreign investment and foreign currency exchange. In addition, the SAFE will establish a mechanism for evaluating foreign exchange administration policies. Fourthly, the SAFE will intensify efforts to promote the institutional opening-up of the foreign exchange field. The SAFE will optimize the management of funds for IPOs of domestic enterprises, promote the reform of the management of foreign debts of enterprises, and continue to improve the capital pool policy of multinational corporations. The SAFE will build an open and diverse foreign exchange market with robust functions and orderly competition, guide financial institutions to improve the long-term mechanism of exchange rate risk management services, and optimize the infrastructure of the foreign exchange market. The SAFE will also support the upgrading strategy of the pilot free trade zones, support the construction of international financial centers in Shanghai and Hong Kong, and support the Hainan Free Trade Port and the Guangdong-Hong Kong-Macao Greater Bay Area to innovate foreign exchange administration. Fifthly, the SAFE will intensify efforts to maintain the basic stability of the foreign exchange market. The SAFE will strengthen the monitoring and judgment of the situation, improve the monitoring and early warning system for cross-border capital flows, and enhance the counter-cyclical adjustment and expectation management of the foreign exchange market. Sixthly, the SAFE will intensify efforts to build a complete and effective foreign exchange supervision system. The SAFE will establish and improve the working mechanism for in-process and ex-post supervision, and make full use of scientific and technological means to improve the efficiency of supervision. The SAFE will insist on a high-pressure policy for cracking down on illegal activities in the foreign exchange field, and work together to strengthen the governance of illegal cross-border financial activities at the source. Seventhly, the SAFE will intensify efforts to promote the high-quality development of the operation and management of foreign exchange reserves, and ensure the safety, liquidity, and value preservation and appreciation of China’s foreign exchange reserves. Eighthly, the SAFE will solidify the foundation of foreign exchange administration. This involves advancing the amendment of the Regulations of the People’s Republic of China on Foreign Exchange Administration, accelerating the establishment of a modernized international balance of payments statistical framework, exploring the implementation of smart foreign exchange administration, and empowering foreign exchange administration and service with technology and data. 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 present at the conference upon invitation. 2025-01-04/en/2025/0104/2283.html
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In the fourth quarter of 2024, China's current account registered a surplus of RMB 1293.3 billion, including a surplus of RMB 1786.6 billion under trade in goods, a deficit of RMB 338.3 billion under trade in services, a deficit of RMB 188.1 billion under primary income and a surplus of RMB 33.1 billion under secondary income. The capital and financial accounts (including net errors and omissions for the quarter) recorded a deficit of RMB 1293.3 billion. In 2024, China's current account registered a surplus of RMB 3011.7 billion, including a surplus of RMB 5481.2 billion under trade in goods, a deficit of RMB 1634.0 billion under trade in services, a deficit of RMB 941.2 billion under primary income, and a surplus of RMB 105.7 billion under secondary income. The capital and financial accounts (including net errors and omissions for the fourth quarter) recorded a deficit of RMB 3154.6 billion. In the US dollar terms, in the fourth quarter of 2024, China's current account registered a surplus of USD 180.7 billion, including a surplus of USD 249.6 billion under trade in goods, a deficit of USD 47.3 billion under trade in services, a deficit of USD 26.3 billion under primary income and a surplus of USD 4.6 billion under secondary income. The capital and financial accounts (including net errors and