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According to the statistics of the State Administrationmof Foreign Exchange (SAFE), the Chinese foreign exchange market (excluding foreign currency pairs, the same below) recorded total transactions of RMB 20.33 trillion (equivalent to USD 3.16 trillion) in June 2021. In terms of markets, the transactions volume of client market was RMB 3.39 trillion(equivalent to USD 0.53 trillion), and the transactions volume of interbank market was RMB 16.93 trillion(equivalent to USD 2.64 trillion). In terms of products, the cumulative transactions volume of the spot market was RMB 8.23 trillion (equivalent to USD 1.28 trillion), and that of the derivatives market was RMB 12.10 trillion(equivalent to USD 1.88 trillion). From January to June 2021, a total of RMB 112.64 trillion (equivalent to USD 17.41 trillion) was traded in the Chinese foreign exchange market. 2021-07-30/en/2021/0625/1839.html
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China's External Portfolio Investment Assets at the End of June 2021 2021-11-26/en/2021/1126/1889.html
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In October 2021, China’s international trade in goods and services recorded receipts of RMB 2024.3 billion and payments of RMB1638.1 billion based on statistics of balance of payments(BOP), registering a surplus of RMB 386.2 billion. Specifically, trade in goods registered receipts of RMB 1839.4 billion, payments of RMB 1439.0 billion, recording a surplusof RMB 400.4 billion; trade in services recorded receipts of RMB 184.9 billion, payments of RMB 199.1 billion, resulting in a deficit of RMB 14.2 billion. In the US dollar terms, in October 2021, the receipts and payments of China's international trade in goods and services were USD 315.3 billion and USD 255.2 billion respectively, registering a surplus of USD 60.2 billion. Specifically, the receipts and payments from trade in goods were USD 286.5 billion and USD 224.2 billion respectively, resulting in a surplus of USD 62.4 billion. Trade in services registered receipts and payments of USD 28.8billion and USD 31.0 billion respectively, recording a deficit of USD 2.2 billion. (End) International Trade in Goods and Services of China (Based on the BOP statistics) October 2021 Item In 100 million of RMB In 100 million of USD Goods and services 3862 602 Credit 20243 3153 Debit -16381 -2552 1. Goods 4004 624 Credit 18394 2865 Debit -14390 -2242 2. Services -142 -22 Credit 1849 288 Debit -1991 -310 2.1 Manufacturing services on physical inputs owned by others 71 11 Credit 75 12 Debit -4 -1 2.2 Maintenance and repair services n.i.e 27 4 Credit 45 7 Debit -19 -3 2.3 Transport 15 2 Credit 784 122 Debit -768 -120 2.4 Travel -401 -62 Credit 55 9 Debit -456 -71 2.5 Construction 25 4 Credit 82 13 Debit -58 -9 2.6 Insurance and pension services -36 -6 Credit 10 2 Debit -47 -7 2.7 Financial services 0 0 Credit 21 3 Debit -20 -3 2.8 Charges for the use of intellectual property -99 -15 Credit 64 10 Debit -163 -25 2.9 Telecommunications, computerand information services 64 10 Credit 262 41 Debit -197 -31 2.10 Other business services 209 33 Credit 436 68 Debit -228 -35 2.11 Personal, cultural, and recreational services -6 -1 Credit 7 1 Debit -12 -2 2.12 Government goods and services n.i.e -12 -2 Credit 7 1 Debit -19 -3 Notes: 1. The trade in goodsand services in this table refers to the transactions between residents andnon-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 ownershipis 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 Manufacturingservices 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 isnot 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 postaland 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 Insuranceand 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. 2021-11-26/en/2021/1126/1890.html
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As shown in the statistics of the State Administration of Foreign Exchange (SAFE), in November 2021, the amount of foreign exchange settlement and sales by banks was RMB 1509.3 billion and RMB 1348.4 billion, respectively, with a surplus of RMB 160.9 billion. During January to November 2021, the accumulative amount of foreign exchange settlement and sales by banks was RMB 14742.0 billion and RMB 13311.3 billion, respectively, with an accumulative surplus of RMB 1430.7 billion. In the US dollar terms, in November 2021, the amount of foreign exchange settlement and sales by banks was USD 236.0 billion and USD 210.8 billion, respectively, with a surplus of USD 25.2 billion. During January to November 2021, the accumulative amount of foreign exchange settlement and