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As shown in the statistics of the State Administration of Foreign Exchange (SAFE), in March 2024, the amount of foreign exchange settlement and sales by banks was RMB 1306.1 billion and RMB 1424.2 billion, respectively. During January to March 2024, the accumulative amount of foreign exchange settlement and sales by banks was RMB 3851.4 billion and RMB 4027.6 billion, respectively. In the US dollar terms, in March 2024, the amount of foreign exchange settlement and sales by banks was USD 184.0 billion and USD 200.7 billion, respectively. During January to March 2024, the accumulative amount of foreign exchange settlement and sales by banks was USD 542.2 billion and USD 567.0 billion, respectively. In March 2024, the amount of cross-border receipts and payments by non-banking sectors was RMB 4301.3 billion and RMB 4403.9 billion, respectively. During January to March 2024, the accumulative amount of cross-border receipts and payments by non-banking sectors was RMB 11780.5 billion and RMB 11758.4 billion, respectively. In the US dollar terms, in March 2024, the amount of cross-border receipts and payments by non-banking sectors was USD 606.0 billion and USD 620.5 billion, respectively. During January to March 2024, the accumulative amount of cross-border receipts and payments by non-banking sectors was USD 1658.6 billion and USD 1655.5 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. 2024-04-18/en/2024/0418/2197.html
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The branches and foreign exchange administrative departments of the State Administration of Foreign Exchange (SAFE) in all provinces, autonomous regions, municipalities directly under the Central Government, and cities specifically designated in the state plan; UnionPay International Co., Ltd.; Express (Hangzhou) Technology Service Co., Ltd.; Wanshi Wanglian Information Technology (Beijing) Co., Ltd.; all national Chinese-funded commercial banks: In order to facilitate cross-border transactions with domestic bank cards by individuals and improve foreign exchange administration for bank cards, the issues concerning updating the merchant category codes (MCCs) for the use of domestic bank cards outside China are notified as follows: I. 345 MCCs are supplemented (refer to the Appendix), which and the Appendix Merchant Category Codes for the Use of Domestic Bank Cards Outside China to the Circular of the State Administration of Foreign Exchange on Regulating the Management of Foreign Currency Bank Cards (Huifa No. 53 [2010], hereinafter referred to as Document No. 53) constitute the current effective list of MCCs. II. Domestic bank card clearing institutions and card-issuing financial institutions shall, in accordance with Document No. 53, strictly implement classified administration for overseas transactions with domestic bank cards, make set-ups in their business systems according to the current effective list of MCCs, and not authorize or offer clearing of transactions beyond such list. The set-up for bank cards authorized by domestic bank card clearing institutions shall be made by such institutions in their business systems, and the set-up for bank cards authorized by overseas bank card clearing institutions shall be made by domestic card-issuing financial institutions in their business systems. III. Domestic bank card clearing institutions shall adjust their own MCCs, and shall make a written report to the SAFE 30 days before such adjustment becomes effective. As to the adjustment of MCCs by overseas bank card clearing institutions, Bank of China, Industrial and Commercial Bank of China or China Merchants Bank shall make a written report to the SAFE 30 days before such adjustment becomes effective. The SAFE shall update and issue the list of MCCs for the use of domestic bank cards outside China according to such adjustments. The aforesaid adjustment refers to the supplement or suspension of MCCs or the change to MCC definition. IV. This Circular shall become effective as of May 1, 2024. All domestic bank card clearing institutions and card-issuing financial institutions shall complete the adjustment of their business systems on time as required by this Circular. Upon receiving this Circular, the branches and foreign exchange administrative departments of the SAFE in all provinces, autonomous regions, municipalities directly under the Central Government, and cities specifically designated in the state plan shall promptly forward it to prefecture (city) sub-branches, urban commercial banks, rural commercial banks, wholly foreign-owned banks, Sino-foreign joint venture banks, branches of foreign-owned banks, rural cooperative financial institutions, and village and town banks within their respective jurisdictions. In case of any problems during implementation, please contact the SAFE Balance of Payments Department without hesitation at 010-68402309, 68402593. Appendix: Merchant Category Codes for the Use of Domestic Bank Cards outside China (345 Newly Supplemented) General Affairs Department of the State Administration of Foreign Exchange March 15, 2024 2024-03-22/en/2024/0315/2195.html