omissions for the quarter) recorded a deficit of USD 180.7 billion. In the US dollar terms, in 2024, China's current account recorded a surplus of USD 422.0 billion, including a surplus of USD 767.9 billion under trade in goods, a deficit of USD 228.8 billion under trade in services, a deficit of USD 131.9 billion under primary income, and a surplus of USD 14.8 billion under secondary income. The capital and financial accounts (including net errors and omissions for the fourth quarter) recorded a deficit of USD 441.6 billion. In SDR terms, in the fourth quarter of 2024, China's current account registered a surplus of SDR 136.7 billion, including a surplus of SDR 188.9 billion under trade in goods, a deficit of SDR 35.8 billion under trade in services, a deficit of SDR 19.9 billion under primary income and a surplus of SDR 3.5 billion under secondary income. The capital and financial accounts (including net errors and omissions for the quarter) recorded a deficit of SDR 136.7 billion. In SDR terms, in 2024, China posted a surplus of SDR 317.6 billion under the current account, including a surplus of SDR 578.2 billion under trade in goods, a deficit of SDR 172.4 billion under trade in services, a deficit of SDR 99.5 billion under primary income and a surplus of SDR 11.1 billion under secondary income.The capital and financial accounts (including net errors and omissions for the fourth quarter) recorded a deficit of SDR 332.2 billion. (End) China's Balance of Payments, Q4 2024 (Preliminary Data) Item Line No. RMB 100 million USD 100 million SDR 100 million 1. Current account 1 12933 1807 1367 Credit 2 81231 11349 8587 Debit 3 -68297 -9543 -7220 1. A Goods and Services 4 14483 2023 1531 Credit 5 74707 10438 7897 Debit 6 -60224 -8415 -6366 1.A.a Goods 7 17866 2496 1889 Credit 8 67019 9364 7084 Debit 9 -49153 -6868 -5196 1.A.b Services 10 -3383 -473 -358 Credit 11 7688 1074 813 Debit 12 -11071 -1547 -1171 1.A.b.1 Processing services 13 210 29 22 Credit 14 232 32 25 Debit 15 -22 -3 -2 1.A.b.2 Maintenance and Repair Services 16 87 12 9 Credit 17 236 33 25 Debit 18 -148 -21 -16 1.A.b.3 Transport 19 -647 -90 -68 Credit 20 2342 327 248 Debit 21 -2989 -418 -316 1.A.b.4 Travel 22 -3735 -522 -395 Credit 23 864 121 91 Debit 24 -4599 -642 -486 1.A.b.5 Construction 25 222 31 23 Credit 26 366 51 39 Debit 27 -145 -20 -15 1.A.b.6 Insurance and Pension Services 28 -196 -27 -21 Credit 29 11 2 1 Debit 30 -207 -29 -22 1.A.b.7 Financial Services 31 -3 0 0 Credit 32 76 11 8 Debit 33 -79 -11 -8 1.A.b.8 Charges for the Use of Intellectual Property 34 -716 -100 -76 Credit 35 99 14 11 Debit 36 -816 -114 -86 1.A.b.9 Telecommunications, Computer, and Information Services 37 635 89 67 Credit 38 1354 189 143 Debit 39 -720 -101 -76 1.A.b.10 Other Business Services 40 848 118 90 Credit 41 2027 283 214 Debit 42 -1179 -165 -125 1.A.b.11 Personal, Cultural, and Recreational Services 43 -63 -9 -7 Credit 44 51 7 5 Debit 45 -114 -16 -12 1.A.b.12 Government Goods and Services n.i.e 46 -24 -3 -3 Credit 47 30 4 3 Debit 48 -54 -8 -6 1.B Primary Income 49 -1881 -263 -199 Credit 50 5780 807 611 Debit 51 -7660 -1070 -810 1.C Secondary Income 52 331 46 35 Credit 53 744 104 79 Debit 54 -413 -58 -44 2. Capital and Financial Accounts (Including Net Errors and Omissions for the Quarter) 55 -12933 -1807 -1367 2.1 Capital Account 56 3 0 0 Credit 57 6 1 1 Debit 58 -3 0 0 2.2. Financial Account (Including Net Errors and Omissions for the Quarter) 59 -12937 -1807 -1368 2.2.1 Financial Account (Excluding Reserve Assets, But Including Net Errors and Omissions for the Quarter) 60 -15110 -2111 -1598 Including: 2.2.1.1 Direct Investment 61 -865 -120 -92 2.2.1.1.1 Assets 62 -2113 -295 -223 2.2.1.1.1.1 Equity and investment fund shares 63 -2204 -308 -233 2.2.1.1.1.2 Debt instruments 64 91 13 10 2.2.1.1.2 Liabilities 65 1247 175 132 2.2.1.1.2.1 Equity and investment fund shares 66 1776 248 188 2.2.1.1.2.2 Debt instruments 67 -528 -74 -56 2.2.2 Reserve Assets 68 2173 304 230 2.2.2.1 Monetary gold 69 0 0 0 2.2.2.2 Special drawing rights 70 156 22 16 2.2.2.3 Reserve position in the IMF 71 28 4 3 2.2.2.4 Foreign exchange reserves 72 1990 278 210 2.2.2.5 Other reserves 73 0 0 0 3. Net Errors and Omissions 74 / / / 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 statement for the quarter using the period average central parity rate of RMB against USD. The SDR denominated quarterly BOP statement is converted from the USD denominated BOPstatement for the quarter using the period average exchange rate of SDR against USD. 4.Since net errors and omissions are included, the amount of the capital and financial accounts is the opposite number of the difference in the current account. 