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In the fourth quarter of 2023, China's current account registered a surplus of RMB 405.5 billion, and the capital and financial accounts recorded a deficit of RMB 335.5 billion. The financial account (excluding reserve assets) recorded a deficit of RMB 244.6 billion, and reserve assets increased by RMB 90.4 billion. In 2023, China's current account registered a surplus of RMB 1782.6 billion, and the capital and financial accounts recorded a deficit of RMB 1518.1 billion. The financial account (excluding reserve assets) recorded a deficit of RMB 1490.7 billion, and reserve assets increased by RMB 25.3 billion. In the US dollar terms, in the fourth quarter, China's current account recorded a surplus of USD 56.2 billion, including a surplus of USD 151.1 billion under trade in goods, a deficit of USD 56.7 billion under trade in services, a deficit of USD 42.6 billion under primary income and a surplus of USD 4.4 billion under secondary income. The capital and financial accounts registered a deficit of USD 46.6 billion, including a deficit of USD 81.5 million under the capital account, and a deficit of USD 34.0 billion under the financial account (excluding reserve assets), and reserves assets increased by USD 12.5 billion. In the US dollar terms, in 2023, China's current account recorded a surplus of USD 253.0 billion, including a surplus of USD 593.9 billion under trade in goods, a deficit of USD 207.8 billion under trade in services, a deficit of USD 148.2 billion under primary income and a surplus of USD 15.2 billion under secondary income. The capital and financial accounts recorded a deficit of USD 215.1 billion, including a deficit of USD 297.9 million under the capital account, a deficit of USD 209.9 billion under the financial account (excluding reserve assets), and reserves assets increased by USD 4.8 billion. In SDR terms, in the fourth quarter, China posted a surplus of SDR 42.4 billion under the current account, and a deficit of SDR 35.2 billion under the capital and financial accounts. The financial account (excluding reserve assets) registered a deficit of SDR 25.6 billion, and reserves assets increased by SDR 9.5 billion. In SDR terms, in 2023, China posted a surplus of SDR 189.3 billion under the current account, and a deficit of SDR 161.1 billion under the capital and financial accounts. The financial account (excluding reserve assets) registered a deficit of SDR 156.9 billion, and reserves assets increased by SDR 4.0 billion. The SAFE has revised the BOP data for each quarter since 2022 according to the latest data, which can be found in the section of "Data and Statistics" at the official website of the SAFE. In addition, in order to facilitate understanding of the data of Balance of Payments and International Investment Position among all data users, the BOP Analysis Team of the SAFE released China’s Balance of Payments Report 2023. (End) Abridged Balance of Payments, Q4 2023 Item Line No. RMB 100 million USD 100 million SDR 100 million 1. Current Account 1 4055 562 424 Credit 2 71392 9885 7471 Debit 3 -67336 -9324 -7047 1. A Goods and Services 4 6817 944 714 Credit 5 67071 9287 7019 Debit 6 -60254 -8343 -6306 1.A.a Goods 7 10908 1511 1142 Credit 8 60898 8432 6373 Debit 9 -49991 -6921 -5231 1.A.b Services 10 -4090 -567 -428 Credit 11 6173 855 646 Debit 12 -10263 -1422 -1074 1.B Primary Income 13 -3079 -426 -322 Credit 14 3623 501 379 Debit 15 -6703 -928 -701 1.C Secondary Income 16 317 44 33 Credit 17 697 97 73 Debit 18 -380 -53 -40 2. Capital and Financial Account 19 -3355 -466 -352 2.1 Capital Account 20 -6 -1 -1 Credit 21 3 0 0 Debit 22 -9 -1 -1 2.2 Financial Account 23 -3350 -466 -351 Assets 24 -6478 -899 -678 Liabilities 25 3128 434 328 2.2.1 Financial Account Excluding Reserve Assets 26 -2446 -340 -256 2.2.1.1 Direct Investment 27 -1886 -259 -197 Assets 28 -3145 -436 -329 Liabilities 29 1259 177 132 2.2.1.2 Portfolio Investment 30 2490 348 261 Assets 31 -798 -111 -84 Liabilities 32 3288 458 345 2.2.1.3 Financial Derivatives (other than reserves) and Employee Stock Options 33 -37 -5 -4 Assets 34 62 9 7 Liabilities 35 -99 -14 -10 2.2.1.4 Other Investment 36 -3013 -424 -317 Assets 37 -1693 -237 -178 Liabilities 38 -1320 -187 -139 2.2.2 Reserve Assets 39 -904 -125 -95 3. Net Errors and Omissions 40 -700 -96 -73 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. In the fourth quarter of 2023, the equity other than reinvestment of earnings under direct investment liabilities (credit) was USD 36.6 billion (RMB 261.0 billion). 