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The State Administration of Foreign Exchange (SAFE) has recently released data on foreign exchange sales and purchases through banks as well as foreign-related receipts and payments by banks on behalf of clients for August 2021. The SAFE Deputy Administrator and Press Spokesperson Wang Chunying answered media questions on China’s foreign exchange receipts and payments for August 2021. Q: Could you brief us on the changes in China’s foreign exchange receipts and payments for August 2021? A: China’s foreign exchange market remained stable in August. In terms of the main indicators, the foreign exchange sales and purchases through banks and non-banking sectors’ foreign-related receipts and payments both continued to post a small surplus of US$13.6 billion and US$22 billion respectively, which was mainly attributed to a relatively high level of import and export and a certain amount of surplus in goods trade. By the end of August, the volume of China’s foreign exchange reserves stood at US$3.2321 trillion, down by 0.12% from the last month, mainly affected by the weakening of non-US currencies against the US dollar and changes in asset prices. The willingness of market entities to sell and purchase foreign exchange was generally stable. In August, both the sales and purchases ratios were almost equal to the monthly average till now, indicating that the transactions and expectations of market entities were basically stable. The sales ratio, which measures clients’ willingness to sell their foreign exchange, or the ratio of foreign exchange sold by clients to banks to their foreign-related foreign exchange receipts, recorded 66%; the purchases ratio, which measures clients’ willingness to buy foreign exchange, or the ratio of foreign exchange bought by clients from banks to their foreign-related foreign exchange payments, reached 64%. Cross-border capital flows through major channels were in a rational and orderly manner. In August, trade in goods and direct investment remained the main items of net capital inflows, reflecting the supporting role of steady recovery of the domestic economy and a stable and orderly production and supply chain. Affected by the back-to-school season, the demand for overseas study led to an increase in service trade expenditure. Profit remittances, such as corporate dividends, fell from the seasonal peak. Cross-border capital flows under securities investment and other investments were basically balanced. At present, with continuous plaguing of the COVID-19 pandemic around the world and increasing inflationary pressure in some economies, the world economy sees more instability and uncertainty. However, China’s main macro indicators are within a reasonable range. The quality of economic operation is improving and its development foundation is more consolidated, which will continue to support the smooth operation of China’s foreign exchange market. 2021-09-17/en/2021/0917/1874.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 September 2021? Also, what will be the future trends? A: By the end of September 2021, China’s foreign exchange reserves stood at US$3.2006 trillion, an amount down by US$31.5 billion, or 0.97%, from the end of August. In September 2021, China’s foreign exchange market operated smoothly, and foreign exchange transactions were rational and orderly. Influenced by factors like the progress of COVID-19 and the monetary policy expectations of major countries, the US dollar index increased, whereas the financial asset prices of major countries declined. China’s foreign exchange reserves, priced by the US dollar, fell this month due to the combined impacts of currency conversion and changes in asset prices. Due to the constant evolution of the COVID-19 pandemic, the global economic recovery is facing challenges and uncertainties in international financial markets are increasing. However, the fundamentals of China’s long-term sound economic growth have remained unchanged and development resilience is increasingly conspicuous, which is conducive to maintaining the overall stability of foreign exchange reserves. 2021-10-07/en/2021/1007/1875.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 19.86 trillion (equivalent to USD 3.07 trillion) in September 2021. In terms of markets, the transactions volume of client market was RMB 3.09 trillion(equivalent to USD 0.48 trillion), and the transactions volume of interbank market was RMB 16.77 trillion(equivalent to USD 2.6 trillion). In terms of products, the cumulative transactions volume of the spot market was RMB 7.78 trillion (equivalent to USD 1.2 trillion), and that of the derivatives market was RMB 12.09 trillion (equivalent to USD 1.87 trillion). From January to September 2021, a total of RMB 174.18 trillion (equivalent to USD 26.92 trillion) was traded in the Chinese foreign exchange market. 2021-10-29/en/2021/1029/1883.html