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To implement the decisions and arrangements made by the Communist Party of China (CPC) Central Committee and the State Council and the requirements stipulated in the Opinions of the General Office of the State Council on Further Optimizing Payment Services to Facilitate Payments, recently, the People's Bank of China (PBOC), the Ministry of Culture and Tourism (MCT), the State Administration of Foreign Exchange (SAFE) and the National Cultural Heritage Administration (NCHA) jointly issued the Notice on Further Optimizing Payment Services at Key Cultural and Tourism Venues to Facilitate Payments (hereinafter referred to as the Notice). Aiming at better meeting the diversified payment service needs of the elderly, overseas visitors and other groups in cultural and tourism fields, the Notice requires cultural and tourism departments and cultural heritage authorities in various regions to strengthen coordination with local branches of the PBOC, identify key cultural and tourism venues, specify key merchants, and formulate work plans. Specifically, they are required to refine measures from the aspects such as continuously improving the environment for domestic and foreign bank card acceptance and cash use, enhancing the convenience of mobile payment, and strengthening publicity and promotion. Joint efforts should also be made in matching supply and demand as well as evaluation and supervision, so as to facilitate payments in the cultural and tourism field. The Notice clearly states that all three-star-or-above tourist hotels, national 5A and 4A tourist attractions, national and provincial tourist resorts, as well as national tourism and leisure districts must accept domestic and foreign bank cards. Relevant business entities of key cultural and tourism venues should retain manual ticket windows and support cash payment, thus ensuring diversified payment options for consumers. Outlets providing foreign currency exchange services should be established at cultural and tourism venues with a large number of overseas visitors, so as to upgrade the foreign currency exchange services. In addition, mobile payment services should be improved continuously, with streamlined business processes and enriched product functions, thereby further facilitating mobile payment in both online and offline scenarios at cultural and tourism venues. Moving forward, the PBOC, the MCT, the SAFE, and the NCHA will work closely with local governments to urge and guide all parties in the financial sector and the cultural and tourism industry to collaboratively carry out various measures laid down in the Notice, thus continuously optimizing payment services for elderly people and overseas visitors to China, better serving people's well-being, improving the business environment, and promoting high-standard opening-up. 2024-04-09/en/2024/0409/2198.html
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In the first quarter of 2024, China's current account registered a surplus of RMB 281.0 billion, including a surplus of RMB 870.2 billion under trade in goods, a deficit of RMB 438.8 billion under trade in services, a deficit of RMB 174.9 billion under primary income and a surplus of RMB 24.4 billion under secondary income. In the capital and financial accounts, reserve assets increased by RMB 311.8 billion. In the US dollar terms, in the first quarter of 2024, China's current account registered a surplus of USD 39.2 billion, including a surplus of USD 121.1 billion under trade in goods, a deficit of USD 61.0 billion under trade in services, a deficit of USD 24.3 billion under primary income and a surplus of USD 3.4 billion under secondary income. In the capital and financial accounts, reserve assets increased by USD 43.4 billion. In SDR terms, in the first quarter of 2024, China's current account registered a surplus of SDR 29.4 billion, including a surplus of SDR 91.0 billion under trade in goods, a deficit of SDR 45.9 billion under trade in services, a deficit of SDR 18.3 billion under primary income and a surplus of SDR 2.6 billion under secondary income. In the capital and