6. This statement employs rounded-off numbers. 7. For detailed data, please see the section of “Data and Statistics” at the website of the SAFE. 8. The BOP data is revised regularly; please find the latest data in “Data and Statistics”. Abridged Balance of Payments, 2023 Item Line No. RMB 100 million USD 100 million SDR 100 million 1. Current Account 1 17826 2530 1893 Credit 2 268536 37887 28408 Debit 3 -250710 -35357 -26514 1. A Goods and Services 4 27347 3861 2893 Credit 5 248878 35112 26328 Debit 6 -221531 -31252 -23435 1.A.a Goods 7 42114 5939 4452 Credit 8 225381 31792 23839 Debit 9 -183267 -25853 -19388 1.A.b Services 10 -14767 -2078 -1559 Credit 11 23497 3321 2489 Debit 12 -38263 -5399 -4048 1.B Primary Income 13 -10591 -1482 -1113 Credit 14 17008 2400 1799 Debit 15 -27599 -3882 -2912 1.C Secondary Income 16 1071 152 114 Credit 17 2651 375 281 Debit 18 -1580 -223 -167 2. Capital and Financial Account 19 -15181 -2151 -1611 2.1 Capital Account 20 -21 -3 -2 Credit 21 13 2 1 Debit 22 -35 -5 -4 2.2 Financial Account 23 -15160 -2148 -1609 Assets 24 -16124 -2282 -1716 Liabilities 25 964 134 107 2.2.1 Financial Account Excluding Reserve Assets 26 -14907 -2099 -1569 2.2.1.1 Direct Investment 27 -10188 -1426 -1071 Assets 28 -13138 -1853 -1390 Liabilities 29 2951 427 319 2.2.1.2 Portfolio Investment 30 -4329 -632 -472 Assets 31 -5393 -773 -579 Liabilities 32 1064 141 107 2.2.1.3 Financial Derivatives (other than reserves) and Employee Stock Options 33 -548 -75 -57 Assets 34 -353 -49 -37 Liabilities 35 -195 -27 -20 2.2.1.4 Other Investment 36 158 34 31 Assets 37 3014 441 329 Liabilities 38 -2856 -407 -298 2.2.2 Reserve Assets 39 -253 -48 -40 3. Net Errors and Omissions 40 -2645 -379 -283 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.In 2023, the equity other than reinvestment of earnings under direct investment liabilities (credit) was USD 120.0 billion ( RMB 846.8 billion). 6. This statement employs rounded-off numbers. 7. For detailed data, please see the section of “Data and Statistics” at the website of the SAFE. 8. The BOP data is revised regularly; please find the latest data in “Data and Statistics”. 2024-03-29/en/2024/0329/2192.html
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As at the end of 2023, China recorded RMB 17.3352 trillion in outstanding external debt denominated in both domestic and foreign currencies (equivalent to USD 2447.5 billion, excluding those of Hong Kong SAR, Macao SAR, and Taiwan Province of China, the same below). In terms of maturity structure, the outstanding medium- and long-term external debt was RMB 7682.6 billion (equivalent to USD 1084.7 billion), accounting for 44 percent; while the outstanding short-term external debt was RMB 9652.6 billion (equivalent to USD 1362.8 billion), taking up 56 percent, of which 35 percent was trade-related credit. In terms of institutional sectors, the outstanding debt of general government totaled RMB 3077.5 billion (equivalent to USD 434.5 billion), accounting for 18 percent; the outstanding debt of the central bank totaled RMB 759.3 billion (equivalent to USD 107.2 billion), accounting for 4 percent; the outstanding debt of banks totaled RMB 7148.7 billion (equivalent to USD 1009.3 billion), accounting for 41 percent; the outstanding debt of other sectors (including inter-company lending under direct investments) totaled RMB 6349.6 billion (equivalent to USD 896.5 billion), accounting for 37 percent. In terms of debt instruments, the balance of loans was RMB 2645.7 billion (equivalent to USD 373.5 billion), accounting for 15 percent; the outstanding trade credits and advances was RMB 2770 billion (equivalent to USD 391.1 billion), accounting for 16 percent; the outstanding currency and deposits was RMB 3445.3 billion (equivalent to USD 486.4 billion), accounting for 20 percent; the outstanding debtsecurities was RMB 5307.8 billion (equivalent to USD 749.4 billion), accounting for 31 