sales by banks was USD 2282.0 billion and USD 2060.3 billion, respectively, with an accumulative surplus of USD 221.6 billion. In November 2021, the amount of cross-border receipts and payments by non-banking sectors was RMB 3544.1 billion and RMB 3332.1 billion, respectively, with a surplus of RMB 211.9 billion. During January to November 2021, the accumulative amount of cross-border receipts and payments by non-banking sectors was RMB 34952.9 billion and RMB 32998.2 billion, respectively, with an accumulative surplus of RMB 1954.7 billion. In the US dollar terms, in November 2021, the amount of cross-border receipts and payments by non-banking sectors was USD 554.2 billion and USD 521.0 billion, respectively, with a surplus of USD 33.1 billion. During January to November 2021, the accumulative amount of cross-border receipts and payments by non-banking sectors was USD 5412.2 billion and USD 5109.5 billion, respectively, with an accumulative surplus of USD 302.7 billion. Addendum: Glossary and relevant definitions Balance of payments (BOP) refers to all economic transactions between residents and non-residents. Foreign exchange settlement and sales by banks refers to settlement and sale transaction that bank executes for customers and for the banks themselves, including statistic data on settlements of forward contracts for foreign exchange settlement and sales and the exercises of option, and excluding the transactions in the interbank foreign exchange market. The statistic reporting date of Foreign exchange settlement and sales by banks should be the trade day of the Foreign exchange settlement and sales transaction. By definition, foreign exchange settlement means foreign exchange holders sell foreign exchange to designated foreign exchange bank, and foreign exchange sales means designated bank sells foreign exchange to foreign exchange buyers. The newly signed contract amount of forward foreign exchange settlement and sales refers to the binding forward contract between designated foreign exchange bank and client that predetermines foreign exchange currency, amount, exchange rate and tenor which to be executed upon maturity. The unwind amount of forward foreign exchange settlement and sales refers to, where client is unable to perform the original forward contract due to change in its real demand, client to fully or partially close its forward position by executing another deal with opposite direction to the original contract. The rolling amount of forward foreign exchange settlement and sales refers to client to adjust the settlement date of original contract due to change in its real demand. The outstanding amount of forward foreign exchange settlement and sales by the end of the current period refers to the total amount of forward contracts accumulated from all non-matured forward contracts with client. The net Delta exposure of outstanding options refers to the implied foreign exchange spot risk exposure from outstanding option contracts that bank executed with client. The cross-border receipts and payments by non-banking sectors refers to the receipts and payments between domestic non-banking sectors (including institutional and individual residents) and non-residents through domestic banks, excluding receipts and payments in cash. In particular, the statistics includes cross-border receipts and payments between non-banking sectors and non-residents through domestic banks (including RMB and foreign currency), and domestic receipts and payments between non-banking sectors and non-residents through domestic banks (temporarily excluding domestic receipts and payments in RMB between individual residents and non-resident individuals). Data are collected when customers conduct receipts and payments with non-resident counterparties at domestic banks. Specifically, the receipts refer to the capital of non-banking sectors received from non-residents via domestic banks; the payments refer to the capital of non-banking sectors paid to non-residents via domestic banks. 2021-12-24/en/2021/1224/1896.