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In May 2022, the export and import of China’s international trade in goods and services totalled RMB 3757.0 billion, up 14 percent over the same time last year. Of this, the export of goods recorded RMB 1866.2 billion and the import recorded RMB 1464.0 billion, resulting in a surplus of RMB 402.2 billion. The export of services recorded RMB 188.0 billion and the import recorded RMB 238.8 billion, resulting in a deficit of RMB 50.8 billion. In terms of the major items, the export and import of transport, other business services, travel and telecommunications, computer and information services registered RMB 178.2 billion, RMB 72.0 billion, RMB 58.5 billion and RMB 52.9 billion respectively. In the US dollar terms, in May 2022, the export and import of China’s international trade in goods and services were USD 306.3 billion and USD 253.9 billion respectively, with a surplus of USD 52.4 billion.(End) International Trade in Goods and Services of China May 2022 Item In 100 million of RMB In 100 million of USD Goods and services 3514 524 Credit 20542 3063 Debit -17028 -2539 1. Goods 4022 600 Credit 18662 2782 Debit -14640 -2183 2. Services -508 -76 Credit 1880 280 Debit -2388 -356 2.1Manufacturing services on physical inputs owned by others 69 10 Credit 73 11 Debit -4 -1 2.2Maintenance and repair services n.i.e 24 4 Credit 41 6 Debit -17 -3 2.3Transport -119 -18 Credit 831 124 Debit -950 -142 2.4Travel -492 -73 Credit 47 7 Debit -539 -80 2.5Construction 24 4 Credit 47 7 Debit -23 -3 2.6Insurance and pension services -82 -12 Credit 9 1 Debit -91 -14 2.7Financial services -6 -1 Credit 19 3 Debit -25 -4 2.8Charges for the use of intellectual property -194 -29 Credit 31 5 Debit -225 -34 2.9Telecommunications, computer and information services 93 14 Credit 311 46 Debit -218 -33 2.10Other business services 192 29 Credit 456 68 Debit -264 -39 2.11Personal, cultural, and recreational services -5 -1 Credit 7 1 Debit -12 -2 2.12Government goods and services n.i.e -11 -2 Credit 8 1 Debit -19 -3 Notes: 1. The trade in goods and services in this table refers to the transactions between residents and non-residents, based on the same standard as that for BOP statement. The monthly data are preliminary and may be inconsistent with the quarterly data in the BOP statement. 2. The data on international trade in goods and services are prepared in USD, and the RMB data for the current month is derived by converting the USD data at the monthly average central parity rate of the RMB against the USD. 3. This table employs rounded-off numbers. Definition of Indicators: Goods and Services: refers to the trade in goods and services between residents and non-residents, which is based on the same standard as that for the BOP statement. 1. Goods: refers to transactions in goods whereby the economic ownership is transferred between the Chinese residents and non-residents. The credit side records export of goods, while the debit side records import of goods. The data of goods account are mainly from the customs statistics of imports and exports, but differ from the statistics of the customs mainly in the following aspects: first, the goods in the BOP statement only reflect the goods whose ownership has been transferred (e.g. goods under the trade modes such as general trade and processing trade with imported materials), while the goods whose ownership is not transferred (e.g. manufacturing services with supplied materials or with exported materials) are included in the statistics of trade in services instead of the statistics of trade in goods; second, as required by the BOP statistics, the goods imported and exported are valued on the FOB basis, but as required by the customs, the goods exported are valued on the FOB basis, whereas goods imported are on the CIF basis. Therefore, for the purpose of the BOP statistics, the international transport and insurance premiums are taken out from the value of imported goods and included in the trade in services; and third, the data on net export of goods in merchanting which are not included in the customs statistics are supplemented. 2. Services: includes manufacturing services on physical inputs owned by others, maintenance and repair services n.i.e, transport, travel, construction, insurance and pension services, financial services, charges for the use of intellectual property, telecommunications, computer and information services, other business services, personal, cultural and recreational services, and government goods and services n.i.e. The credit side records services supplied, while the debit side records services received. 