percent; the Special Drawing Rights (SDR) allocation amounted to RMB 344.1 billion (equivalent to USD 48.6 billion), accounting for 2 percent; the balance of inter-company lending under direct investments totaled RMB 2094.9 billion (equivalent to USD 295.8 billion), accounting for 12 percent; and the balance of other debt liabilities was RMB 727.4 billion (equivalent to USD 102.7 billion), accounting for 4 percent. With respect to currency structures, the outstanding external debt in domestic currency totaled RMB 8196.9 billion (equivalent to USD 1157.3 billion), accounting for 47 percent; the outstanding external debt in foreign currencies (including SDR allocation) totaled RMB 9138.3 billion (equivalent to USD 1290.2 billion), accounting for 53 percent. In the outstanding registered external debt in foreign currencies, the USD debt accounted for 84 percent, the Euro debt accounted for 7 percent, the HKD debt accounted for 4 percent, the JPY debt accounted for 3 percent, the SDR and other foreign currency-denominated external debt accounted for 2 percent. As at the end of 2023, the liability ratio was 13.7 percent, the debt ratio was 69.7 percent, the debt servicing ratio was 7.6 percent, and the ratio of short-term external debt to foreign exchange reserves was 42.1 percent. China's major external debt indicators were all within the internationally recognized thresholds, indicating that the external debt risk is controllable. Appendix Definition of terms and interpretations External debt classification by maturity structure. There are two methods to classify the external debt by maturity structure. One is on the basis of the contractual maturity, i.e. it is classified as medium- and long-term external debt if the contractual maturity is over one year, and classified as short-term external debt if the contractual maturity is one year or less;the other is on the basis of the remaining maturity, i.e., on the basis of the contractual maturity classification method above, the medium- and long-term external debt due within one year is classified as short-term external debt. In this news release, external debt is divided into medium- and long-term external debt and short-term external debt based on the contractual maturity. Trade-related credit is a broad concept. In addition to trade credit and advances, it also involves other kinds of credit provided for trade activities. According to its definition,trade-related credit includes trade credit and advances, bank trade financing, trade related bills, and so forth. In particular, trade credit and advances refer to external liability arising from directly extending credit between the seller and buyer of goods transactions,specifically transactions between residents in the Chinese Mainland and overseas non-residents (including non-residents in Hong Kong SAR, Macao SAR,and Taiwan Province of China), i.e., the debt incurred due to the difference between the time of payment and the time of the goods ownership transfer, which include credit directly provided by the supplier (e.g., the overseas exporter) for goods and services, and prepayments made by buyers (e.g., overseas importers) for goods, services, and work that is in progress (or work to be undertaken). Bank trade financing refers to trade related loans that offered by a third party (e.g., banks) to exporters or importers, for instance, loans extended by foreign financial institutions or export credit agencies to buyers. Annexed table：China’s Gross External Debt Position by Sector, End of 2023 End of 2023 End of 2023 （Unit:100 million RMB） （Unit:100 million US dollars） General Government 30775 4345 Short-term 2870 405 Currency and deposits 0 0 Debt securities 2870 405 Loans 0 0 Trade credit and advances 0 0 Other debt liabilities 0 0 Long-term 27905 3940 Special drawing rights (allocations) 0 0 Currency and deposits 0 0 Debt securities 24084 3400 Loans 3821 540 Trade credit and advances 0 0 Other debt liabilities 0 0 Central Bank 7593 1072 Short-term 2138 302 Currency and deposits 1041 147 Debt securities 1097 155 Loans 0 0 Trade credit and advances 0 0 Other debt liabilities 0 0 Long-term 5454 770 Special drawing rights (allocations) 3441 486 Currency and deposits 0 0 Debt securities 0 0 