financial accounts, reserve assets increased by SDR 32.6 billion. (End) China's Balance of Payments, Q1 2024 (Preliminary Data) Item Line No. RMB 100 million USD 100 million SDR 100 million 1. Current account 1 2810 392 294 Credit 2 64619 8991 6760 Debit 3 -61810 -8599 -6466 1. A Goods and Services 4 4314 601 451 Credit 5 60452 8411 6324 Debit 6 -56138 -7810 -5873 1.A.a Goods 7 8702 1211 910 Credit 8 53982 7511 5647 Debit 9 -45280 -6300 -4737 1.A.b Services 10 -4388 -610 -459 Credit 11 6470 900 677 Debit 12 -10857 -1511 -1136 1.A.b.1 Processing services 13 196 27 20 Credit 14 215 30 22 Debit 15 -19 -3 -2 1.A.b.2 Maintenance and Repair Services 16 65 9 7 Credit 17 171 24 18 Debit 18 -106 -15 -11 1.A.b.3 Transport 19 -1431 -199 -150 Credit 20 1593 222 167 Debit 21 -3024 -421 -316 1.A.b.4 Travel 22 -3864 -538 -404 Credit 23 559 78 58 Debit 24 -4422 -615 -463 1.A.b.5 Construction 25 213 30 22 Credit 26 359 50 38 Debit 27 -146 -20 -15 1.A.b.6 Insurance and Pension Services 28 -246 -34 -26 Credit 29 45 6 5 Debit 30 -291 -40 -30 1.A.b.7 Financial Services 31 9 1 1 Credit 32 74 10 8 Debit 33 -65 -9 -7 1.A.b.8 Charges for the Use of Intellectual Property 34 -465 -65 -49 Credit 35 300 42 31 Debit 36 -765 -106 -80 1.A.b.9 Telecommunications, Computer, and Information Services 37 344 48 36 Credit 38 1130 157 118 Debit 39 -786 -109 -82 1.A.b.10 Other Business Services 40 860 120 90 Credit 41 1968 274 206 Debit 42 -1108 -154 -116 1.A.b.11 Personal, Cultural, and Recreational Services 43 -49 -7 -5 Credit 44 28 4 3 Debit 45 -77 -11 -8 1.A.b.12 Government Goods and Services n.i.e 46 -22 -3 -2 Credit 47 28 4 3 Debit 48 -50 -7 -5 1.B Primary Income 49 -1749 -243 -183 Credit 50 3508 488 367 Debit 51 -5257 -731 -550 1.C Secondary Income 52 244 34 26 Credit 53 660 92 69 Debit 54 -416 -58 -43 2. Capital and Financial Accounts (Including Net Errors and Omissions for the Quarter) 55 -2810 -392 -294 2.1 Capital Account 56 -2 0 0 Credit 57 4 1 0 Debit 58 -5 -1 -1 2.2. Financial Account (Including Net Errors and Omissions for the Quarter) 59 -2808 -391 -294 2.2.1 Financial Account (Excluding Reserve Assets, But Including Net Errors and Omissions for the Quarter) 60 309 43 33 Including: 2.2.1.1 Direct Investment 61 -2006 -279 -210 2.2.1.1.1 Assets 62 -2745 -382 -287 2.2.1.1.1.1 Equity and investment fund shares 63 -1845 -257 -193 2.2.1.1.1.2 Debt instruments 64 -901 -125 -94 2.2.1.1.2 Liabilities 65 739 103 77 2.2.1.1.2.1 Equity and investment fund shares 66 1366 190 143 2.2.1.1.2.2 Debt instruments 67 -627 -88 -66 2.2.2 Reserve Assets 68 -3118 -434 -326 2.2.2.1 Monetary gold 69 0 0 0 2.2.2.2 Special drawing rights 70 28 4 3 2.2.2.3 Reserve position in the IMF 71 -7 -1 -1 2.2.2.4 Foreign exchange reserves 72 -3139 -437 -329 2.2.2.5 Other reserves 73 0 0 0 3. Net Errors and Omissions 74 / / / Note:1. The table is compiled according to BPM6. 2."Credit" is presented as positive value while "debit" as negative value, and the balance is the sum of the "Credit" and the "Debit". All items herein refer to balances, unless marked with "Credit" or "Debit". 3.The RMB denominated BOP statement is converted from the USD denominated BOP statement for the quarter using the period average central parity rate of RMB against USD. The SDR denominated quarterly BOP statement is converted from the USD denominated BOP statement for the quarter using the period average exchange rate of SDR against USD. 4.Since net errors and omissions are included, the amount of the capital and financial accounts is the opposite number of the difference in the current account. 5.According to preliminary statistics, in the first quarter of 2024, the equity other than reinvestment of earnings under direct investment liabilities (credit) was USD 21.0 billion (RMB 151.2 billion). 6.This table employs rounded-off numbers. 2024-05-10/en/2024/0510/2202.html
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In order to implement the guiding principles of the Central Financial Work Conference and facilitate overseas transactions with domestic bank cards by individuals, the State Administration of Foreign Exchange (SAFE) issued the Circular of the General Affairs Department of the State Administration of Foreign Exchange on Updating the Merchant Category Codes for the Use of Domestic Bank Cards Outside China (Huizongfa No. 15 [2024], hereinafter referred to as the Circular) on March 22 for improving foreign exchange administration for bank cards. The Circular includes the following main content. First, the merchant category codes (MCCs) for the use of domestic bank cards outside China are updated in adaption to the MCC changes of domestic and overseas bank card clearing