2.1 Manufacturing services on physical owned by others: processor only provides processing, assembly, packaging and other services and charges service fee from the owner, while the ownership of the goods is not transferred between the owner and the processor. The credit side records the manufacturing services supplied by the Chinese residents on physical inputs owned by non-residents, and vice versa for debit side. 2.2 Maintenance and repair services: refer to the maintenance and repair services supplied by residents to non-residents or vice versa on goods and equipment (such as vessel, aircraft, and other transportation facility) owned by the receiving party. The credit side records the maintenance and repair services supplied by the Chinese residents to non-residents, and vice versa for debit side. 2.3 Transport: refers to the process of transporting people and goods from one place to another, and the relevant supporting and auxiliary services, as well as postal and delivery services. The credit side records the international transport, postal and delivery services supplied by residents to non-residents, and vice versa for debit side. 2.4 Travel: refers to goods consumed and services purchased by travelers in various economies as non-residents. The credit side records the goods and services provided by the Chinese residents to non-residents who have stayed in China for less than one year, as well as non-residents studying abroad and seeking medical treatment for indefinite period of stay. The debit side records the goods and services purchased by the Chinese residents when traveling, studying or seeking medical services abroad from non-residents. 2.5 Construction services: refer to the establishment, renovation, maintenance or expansion of fixed assets in the form of buildings, land improvement, roads, bridges and dams and other engineering buildings of engineering nature, relevant installation, assembly, painting, pipeline construction, demolition and project management,as well as site preparation, measurement and blasting and other special services. The credit side records the construction services provided by the Chinese residents outside the economic territory. The debit side records the construction services received by the Chinese residents in the Chinese economic territory from non-residents. 2.6 Insurance and pension services: refers to various insurance services and commission to agents related with insurance transaction. The credit side records the life insurance and annuity, non-lifeinsurance, reinsurance, standardized guarantee services and relevant supporting services supplied by the Chinese residents to non-residents, and vice versa for debit side. 2.7 Financial services: refer to financial intermediation and supporting services, excluding those covered by insurance and pension services. The credit side records the financial intermediation and supporting services supplied by the Chinese residents to non-residents, and vice versa for debit side. 2.8 Charges for the use of intellectual property: refer to licensed use of intangible, non-productive/non-financial assets and exclusive rights between residents and non-residents and the licensed use of existing original works or prototypes. The credit side records the intellectual property-related services supplied by the Chinese residents to non-residents, and vice versa for debit side. 2.9 Telecommunications, computer and information services: refer tocommunications services between residents and non-residents and transactions of services related to computer data and news, excluding commercial services delivered via telephone, computer and Internet. The credit side records the telecommunications, computer and information services supplied by residents to non-residents, and vice versa for debit side. 2.10 Other business services: refer to other types of services between residents and non-residents, including research and development services, professional and management consulting services, technical and trade-related services. The credit side records the other business services supplied by the Chinese residents to non-residents, and vice versa for debit side. 2.11 Personal, cultural and recreational services: refer to transactions of personal, cultural and recreational services between residents and non-residents, including audiovisual and related services (films, radio, television programs and music recordings) and other personal, cultural and recreational services (health, education, etc.). The credit side records the related services supplied by the Chinese residents to non-residents, and vice versa for debit side. 2.12 Government goods and services n.i.e: refer to various goods and services provided and purchased by governments and international organizations not included in other categories of goods and services. The credit side records the goods and services not included elsewhere and supplied by the Chinese residents to non-residents, and vice versa for debit side. 2022-06-30/en/2022/0630/1971.html