Loans 0 0 Trade credit and advances 0 0 Other debt liabilities 2014 284 Other Depository Corporations 71487 10093 Short-term 55617 7853 Currency and deposits 33390 4714 Debt securities 6110 863 Loans 15681 2214 Trade credit and advances 0 0 Other debt liabilities 436 62 Long-term 15870 2241 Currency and deposits 0 0 Debt securities 12890 1820 Loans 2890 408 Trade credit and advances 0 0 Other debt liabilities 90 13 Other Sectors 42548 6007 Short-term 30557 4314 Currency and deposits 22 3 Debt securities 146 21 Loans 1181 167 Trade credit and advances 27216 3843 Other debt liabilities 1992 281 Long-term 11991 1693 Currency and deposits 0 0 Debt securities 5881 830 Loans 2884 407 Trade credit and advances 485 68 Other debt liabilities 2742 387 Direct Investment: Intercompany Lending 20949 2958 Debt liabilities of direct investment enterprises to direct investors 11741 1658 Debt liabilities of direct investors to direct investment enterprises 1328 187 Debt liabilities to fellow enterprises 7880 1113 Gross External Debt Position 173352 24475 2024-03-29/en/2024/0329/2189.html
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As at the end of 2023, China’s external financial assets reached USD 9581.7 billion, external financial liabilities reached USD 6673.5 billion, and net external assets totaled USD 2908.2 billion. In the external financial assets, direct investment assets amounted to USD 2939.1 billion, portfolio investment assets, USD 1098.4 billion, financial derivative assets, USD 19.0 billion, other investment assets, USD 2075.5 billion, and reserves assets, USD 3449.7 billion, accounting for 31 percent, 11 percent, 0.2 percent, 22 percent and 36 percent of external financial assets respectively. In external liabilities, direct investment liabilities were USD 3553.1 billion, portfolio investment liabilities, USD 1701.6 billion, financial derivative liabilities, USD 19.4 billion and other investment liabilities, USD 1399.3 billion, accounting for 53 percent, 25 percent, 0.3 percent and 21 percent of the external financial liabilities respectively. In SDR terms, China’s external financial assets and liabilities reached SDR 7141.6 billion and SDR 4974.0 billion respectively, and external net assets totaled SDR 2167.6 billion at the end of 2023. The SAFE has revised the IIP data for each quarter since 2022 according to the latest data and released it through the section of "Data and Statistics" at the official website of the SAFE. In addition, in order to facilitate understanding of the data of Balance of Payments and International Investment Position among all data users, the BOP Analysis Team of the SAFE released China's Balance of Payments Report 2023.(End) China's International Investment Position, End of 2023 Item Line No. Position in 100 million USD Position in 100 millionSDR Net Position 1 29082 21676 Assets 2 95817 71416 1 Direct Investment 3 29391 21906 1.1 Equity and Investment Fund Shares 4 25580 19066 1.2 Debt Instruments 5 3811 2840 1.a Financial Sectors 6 4094 3052 1.1.a Equity and Investment Fund Shares 7 3868 2883 1.2.a Debt Instruments 8 226 169 1.b Non-financial Sectors 9 25297 18855 1.1.b Equity and Investment Fund Shares 10 21712 16183 1.2.b Debt Instruments 11 3584 2672 2 Portfolio Investment 12 10984 8187 2.1 Equity and Investment Fund Shares 13 6226 4640 2.2 Debt Securities 14 4758 3546 3 Financial Derivatives (other than reserves) and Employee Stock Options 15 190 142 4 Other Investment 16 20755 15469 4.1 Other Equity 17 99 74 4.2 Currency and Deposits 18 5015 3738 4.3 Loans 19 8068 6013 4.4 Insurance, Pension, and Standardized Guarantee Schemes 20 287 214 4.5 Trade Credit and Advances 21 6440 4800 4.6 Others 22 847 631 5 Reserve Assets 23 34497 25712 5.1 Monetary Gold 24 1482 1105 5.2 Special Drawing Rights 25 536 399 5.3 Reserve Position in the IMF 26 97 73 5.4 Foreign Currency Reserves 27 32380 24134 5.5 Other Reserve Assets 28 1 1 Liabilities 29 66735 49740 1 Direct Investment 30 35531 26483 1.1 Equity and Investment Fund Shares 31 32437 24177 1.2 Debt Instruments 32 3094 2306 1.a Financial Sectors 33 1993 1486 1.1.a Equity and Investment Fund Shares 34 1765 1316 1.2.a Debt Instruments 35 228 170 1.b Non-financial Sectors 36 33538 24997 1.1.b Equity and Investment Fund Shares 37 30672 22861 1.2.b Debt Instruments 38 2866 2136 2 Portfolio Investment 39 17016 12683 2.1 Equity and Investment Fund Shares 40 10211 7611 2.2 Debt Securities 41 6805 5072 3 Financial Derivatives (other than reserves) and Employee Stock Options 42 194 145 4 Other Investment 43 13993 10429 4.1 Other Equity 44 0 0 4.2 Currency and Deposits 45 4943 3684 4.3 Loans 46 3660 2728 4.4 Insurance, Pension, and Standardized Guarantee Schemes 47 269 200 4.5 Trade Credit and Advances 48 3911 2915 4.6 Others 49 724 540 4.7 Special Drawing Rights 50 486 362 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”. 