institutions in recent years. Second, the mechanism for updating MCCs is optimized to realize the dynamic coverage of newly added MCCs. Adhering to the principles of authenticity and compliance, the SAFE has always used MCCs to implement classified administration for overseas transactions with bank cards, so as to actively support and facilitate the standardized use of domestic bank cards outside China. The SAFE will follow up by further deepening reform and opening up in the foreign exchange sector and constantly improving foreign exchange administration for cross-border transactions with bank cards, so as to facilitate and guarantee the individual demand for consumption payment under the current account as well as maintain a healthy and orderly foreign exchange market. This Circular shall become effective as of May 1, 2024. 2024-03-22/en/2024/0322/2196.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 24.64 trillion (equivalent to USD 3.47 trillion) in March 2024. In terms of markets, the transactions volume of client market was RMB 3.53 trillion (equivalent to USD 0.50 trillion), and the transactions volume of interbank market was RMB 21.11 trillion (equivalent to USD 2.97 trillion). In terms of products, the cumulative transactions volume of the spot market was RMB 7.61 trillion (equivalent to USD 1.07 trillion), and that of the derivatives market was RMB 17.03 trillion (equivalent to USD 2.40 trillion). From January to March 2024, a total of RMB 66.17 trillion (equivalent to USD 9.32 trillion) was traded in the Chinese foreign exchange market. 2024-04-26/en/2024/0426/2200.html
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According to the statistics by the State Administration of Foreign Exchange (SAFE), by the end of March 2024, China’s foreign exchange reserves totaled USD 324.57 billion, up by USD 19.8 billion or 0.62% from February 2024. In March 2024, the US dollar index rose, while global financial asset prices also increased in general, influenced by factors such as monetary policy expectations and macroeconomic data in major economies. China’s foreign exchange reserves increased this month due to the combined effects of currency translation and changes in asset prices. The momentum of China’s economic recovery continues to consolidate and strengthen, with the underlying fundamentals for its long-term growth remaining unchanged. This will provide support for the stability of China’s foreign exchange reserves. 2024-04-07/en/2024/0407/2193.html
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The State Administration of Foreign Exchange (SAFE) has recently issued the Notice of the State Administration of Foreign Exchange on Further Deepening Reforms and Facilitating Cross-border Trade and Investment (Huifa [2023] No. 28, hereinafter referred to as the “Notice”). SAFE Deputy Administrator and Press Spokesperson Wang Chunying answered media questions on relevant contents of the Notice. Q: What is the background for the issuance of the Notice? A: Since the 18th National Congress of the Communist Party of China, the SAFE has placed equal emphasis on development and security , consistently advanced reforms and opening up in the foreign exchange sector, and promoted facilitation of cross-border trade, investment, and financing. In practice, we have noticed that the vigorous development of new business forms and new modes of foreign trade and the increasing diversification of cross-border investment and financing activities have generated new and heightened demands among market participants for facilitation of foreign exchange services. To thoroughly implement the arrangements and demands of the Central Financial Work Conference that “the financial sector shall provide high-quality services for economic and social development”, the SAFE has conducted in-depth research on market appeals, thoroughly summarized previous pilot experience, and systematically reviewed foreign exchange administration policies related to the trade and foreign exchange receipts and payments, cross-border financing for technology-based enterprises, and foreign direct investment. Building upon this groundwork, the SAFE has issued the Notice which includes nine policies and measures to further deepen reforms in foreign exchange administration and promote the facilitation of cross-border trade and investment. Q: What are the policy principles outlined in the Notice? A: The Notice puts forward the following key policy principles. On a macro level, our goal is to strengthen and refine the policy supply in the field of foreign exchange, and enhance comprehensive policy integration. Specifically, we aim to deepen