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 foreign-related receipts and payments by banks on behalf of clients in October 2021. The SAFE Deputy Administrator and Press Spokesperson Wang Chunying answered media questions on China’s foreign exchange receipts and payments of October 2021. Q: Could you brief us on China’s foreign exchange receipts and payments in October 2021? A: China’s foreign exchange market remained stable in October. In terms of the main indicators, first, the foreign exchange settlement and sales by banks recorded a surplus of US$16.5 billion, roughly at the same level as the monthly average in the third quarter. Second, the foreign-related receipts and payments of non-banking sectors also posted a surplus of US$34.8 billion, increasing from the surplus in September. This was mainly because some enterprises postponed their foreign exchange receipts from trade after the National Day Holiday. In September and October, the monthly average surplus of the foreign-related receipts and payments of non-banking sectors was similar to the monthly average since the second quarter, and the overall cross-border capital flows remained basically stable. Third, by the end of October, China’s foreign exchange reserves stood at US$3.2176 trillion, up by 0.5% from the end of September, mainly affected by currency translation and changes in global asset prices. The foreign exchange market expectations were generally stable. According to the relevant indicators of the foreign exchange market, the expectations of market entities on foreign exchange rates were overall stable, and the rational trading pattern of “buying low and selling high” was maintained. Adjusted for the National Day Holiday factor, in September and October, the monthly average sales ratio (the ratio of foreign exchange sold by clients to banks to their foreign-related foreign exchange receipts) recorded 64%, down by 3% comparing to the average monthly level in the third quarter, indicating that the willingness of market entities to sell foreign exchange was stable with a slight decline; in September and October, the monthly average purchases ratio (the ratio of foreign exchange bought by clients from banks to their foreign-related foreign exchange payments) reached 62%, 1% lower than the average monthly level in the third quarter, indicating that the willingness of market entities to purchase foreign exchange remained stable. Cross-border capital flows through major channels were in a rational and orderly manner. In October, cross-border capital related to the real economy, such as trade in goods and direct investment, maintained a certain scale of net inflows, reflecting the supporting role of steady recovery of the domestic economy; net increase in the domestic bonds and equities held by non-residents totaled US$11.5 billion, which was roughly at the same level as the monthly average in the third quarter. In addition, overseas study payments and profit repatriation from direct investment fell from seasonal peaks and became stable. At present, with COVID-19 pandemic still spreading around the world, the recovery of world economy is uncertain, and some developed economies are gradually exiting from their quantitative easing monetary policies, which makes the external environment more complex and severe. However, China maintains a steady economic recovery, constantly shows development resilience and keeps the basic equilibrium of balance of payments. All these will continue to support the smooth operation of China’s foreign exchange market. 2021-11-19/en/2021/1119/1893.html
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The State Administration of Foreign Exchange (SAFE) has released the preliminary data on the balance of payments of the third quarter and the first three quarters of 2021. Wang Chunying, SAFE Deputy Administrator and Press Spokesperson, answered media questions on relevant issues. Q: What are the characteristics of China’s balance of payments of the first three quarters of 2021? A: The preliminary data shows that China maintained a basic equilibrium in the balance of payments during the first three quarters of 2021. China’s current account registered a surplus of US$202.8 billion, accounting for 1.6% of GDP in the same period, still within a reasonable range; the direct investment showed a net inflow and the cross-border capital flows were stable and orderly. First, the surplus of trade in goods recorded a year-on-year increase. In the first three quarters of 2021, the surplus of trade in goods registered US$379.6 billion with statistic caliber of balance of payments, up by 16% year on year. Among them, the export of goods reached US$2.3 trillion, up by 31% year on year, which showed the continued growth of foreign trade in China caused by its sustained economic recovery, and the increase of international demand caused by gradual recovery of global economy and trade; the import of goods reached US$1.9 trillion, up by 34% year on year, which was mainly caused by the gradual recovery of domestic demand and the rising price of imports driven by that of international commodities. Second, the deficit of trade in services saw a year-on-year decrease. In the first three quarters of 2021, the service trade deficit recorded US$82.1 billion, down by 