2024-03-29/en/2024/0329/2191.html
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As shown in the statistics of the State Administration of Foreign Exchange (SAFE), in February 2024, the amount of foreign exchange settlement and sales by banks was RMB 1093.8 billion and RMB 1081.8 billion, respectively. During January to February 2024, the accumulative amount of foreign exchange settlement and sales by banks was RMB 2545.3 billion and RMB 2603.4 billion, respectively. In the US dollar terms, in February 2024, the amount of foreign exchange settlement and sales by banks was USD 154.0 billion and USD 152.3 billion, respectively. During January to February 2024, the accumulative amount of foreign exchange settlement and sales by banks was USD 358.2 billion and USD 366.4 billion, respectively. In February 2024, the amount of cross-border receipts and payments by non-banking sectors was RMB 3240.3 billion and RMB 3154.6 billion, respectively. During January to February 2024, the accumulative amount of cross-border receipts and payments by non-banking sectors was RMB 7479.2 billion and RMB 7354.5 billion, respectively. In the US dollar terms, in February 2024, the amount of cross-border receipts and payments by non-banking sectors was USD 456.1 billion and USD 444.0 billion, respectively. During January to February 2024, the accumulative amount of cross-border receipts and payments by non-banking sectors was USD 1052.6 billion and USD 1035.0 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. 2024-03-15/en/2024/0315/2184.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 for February 2024. SAFE Deputy Administrator and Press Spokesperson Wang Chunying answered media questions on this issue. Q: What are the specifics and changes of China’s foreign exchange receipts and payments for February 2024? A: China’s foreign exchange market is on a pathway of steady improvement, with cross-border capital flows becoming increasingly stable. In February, data on foreign-related receipts and payments by non-banking sectors, including enterprises and individuals, showed a surplus of USD 12.1 billion, representing an increase of USD 6.6 billion compared to January. At the same time, foreign exchange settlement and sales by banks resulted in a small surplus of USD 1.7 billion. Market expectations remained stable, and transactions in China’s foreign exchange market proceeded in a reasonable and orderly manner. Cross-border capital flows through major channels were stable, and substantial net inflows of funds were observed in both trade in goods and securities investments. After taking into account factors such as the Chinese Spring Festival holiday, the average daily net inflow of cross-border funds in terms of trade in goods saw a year-on-year increase of 3% in February, highlighting the trade’s continued fundamental role in stabilizing cross-border capital flows. Meanwhile, the net increase in foreign holdings of China’s domestic bonds totaled USD 11.1 billion in February, thus remaining at a relatively high level. Foreign investment in the domestic securities market has shifted towards positive overall, reflecting foreign investors’ preference for stable and increasing RMB-denominated asset investments and holdings. Based on the solid fundamentals of China’s economy, supportive policies, and favorable market conditions, China’s foreign exchange market is set to remain stable for the foreseeable future. First, China will strengthen its macroeconomic control measures to achieve an expected target of approximately 5% GDP growth in 2024, further solidifying and enhancing the