reforms and opening up in the facilitation of transactions related to both the current account and the capital account. Meanwhile, we will continuously enhance the dual management framework of the foreign exchange market, combining macro-prudential measures with micro-regulation. These endeavors will contribute to the construction of a modern financial system with Chinese characteristics. On a micro level, our focus is on actively promoting stability in foreign trade and foreign investment. This involves further streamlining foreign exchange management, shortening procedures of related cross-border businesses, and facilitating market participants in complying with regulations when handling cross-border trade and investment businesses. Through these initiatives, we aim to effectively boost market vitality and better serve the high-quality development of the real economy. Q: What specific measures does the Notice introduce to facilitate cross-border trade? A: The Notice has introduced four measures to facilitate cross-border trade. Firstly, optimizing foreign exchange administration on market procurement trade. The banks can utilize online platforms for market procurement to facilitate foreign exchange receipts and payments for market procurement merchants through various channels. Secondly, relaxing requirements for the netting settlement of balances in processing trade. The banks can handle the settlement of funds for enterprises’ counterparty foreign exchange collection and payment for imported materials processing trade. Thirdly, improving the collection and payment of cross-border trade funds under entrusted agents. When an agent is unable to handle the collection and payment of foreign exchange for trade in goods due to a special circumstance, the bank can handle the collection and payment of foreign exchange for trade in goods for the entrusting party. Fourthly, facilitating the settlements of foreign exchange funds for commercial leasing business of domestic institutions. Domestic institutions meeting the relevant conditions can use their foreign exchange incomes to pay rent for domestically rented commercial items to domestic leasing companies. Q: What is the main objective of optimizing the management of foreign exchange in market procurement trade, as outlined in the Notice? A: The main objective of optimizing the management of foreign exchange in market procurement trade is two-fold. Firstly, we aim to support the innovative development of new business formats such as market procurement and facilitate online foreign exchange receipts and payments for market procurement merchants who rely on third-party customs clearance. Secondly, more banks are encouraged to provide foreign exchange settlement services for market procurement trade. We support banks to flexibly leverage information from online platforms for market procurement trade by aligning with their customers' business needs, their IT infrastructures and other actual situations, provide more convenient foreign exchange receipt and payment services for market procurement merchants, and enhance their fund settlement efficiency. This may also assist the banks in reducing system development costs. Q: The Central Financial Work Conference has underscored the significance of offering financial support for new technologies, new arenas, and emerging markets. What specific implementation measures does the Notice introduce in this regard? A: Based on our research, we have identified that some technology-based enterprises in their initial stages are faced with challenges in obtaining cross-border financing due to limited net assets and other difficulties. To address this issue, the SAFE has been continuously enhancing and refining foreign exchange policy provisions for technology innovation since 2018. We have introduced facilitation policies for cross-border financing, specifically targeting high-tech enterprises and enterprises that use special and sophisticated technologies to produce novel and unique products. These policies allow such enterprises to autonomously borrow foreign debts within specified limits, thereby significantly reducing their financing costs. The Notice has upgraded the policies for facilitating cross-border financing in terms of the scope of eligible entities, pilot regions, and pilot quotas. Firstly, in addition to high-tech enterprises and enterprises that use special and sophisticated technologies to produce novel and unique products, technology-based small and medium-sized enterprises (SMEs) have been included as eligible entities for the pilot program, aiming to support their innovative development. Secondly, the