30% year on year. Travel, the use of intellectual property and transport accounted for the most deficit. Among them, the deficit in travel was US$72.4 billion, down by 20% year on year, which was mainly affected by the continuing restricted cross-border movement of people due to the sustained pandemic; the receipts and payments on the use of intellectual property increased by 39% and 24% respectively, and the deficit was US$26 billion, an increase of 20% year on year, which indicated the continuous development of China's intellectual property trade and in-depth international cooperation in this field; the deficit in transport was US$17.7 billion, down by 42% year on year, mainly arising from the faster growth of transport receipts than payments. Third, the direct investment showed a large surplus. In the first three quarters of 2021, the direct investment recorded a net inflow of US$163.6 billion. Among them, the net inflow of foreign direct investment was US$249.1 billion, showing that foreign investors remained confident in investing in China; the net outflow of China’s outward direct investment was US$85.5 billion, which remained stable. On the whole, the fundamentals of positive long-term trend of China’s economy and the overall situation of deepening reform and opening up comprehensively have not changed , which has laid a solid foundation for China to maintain a stable current account and a sustained overall equilibrium of balance of payments. 2021-11-05/en/2021/1105/1891.html
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Q: The State Administration of Foreign Exchange (SAFE) has just released the latest data regarding China’s foreign exchange reserves. Can you explain the causes for the changes in foreign exchange reserves of October 2021? What will be the future trends? A: By the end of October 2021, China’s foreign exchange reserves stood at US$3.2176 trillion, up by US$17 billion, or 0.53%, from the end of September. In October 2021, the supply and demand in China’s foreign exchange market remained stable, and the cross-border receipts and payments were rational and orderly. In the international financial market, influenced by factors like the progress of COVID-19 pandemic and the expectations of fiscal and monetary policies of major countries, the US dollar index fell slightly, whereas the financial asset prices of major countries were mixed. China’s foreign exchange reserves, denominated in the US dollar, rose this month due to the combined impacts of currency translation and changes in asset prices. As the COVID-19 pandemic is uninterrupted, the global economic recovery is facing many destabilizing factors, and the international financial market sees high volatility. However, China’s economy continues to recover, with strong resilience and huge potential, which will support the overall stability of China’s foreign exchange reserves. 2021-11-07/en/2021/1107/1892.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 June 2021. The statistics show that China's external portfolio investment assets (excluding reserve assets) amounted to USD 1013.2 billion by the end of June 2021, including USD 694.9 billion in equity investments and USD 318.3 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 490.5 billion, USD 192.0 billion, USD 91.5 billion, USD 62.8 billion and USD 23.2 billion respectively. By the end of June 2021, non-financial sector, other financial corporations (non-bank financial institutions) and banks were the main sectors holding external portfolio investment assets, with the amounts being USD 415.7 billion, USD 377.9 billion and USD 219.6 billion respectively, accounting for 41 percent, 37 percent and 22 percent of China’s total external portfolio investment assets. (End) 2021-11-26/en/2021/1126/1887.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 17.31 trillion (equivalent to USD 2.7 trillion) in October 2021. In terms of markets, the transactions volume of clientmarket was RMB 2.54 trillion(equivalent to USD 0.4 trillion), and the transactions volume of interbankmarket was RMB 14.76 trillion(equivalent to USD 2.3 trillion). Interms of products, the cumulative transactions volume of the spot market wasRMB 7.11 trillion (equivalent to USD 1.11 trillion), and that of the derivatives market was RMB 10.2 trillion (equivalent to USD 1.59 trillion). From January to October 2021, a total of RMB 191.49 trillion (equivalent to USD 29.61 trillion) was traded in the Chinese foreign exchangemarket. 2021-11-26/en/2021/1126/1894.html
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FILE： Annual Report of the State Administration of Foreign Exchange (2019) 2020-12-21/en/2020/1221/1895.html