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As at the end of March2022, China recorded RMB 17.2049 trillion inoutstanding external debt denominated in both domestic and foreign currencies(equivalent to USD 2710.2 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-andlong-term external debt was RMB 8134 billion (equivalent to USD1281.3billion), accounting for 47percent; while the outstanding short-term external debt was RMB 9070.9 billion (equivalent to USD 1428.9 billion), taking up 53 percent,of which 38 percent was trade-related credit. In terms of institutional sectors, the outstanding debt of generalgovernment totaled RMB 3141 billion (equivalent to USD 494.8 billion), accounting for 18 percent;the outstanding debt of the central bank totaled RMB517 billion(equivalent to USD 81.4billion), accounting for 3 percent;the outstanding debt of banks totaled RMB 7354.9 billion (equivalent to USD 1158.6 billion), accounting for 43 percent;the outstanding debt of other sectors (includinginter-company lending under direct investments) totaled RMB 6192 billion (equivalent to USD 975.4 billion), accounting for 36 percent. In terms of debt instruments, the balance of loans was RMB 2779.8 billion (equivalentto USD 437.8 billion), accounting for 16 percent;the outstanding trade credit and prepayment was RMB 2446.6 billion (equivalent to USD 385.4 billion), accounting for 14 percent;the outstanding currency and deposits was RMB 3700.9 billion (equivalent to USD 582.9 billion), accounting for 21 percent;the outstanding debt securities was RMB 5473.3 billion (equivalent to USD 862.2 billion), accounting for32 percent;the Special Drawing Rights (SDR) allocation amounted to RMB 317.7 billion (equivalent to USD 50.1billion), accounting for 2 percent; the balanceof inter-company lending under direct investments totaled RMB 1994.5 billion (equivalent to USD 314.2 billion),accounting for 12 percent;and the balance of other debt liabilities was RMB 492.1 billion (equivalent to USD 77.6 billion), accounting for 3 percent. With respect to currency structures, the outstanding external debt in domesticcurrency totaled RMB 7678.8billion (equivalent to USD 1209.6billion), accounting for 45 percent;the outstanding external debt in foreigncurrencies (including SDR allocation) totaled RMB 9526.1 billion (equivalent to USD 1500.6billion), accounting for 55 percent. In the outstandingregistered external debt in foreign currencies, the USD debt accounted for 86 percent, the Euro debtaccounted for 7 percent, theHKD debt accountedfor 3 percent, the JPY debt accounted for 1 percent, the SDR andother foreign currency-denominatedexternal debt accounted for 3 percent. Since all major external debt indicatorswerewithin the internationallyrecognized thresholds, China’sexternaldebt risk is undercontrol. Appendix Definitionof terms and interpretations External debt classificationby maturity structure. Thereare two methods to classify the external debt by maturitystructure. Oneis on the basis of the contractual maturity, i.e. it is classified asmedium- and long-term external debt if the contractualmaturity is overone year, and classified as short-term external debt if the contractualmaturity isone year or less;the other is on the basis of the remaining maturity, i.e., on the basis of thecontractual maturity classification method above, the medium- and long-termexternal debt due within one year is classified as short-term external debt. Inthis news release, external debt is divided into medium- and long-term externaldebt and short-term external debt based on the contractual maturity. Trade-relatedcredit isa broad concept. In addition to trade credit and advances, it also involves otherkinds of credit provided for trade activities. According to its definition,trade-related credit includes trade credit and advances, bank trade financing, traderelated bills, and so forth. In particular, trade credit and advances refer to external liability arising fromdirectly extending credit between the seller and buyer of goods transactions,specifically transactions between residents in the Chinese Mainland andoverseas non-residents (including non-residents in Hong Kong SAR, Macao SAR,and Taiwan Province of China), i.e., the debt incurred due to the differencebetween the time of payment and the time of the goods ownership transfer, whichincludecredit directly provided by the supplier (e.g., the overseas exporter)for goods and services, and prepayments made by buyers (e.g., overseasimporters) for goods, services, and work that is in progress (or work to beundertaken). Bank trade financingrefers to trade related loans that offered by a third party (e.g., banks) toexporters or importers, for instance, loans extended by foreign financialinstitutions or export credit agencies to buyers. Annexed table：China’s Gross External Debt Position by Sector, End of March 2022 End of March 2022 End of March 2022 （Unit:100 million RMB） （Unit:100 million US dollars） General Government 31410 4948 Short-term 1275 201 Currency and deposits 0 0 Debt securities 1275 201 Loans 0 0 Trade credit and advances 0 0 Other debt liabilities 0 0 Long-term 30135 4747 Special drawing rights (allocations) 0 0 Currency and deposits 0 0 Debt securities 26528 4179 Loans 3607 568 Trade credit and advances 0 0 Other debt liabilities 0 0 