positive trend of economic recovery. Second, China will steadily expand its institutional opening-up and continuously improve its business environment to further facilitate cross-border trade, investment and financing. Third, China’s foreign exchange market will undergo further development, and enterprises will gradually enhance their capability to manage exchange rate risks. The use of RMB for cross-border transactions will continue to expand, and foreign exchange market players will increasingly make more rational transaction decisions as they gain further market experience. Lastly, there may be a potential shift in the monetary policies of major developed economies in 2024, which is expected to alleviate the difficult external liquidity situation and further contribute to the stability of China’s foreign exchange market. 2024-03-15/en/2024/0315/2187.html
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As at the end of 2023, China's banking sector recorded external financial assets of USD 1490.1 billion, external liabilities of USD 1320.5 billion, and net external assets of USD 169.6 billion, including net RMB liabilities of USD 287.3 billion and net foreign currency assets of USD 456.8 billion. Among the external financial assets of the banking sector, by instrument, deposits and loans were USD 935.1 billion, bonds investment, USD 338.0 billion, and other assets including equity, USD 217.0 billion, accounting for 63 percent, 23 percent and 15 percent of the sector's total external financial assets respectively. By currency, RMB assets were USD 344.3 billion, USD assets were USD 827.7 billion, and other currency assets were USD 318.1 billion, accounting for 23 percent, 56 percent and 21 percent respectively. By counterpart sector, the amount invested in the overseas banking sector was USD 754.9 billion, accounting for 51 percent; the amount invested in the overseas non-banking sector was USD 735.1 billion, accounting for 49 percent. Among the external liabilities of the banking sector, by instrument, deposits and loans were USD 726.8 billion, bonds investment, USD 259.8 billion, and other liabilities including equity, USD 333.9 billion, accounting for 55 percent, 20 percent and 25 percent of the sector's total external liabilities respectively. By currency, RMB liabilities were USD 631.5 billion, USD liabilities, USD 417.9 billion, and other currency liabilities, USD 271.1 billion, accounting for 48 percent, 32 percent and 21 percent respectively. By counterpart sector, USD 572.6 billion was from overseas banking sector, accounting for 43 percent; while USD 747.9 billion was from overseas non-banking sector, accounting for 57 percent. (End) 2024-03-28/en/2024/0328/2186.html
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External Financial Assets and Liabilities of China's Banking Sector(As of December 31, 2023) 2024-03-28/en/2024/0328/2188.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 16.86 trillion (equivalent to USD 2.37 trillion) in February 2024. In terms of markets, the transactions volume of client market was RMB 2.70 trillion (equivalent to USD 0.38 trillion), and the transactions volume of interbank market was RMB 14.16 trillion (equivalent to USD 1.99 trillion). In terms of products, the cumulative transactions volume of the spot market was RMB 5.21 trillion (equivalent to USD 0.73 trillion), and that of the derivatives market was RMB 11.65 trillion (equivalent to USD 1.64 trillion). From January to February 2024, a total of RMB 41.53 trillion (equivalent to USD 5.84 trillion) was traded in the Chinese foreign exchange market. 2024-03-22/en/2024/0322/2185.html