5.According to preliminary statistics, in the fourth quarter of 2024, the equity other than reinvestment of earnings under direct investment liabilities (credit) was USD 30.5 billion (RMB 218.8 billion). 6.This table employs rounded-off numbers. China's Balance of Payments, 2024 (Preliminary Data) Item Line No. RMB 100 million USD 100 million SDR 100 million 1. Current account 1 30117 4220 3176 Credit 2 294432 41236 31061 Debit 3 -264315 -37016 -27886 1. A Goods and Services 4 38472 5391 4059 Credit 5 270851 37932 28572 Debit 6 -232379 -32541 -24514 1.A.a Goods 7 54812 7679 5782 Credit 8 243421 34091 25679 Debit 9 -188609 -26412 -19897 1.A.b Services 10 -16340 -2288 -1724 Credit 11 27430 3840 2893 Debit 12 -43770 -6129 -4617 1.A.b.1 Processing services 13 818 115 86 Credit 14 901 126 95 Debit 15 -83 -12 -9 1.A.b.2 Maintenance and Repair Services 16 265 37 28 Credit 17 796 111 84 Debit 18 -531 -74 -56 1.A.b.3 Transport 19 -3971 -556 -419 Credit 20 8039 1126 848 Debit 21 -12010 -1682 -1267 1.A.b.4 Travel 22 -15018 -2102 -1584 Credit 23 2842 398 300 Debit 24 -17860 -2501 -1884 1.A.b.5 Construction 25 601 84 63 Credit 26 1202 168 127 Debit 27 -601 -84 -63 1.A.b.6 Insurance and Pension Services 28 -859 -120 -90 Credit 29 175 24 18 Debit 30 -1033 -145 -109 1.A.b.7 Financial Services 31 26 4 3 Credit 32 290 41 31 Debit 33 -264 -37 -28 1.A.b.8 Charges for the Use of Intellectual Property 34 -2542 -356 -268 Credit 35 724 101 76 Debit 36 -3266 -457 -345 1.A.b.9 Telecommunications, Computer, and Information Services 37 1768 248 187 Credit 38 4644 650 490 Debit 39 -2875 -402 -303 1.A.b.10 Other Business Services 40 2963 415 312 Credit 41 7574 1060 799 Debit 42 -4612 -646 -487 1.A.b.11 Personal, Cultural, and Recreational Services 43 -282 -40 -30 Credit 44 136 19 14 Debit 45 -418 -59 -44 1.A.b.12 Government Goods and Services n.i.e 46 -109 -15 -11 Credit 47 108 15 11 Debit 48 -217 -30 -23 1.B Primary Income 49 -9412 -1319 -995 Credit 50 20882 2926 2204 Debit 51 -30293 -4245 -3199 1.C Secondary Income 52 1057 148 111 Credit 53 2700 378 285 Debit 54 -1643 -230 -173 2. Capital and Financial Accounts (Including Net Errors and Omissions for the Quarter) 55 -31546 -4416 -3322 2.1 Capital Account 56 -4 -1 0 Credit 57 14 2 1 Debit 58 -18 -3 -2 2.2. Financial Account (Including Net Errors and Omissions for the Quarter) 59 -31542 -4415 -3322 2.2.1 Financial Account (Excluding Reserve Assets, But Including Net Errors and Omissions for the Quarter) 60 -35956 -5038 -3793 Including: 2.2.1.1 Direct Investment 61 -12005 -1684 -1271 2.2.1.1.1 Assets 62 -12333 -1728 -1303 2.2.1.1.1.1 Equity and investment fund shares 63 -9296 -1302 -981 2.2.1.1.1.2 Debt instruments 64 -3037 -426 -322 2.2.1.1.2 Liabilities 65 327 45 32 2.2.1.1.2.1 Equity and investment fund shares 66 4177 585 439 2.2.1.1.2.2 Debt instruments 67 -3850 -540 -407 2.2.2 Reserve Assets 68 4414 623 472 2.2.2.1 Monetary gold 69 0 0 0 2.2.2.2 Special drawing rights 70 65 9 7 2.2.2.3 Reserve position in the IMF 71 -1 0 0 2.2.2.4 Foreign exchange reserves 72 4350 614 465 2.2.2.5 Other reserves 73 0 0 0 3. Net Errors and Omissions 74 1429 196 146 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 statement for the quarter using the period average central parity rate of RMB against USD. 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 2024 is the sum of the official amounts of the BOP for 2024Q1, 2024Q2, 2024Q3 and the preliminary amount for 2024Q4. 5.According to preliminary statistics, in 2024, the equity other than reinvestment of earnings under direct investment liabilities (credit) was USD 90.8 billion (RMB 648.8 billion). 6.This table employs rounded-off numbers. 2025-02-14/en/2025/0214/2282.html