Central Bank 5170 814 Short-term 1682 265 Currency and deposits 879 138 Debt securities 803 127 Loans 0 0 Trade credit and advances 0 0 Other debt liabilities 0 0 Long-term 3488 549 Special drawing rights (allocations) 3177 501 Currency and deposits 0 0 Debt securities 0 0 Loans 0 0 Trade credit and advances 0 0 Other debt liabilities 311 48 Other Depository Corporations 73549 11586 Short-term 54044 8513 Currency and deposits 36117 5689 Debt securities 3571 562 Loans 13853 2182 Trade credit and advances 0 0 Other debt liabilities 503 80 Long-term 19505 3073 Currency and deposits 0 0 Debt securities 15858 2498 Loans 3538 557 Trade credit and advances 0 0 Other debt liabilities 109 18 Other Sectors 41975 6612 Short-term 28575 4501 Currency and deposits 13 2 Debt securities 144 23 Loans 2946 464 Trade credit and advances 24038 3786 Other debt liabilities 1434 226 Long-term 13400 2111 Currency and deposits 0 0 Debt securities 6553 1032 Loans 3855 607 Trade credit and advances 428 68 Other debt liabilities 2564 404 Direct Investment: Intercompany Lending 19945 3142 Debt liabilities of direct investment enterprises to direct investors 11838 1865 Debt liabilities of direct investors to direct investment enterprises 1148 181 Debt liabilities to fellow enterprises 6959 1096 Gross External Debt Position 172049 27102 Notes: 1. The short-term and long-term herein are broken down by contractual (original) maturity. 2. The data in this table have been rounded off. 2022-06-24/en/2022/0624/1969.html
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The State Administration of Foreign Exchange (SAFE) has recently released the Balance of Payments (BOP) for the first quarter of 2022 as well as the International Investment Position (IIP) at the end of March 2022. The SAFE deputy administrator and press spokesperson Wang Chunying answered relevant media questions. Q: Could you brief us on China’s balance of payments for the first quarter of 2022? A: In the first quarter of 2022, China’s balance of payments maintained general equilibrium. The current account surplus hit the highest record for the same period in history and stood at USD 88.9 billion, with its ratio to Gross Domestic Product (GDP) reaching 2.1%, which maintained within a reasonable and balanced range. First, trade in goods maintained steady growth. In the first quarter of 2022, China’s economy continued to recover and got off to a steady start, and as a result trade in goods in terms of BOP recorded a surplus USD 145 billion, up by 18% year on year. To be specific, the export registered USD 803.1 billion, up by 16% year on year; imports reached USD 658.2 billion, up by 15% year on year. The trade surplus in goods and the scale of exports and imports all hit the highest levels in history for the same period. Second, trade deficit in services continued to narrow. In the first quarter, the trade deficit in services registered USD 16.7 billion, down by 35% year on year. Among the main items, the travel deficit rose by 53% to USD 29.4 billion, mainly due to the increase in travel expenditure. The deficit in intellectual property royalties reached USD 7.7 billion, up by 11%. The revenue and expenditure of this item increased by 15% and 12% respectively, and it reflected that China has deepened the international cooperation in the field of intellectual property. The transport recorded a surplus of USD 2.9 billion, compared with a deficit of USD 9 billion a year earlier, mainly because overall transport revenue grew faster than spending. Third, outward investment and foreign investment in China were both robust. In the first quarter, China’s financial account assets increased by USD 129.1 billion, among which reserve assets had a net increase of USD 39.3 billion due to transactions, and non-reserve financial account assets registered a net increase of USD 89.8 billion. Financial account liabilities grew by USD 40.2 billion net. Specifically, China’s outbound direct investment and China’s foreign direct investment have both maintained year-on-year growth, indicating that foreign investors had a strong willingness to invest in China, and at the meantime, China’s foreign direct investment operated in a reasonable and orderly manner. In general, China effectively coordinated epidemic prevention and control as well as economic and social development, and its fundamentals of long-term sound economic growth remain unchanged, which is conducive to maintaining a basic balance in international payments. Q: What would you say about China’s international investment position at the end of March 2022? A: At the end of March 2022, China’s international investment position remained stable, so did the external financial assets and liabilities. First, China’s external financial assets and external liabilities remained at a relatively high level. By the end of March 2022, China posted external assets of USD 9.2383 trillion and external liabilities of USD 7.2943 trillion, down by 0.9% and 0.6% from the