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In March 2024, the export and import of China’s international trade in goods and services totalled RMB 4043.0 billion, up 3 percent over the same time last year. Of this, the export of goods recorded RMB 1855.6 billion and the import recorded RMB 1605.3 billion, resulting in a surplus of RMB 250.4 billion. The export of services recorded RMB 214.4 billion and the import recorded RMB 367.7 billion, resulting in a deficit of RMB 153.3 billion. In terms of the major items, the export and import of travel, transport, other business services, telecommunications, computer and information services registered RMB 162.2 billion, RMB 148.6 billion, RMB 104.9 billion and RMB 66.7 billion respectively. In the US dollar terms, in March 2024, the export and import of China’s international trade in goods and services were USD 291.6 billion and USD 278.0 billion respectively, with a surplus of USD 13.7 billion.(End) International Trade in Goods and Services of China March 2024 Item In 100 million of RMB In 100 million of USD Goods and services 971 137 Credit 20700 2916 Debit -19729 -2780 1. Goods 2504 353 Credit 18556 2614 Debit -16053 -2262 2. Services -1533 -216 Credit 2144 302 Debit -3677 -518 2.1Manufacturing services on physical inputs owned by others 64 9 Credit 70 10 Debit -6 -1 2.2Maintenance and repair services n.i.e 10 1 Credit 54 8 Debit -44 -6 2.3Transport -452 -64 Credit 517 73 Debit -969 -137 2.4Travel -1225 -173 Credit 198 28 Debit -1423 -201 2.5Construction 43 6 Credit 94 13 Debit -51 -7 2.6Insurance and pension services -139 -20 Credit 3 0 Debit -142 -20 2.7Financial services 7 1 Credit 31 4 Debit -24 -3 2.8Charges for the use of intellectual property -218 -31 Credit 103 15 Debit -322 -45 2.9Telecommunications, computerand information services 157 22 Credit 412 58 Debit -255 -36 2.10Other business services 238 34 Credit 644 91 Debit -406 -57 2.11Personal, cultural, and recreational services -19 -3 Credit 10 1 Debit -29 -4 2.12Government goods and services n.i.e 1 0 Credit 8 1 Debit -7 -1 Notes: 1. The international 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. 2024-04-26/en/2024/0426/2199.html
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As shown in the statistics of the State Administration of Foreign Exchange (SAFE), in April 2024, the amount of foreign exchange settlement and sales by banks was RMB 1233.6 billion and RMB 1503.6 billion, respectively. During January to April 2024, the accumulative amount of foreign exchange settlement and sales by banks was RMB 5085.0 billion and RMB 5531.2 billion, respectively. In the US dollar terms, in April 2024, the amount of foreign exchange settlement and sales by banks was USD 173.7 billion and USD 211.8 billion, respectively. During January to April 2024, the accumulative amount of foreign exchange settlement and sales by banks was USD 715.9 billion and USD 778.8 billion, respectively. In April 2024, the amount of cross-border receipts and payments by non-banking sectors was RMB 4204.3 billion and RMB 4475.4 billion, respectively. During January to April 2024, the accumulative amount of cross-border receipts and payments by non-banking sectors was RMB 15984.9 billion and RMB 16233.8 billion, respectively. In the US dollar terms, in April 2024, the amount of cross-border receipts and payments by non-banking sectors was USD 592.1billion and USD 630.3 billion, respectively. During January to April 2024, the accumulative amount of cross-border receipts and payments by non-banking sectors was USD 2250.7 billion and USD 2285.8 billion, respectively. In April 2024, China’s cross-border capital flows were influenced by multiple factors. Specifically, foreign trade showed an obvious trend of positive development with the foreign-related receipts and payments of trade in goods maintaining a rather large scale of surplus, playing a fundamental role in stabilizing cross-border capital flows. The foreign capital made an active allocation of RMB assets, and the net purchase of domestic bonds and stocks by overseas investors reached RMB 124.7 billion and RMB 45.1 billion respectively in April. Moreover, the cross-border foreign currency receipts and payments generally maintained balance while the RMB cross-border net outflow increased in April, embodying the influence of rather low RMB financing cost. Since May 1st, the internal and external environment has continued to improve, and China’s cross-border capital flows have become more balanced. Looking ahead, supporting role of internal fundamentals in China’s foreign exchange market will be further enhanced with the continuous increase of positive factors in the Chinese economy, which will better balance China’s cross-border capital flows. 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. 2024-05-17/en/2024/0517/2203.html