end of 2021 respectively, but remained basically stable. Relevant changes were mainly affected by non-transaction factors such as price fluctuations of global financial assets and book value changes of non-US currencies converted into US dollars. Second, the overall structure of China’s external financial assets and external liabilities remained stable. In the catalogue of China’s external financial assets, China’s reserve assets exceeded USD 3 trillion, ranking first in the world. The proportion of outward direct investment remained stable. With respect to China’s external liabilities, the foreign direct investment in China accounted for the largest proportion and kept growing in scale, indicating that foreign investors remained confident in long-term investment in China. 2022-06-24/en/2022/0624/1973.html
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The State Administration of Foreign Exchange (SAFE) has recently released the data on external debt at the end of March 2022. The SAFE deputy administrator and press spokesperson Wang Chunying answered media questions on the relevant issues. Q: Could you brief us on China’s external debt in the first quarter of 2022? A: In the first quarter of 2022, the scale of China’s external debt was overall stable with a slight decrease. By the end of March 2022, the full-scale outstanding external debt (including domestic and foreign currencies) reached USD 2.7102 trillion, representing a decline of USD 36.4 billion or 1% from the end of 2021. The external debt structure remained stable. With respect to currency structures, at the end of March 2022, the outstanding external debt in domestic currency accounted for 45% of China’s full-scale external debt. In terms of maturity structure, the outstanding medium-and-long-term external debt accounted for 47%. Both the proportion of the outstanding external debt in domestic currency and that of the outstanding medium-and-long-term external debt are unchanged from the end of 2021. Q: What measures has the SAFE taken to facilitate cross-border financing of enterprises? A: Recently, in order to thoroughly implement the decisions and arrangements of the CPC Central Committee and the State Council, and to better serve the development of the real economy, the SAFE has taken various measures to facilitate cross-border financing for enterprises. On April 18, the PBC and the SAFE issued the Notice on Strengthening Financial Services for COVID-19 Containment and Socio-Economic Development, which put forward a number of facilitating measures, such as supporting one single external debt account for multiple external debts of non-financial enterprises and supporting enterprises in their application for foreign debt registration online, etc. On May 31, the SAFE issued the Notice on Supporting High-tech and “Professional, Refined, Specific, and Novel” Enterprises to Carry out the Pilot Program on Facilitating the Cross-border Financing, aiming at expanding the scope of pilot program on facilitating the cross-border financing and helping more high-tech and “professional, refined, specific, and novel” enterprises to autonomously borrow external debt within a certain amount, in support of the innovation and development of these enterprises. In the next step, the SAFE will more intensively implement the policies that have already been issued, and continuously improve the convenience of cross-border financing for enterprises, so that qualified enterprises can all enjoy these policy benefits. Q: What would you say about China’s external debt situations? A: At present, China’s external debt risks are generally under control. In the first quarter of 2022, the scale of China’s external debt decreased slightly. This is main caused by the decrease in the purchase of RMB bonds and non-resident deposits by foreign investors due to the complex and volatile external environment. The main indicators of China’s external debt are all within the internationally recognized thresholds, and the risks of external debt are generally under control. The scale of external debt is expected to stay stable in the future. Unstable and uncertain factors are still seen in the external environment, but China has sustained its strong resilience, great potential in economy with its fundamentals of sound long-term growth unchanged. At the meantime, China’s continuous promotion of high-level opening to the outside world will continue to attract foreign capital, especially international long-term capital, and it is expected that the scale of foreign debt will remain stable in the future. The SAFE will keep adhering to the coordinated development and safety, continue to improve the facilitation of cross-border investment and financing, and effectively support the high-quality development of the real economy. 2022-06-24/en/2022/0624/1972.html
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As at the end of March 2022, China’s external financial assets reached USD 9238.3 billion, external financial liabilities reached USD 7294.3 billion, and net external assets totaled USD 1944.0 billion. In the external financial assets, direct investment assets amounted to USD 2578.0 billion, portfolio investment assets, USD 967.3 billion, financial derivative assets, USD 20.3 billion, other investment assets, USD 2299.4 billion, and reserves assets, USD 3373.2 billion, accounting for 28 percent, 10 percent, 0.2 percent, 25 percent and 37 percent of external financial assets respectively. In external liabilities, direct investment liabilities were USD 3720.5 billion, portfolio investment liabilities, USD 2019.8 billion, financial derivative liabilities, USD 16.8 billion and other investment liabilities, USD 1537.2 billion, accounting for 51 percent, 28 percent, 0.2 percent and 21 percent of the external financial liabilities respectively. In SDR terms, China’s external financial assets and liabilities reached SDR 6682.8 billion and SDR 5276.5 billion respectively, and external net assets totaled SDR 1406.2 billion at the end of March 2022. (End) China's International Investment Position, End of March 2022 Item Line No. Position in 100 million USD Position in 100 million SDR Net Position 1 19440 14062 Assets 2 92383 66828 1 Direct Investment 3 25780 18649 1.1 Equity and Investment Fund Shares 4 22091 15981 1.2 Debt Instruments 5 3689 2668 1.a Financial Sectors 6 3774 2730 1.1.a Equity and Investment Fund Shares 7 3619 2618 1.2.a Debt Instruments 8 155 112 1.b Non-financial Sectors 9 22006 15919 1.1.b Equity and Investment Fund Shares 10 18472 13362 1.2.b Debt Instruments 11 3534 2557 2 Portfolio Investment 12 9673 6998 2.1 Equity and Investment Fund Shares 13 6188 4476 2.2 Debt Securities 14 3485 2521 3 Financial Derivatives (other than reserves) and Employee Stock Options 15 203 147 4 Other Investment 16 22994 16633 4.1 Other Equity 17 95 69 4.2 Currency and Deposits 18 5415 3917 4.3 Loans 19 9718 7030 4.4 Insurance, Pension, and Standardized Guarantee Schemes 20 234 169 4.5 Trade Credit and Advances 21 6251 4522 4.6 Others 22 1281 927 5 Reserve Assets 23 33732 24401 5.1 Monetary Gold 24 1217 880 5.2 Special Drawing Rights 25 532 385 5.3 Reserve Position in the IMF 26 105 76 5.4 Foreign Exchange Reserves 27 31880 23061 5.5 Other Reserve Assets 28 -1 -1 Liabilities 29 72943 52765 1 Direct Investment 30 37205 26913 1.1 Equity and Investment Fund Shares 31 33881 24509 1.2 Debt Instruments 32 3323 2404 1.a Financial Sectors 33 2101 1520 1.1.a Equity and Investment Fund Shares 34 1850 1338 1.2.a Debt Instruments 35 251 182 1.b Non-financial Sectors 36 35103 25393 1.1.b Equity and Investment Fund Shares 37 32031 23171 1.2.b Debt Instruments 38 3072 2222 2 Portfolio Investment 39 20198 14611 2.1 Equity and Investment Fund Shares 40 12082 8740 2.2 Debt Securities 41 8117 5871 3 Financial Derivatives (other than reserves) and Employee Stock Options 42 168 122 4 Other Investment 43 15372 11120 4.1 Other Equity 44 0 0 4.2 Currency and Deposits 45 5880 4254 4.3 Loans 46 4500 3255 4.4 Insurance, Pension, and Standardized Guarantee Schemes 47 249 180 4.5 Trade Credit and Advances 48 3854 2788 4.6 Others 49 388 280 4.7 Special Drawing Rights 50 501 362 Notes:1. This table employs rounded-off numbers. 2.Net International Investment Position refers to assets minus liabilities. Positive figure refers to net assets, and negative figure refers to net liabilities. 3.The SDR denominated data is converted from the USD denominated data, using the exchange rate of SDR against USD at the end of the quarter. 4.The IIP data is revised regularly; please find the latest data in “ Data and Statistics”. 2022-06-24/en/2022/0624/1966.html
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In the first quarter of 2022, China's current account registered a surplus of RMB 564.4 billion, and the capital and financial accounts recorded a deficit of RMB 566.2 billion. In SDR terms, in the first quarter of 2022, China posted a surplus of SDR 63.8 billion under the current account, and a deficit of SDR 64.2 billion under the capital and financial accounts. In the US dollar terms, in the first quarter, China's current account recorded a surplus of USD 88.9 billion, including a surplus of USD 145 billion under trade in goods, a deficit of USD 16.7 billion under trade in services, a deficit of USD 44.6 billion under primary income and a surplus of USD 5.2 billion under secondary income. The capital and financial accounts recorded a deficit of USD 89.2 billion, including a deficit of USD 0.2 billion under the capital account, a surplus of USD 59.9 under direct investment, a deficit of USD 79.8 billion under portfolio investment, a deficit of USD 4.6 billion under financial derivatives, a deficit of USD 25.2 billion under other investment, and reserves assets increased by USD 39.3 billion. (End) Abridged Balance of Payments, Q1 2022 Item Line No. RMB 100 million USD 100 million SDR 100 million 1. Current Account 1 5644 889 638 Credit 2 60828 9581 6875 Debit 3 -55184 -8693 -6237 1. A Goods and Services 4 8146 1283 920 Credit 5 57244 9017 6470 Debit 6 -49099 -7734 -5549 1.A.a Goods 7 9204 1450 1040 Credit 8 50986 8031 5763 Debit 9 -41782 -6582 -4722 1.A.b Services 10 -1059 -167 -120 Credit 11 6258 986 707 Debit 12 -7316 -1152 -827 1.B Primary Income 13 -2834 -446 -320 Credit 14 2756 434 312 Debit 15 -5590 -881 -632 1.C Secondary Income 16 332 52 38 Credit 17 828 130 94 Debit 18 -495 -78 -56 2. Capital and Financial Account 19 -5662 -892 -642 2.1 Capital Account 20 -16 -2 -2 Credit 21 4 1 0 Debit 22 -20 -3 -2 2.2 Financial Account 23 -5647 -890 -641 Assets 24 -8200 -1291 -925 Liabilities 25 2553 402 284 2.2.1 Financial Account Excluding Reserve Assets 26 -3149 -497 -358 2.2.1.1 Direct Investment 27 3802 599 430 Assets 28 -2668 -420 -302 Liabilities 29 6469 1019 731 2.2.1.2 Portfolio Investment 30 -5060 -798 -574 Assets 31 -2607 -411 -295 Liabilities 32 -2453 -387 -279 2.2.1.3 Financial Derivatives (other than reserves) and Employee Stock Options 33 -292 -46 -33 Assets 34 -74 -12 -8 Liabilities 35 -218 -34 -25 2.2.1.4 Other Investment 36 -1598 -252 -181 Assets 37 -353 -56 -38 Liabilities 38 -1245 -196 -143 2.2.2 Reserve Assets 39 -2498 -393 -282 3. Net Errors and Omissions 40 18 4 4 Notes: 1.The statement is compiled according to BPM6. Reserve assets are included in capital and financial accounts. 2."Credit" is presented as positive value while "debit" as negative value, and the difference is the sum of the "Credit" and the "Debit". All items herein refer to difference, unless marked with "Credit" or "Debit". 3.The RMB denominated quarterly BOP data is converted from the USD denominated BOP data for the quarter using the period average central parity rate of RMB against USD. The quarterly accumulated RMB denominated BOP data is derived from the sum total of the RMB denominated data for the quarters. 4.The SDR denominated quarterly BOP data is converted from the USD denominated BOP data for the quarter using the period average exchange rate of SDR against USD. The quarterly accumulated SDR denominated BOP data is derived from the sum total of the SDR denominated data for the quarters. 5.This statement employs rounded-off numbers. 6.For detailed data, please see the section of “Data and Statistics” at the website of the SAFE. 7.The BOP data is revised regularly; please find the latest data in “Data and Statistics”. 2022-06-24/en/2022/0624/1967.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 May 2022. The SAFE Deputy Administrator and Press Spokesperson Wang Chunying answered media questions on China’s foreign exchange receipts and payments of May 2022. Q: Could you brief us on China’s foreign exchange receipts and payments in May 2022? A: China's cross-border capital flows were generally stable, and foreign exchange settlement and sales by banks as well as cross-border receipts and payments by non-banking sectors both maintained a surplus. First, the foreign exchange settlement and sales by banks continued to record a surplus, which stood at USD 1.5 billion in May. Taking into account of factors like forward settlement and sale of foreign exchange and option trading, the supply and demand of domestic foreign exchange were basically in balance. Second, an overall net inflow has also been shown in the foreign-related receipts and payments. In May, the foreign-related receipts and payments by non-banking sectors, including enterprises and individuals, posted a surplus of USD 7.7 billion. Third, the size of China's foreign exchange reserves remained basically stable. As of the end of May, China's foreign exchange reserves stood at USD 3.1278 trillion, up by USD 8.1 billion from the end of April. Net inflows of cross-border capital related to the real economy, such as trade in goods and direct investment, remained at a relatively high level, which continued to play a fundamental role in stabilizing cross-border capital flows. In May, the cross-border trade surplus in goods was USD 38.3 billion, up by 97% year on year. The surplus of cross-border direct investment was USD 5.5 billion, broadly unchanged from the same period last year. As a result of the global COVID-19 pandemic and other factors, the foreign trade deficit in services registered USD 2.8 billion, still at a relatively low level. The profit remittance of foreign-invested enterprises increased seasonally, and the scale was almost the same as that of the same period of the previous year. At present, there are still unstable and uncertain factors in the external environment, but China has effectively coordinated epidemic prevention and control with economic and social development. As the epidemic prevention and control has achieved phased results, the policies and measures to stabilize economic growth continue to be effective, and the momentum of economic recovery is accelerating, which will help China's foreign exchange market and balance of payments continue to operate smoothly. 2022-06-15/en/2022/0615/1970.html