policy coverage has expanded nationwide, extending beyond the previous 17 provinces and cities. Thirdly, the quota for the initial 17 provinces and cities under the facilitation has been raised to US$10 million, and rest regions are provisionally allocated a quota equivalent to USD5 million. These measures aim to facilitate cross-border financing for high-tech companies, enterprises that use special and sophisticated technologies to produce novel and unique products, as well as technology-based SMEs, while also safeguarding against corporate debt risks. Q: Which policies outlined in the Notice are beneficial for foreign-invested enterprises to expand and operate their businesses in China? A: In recent years, the SAFE has consistently streamlined procedures and processes, making it easier for foreign-invested enterprises to conduct business under the capital account. In 2020, a nationwide reform was introduced to facilitate receipts and payments under the capital account. Eligible enterprises were no longer required to provide authenticity certification documents to banks in advance on a per-transaction basis when utilizing capital funds, foreign debt funds, and other capital account receipts for domestic payments. Starting in 2022, pilot programs have been initiated in four areas, i.e. the Lin-gang Special Area of China (Shanghai) Pilot Free Trade Zone, where foreign-invested enterprises are exempted from registration procedures for domestic re-investment activities. To further facilitate the foreign exchange receipts and payments of foreign-invested enterprises, the Notice has clarified that the original asset realization account will be transformed into the settlement account under the capital account, allowing enterprises to freely utilize the funds for foreign exchange settlement. These funds primarily include foreign direct investment, domestic re-investment, funds received by domestic equity transferors from overseas direct investment as consideration for equity transfer, and foreign exchange funds raised by domestic enterprises through overseas listings. Going forward, in accordance with enterprise needs, the SAFE will include more funds into this account in an orderly manner, thereby facilitating the utilization of funds by enterprises. Q: What are the main considerations of the Notice in canceling the approval requirement for opening foreign debt accounts in other regions? A: Streamlining the use of corporate external debt accounts has proven to enhance businesses' efficiency in utilizing cross-border funds. In April 2022, the PBOC and the SAFE jointly issued a Notice on Strengthening Financial Services for COVID-19 Containment and Socio-Economic Development. The notice allows non-financial enterprises to use a single foreign debt account for multiple external debts and supports online applications for foreign debt registration, which further simplifies the management of foreign debt accounts. The implementation of these measures have facilitated the use of foreign debt accounts and received widespread recognition from market participants. Building upon this foundation, the Notice further eliminated the approval requirement for opening accounts for foreign debt in different places. It allows market entities to open foreign debt accounts in banks in different places based on their actual needs, which will facilitate the utilization of foreign debt accounts and reduce “foot-cost” for enterprises. 2023-12-08/en/2023/1208/2260.html
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In October 2024, the export and import of China’s international trade in goods and services totalled RMB 4323.4 billion, up 6 percent over the same time last year. Of this, the export of goods recorded RMB 2146.2 billion and the import recorded RMB 1607.1 billion, resulting in a surplus of RMB 539.1 billion. The export of services recorded RMB 234.2 billion and the import recorded RMB 335.9 billion, resulting in a deficit of RMB 101.7 billion. In terms of the major items, the export and import of transport, travel, other business services, telecommunications, computer and information services registered RMB 167.5 billion, RMB 165.7 billion, RMB 92.6 billion and RMB 63.5 billion respectively. In the US dollar terms, in October 2024, the export and import of China’s international trade in goods and services were USD 335.0 billion and USD 273.4 billion respectively, with a surplus of USD 61.6 billion.(End) International Trade in Goods and Services of China October 2024 Item In 100 million of RMB In 100 million of USD Goods and services 4374 616 Credit 23804 3350 Debit -19430 -2734 1. Goods 5391 759 Credit 21462 3020 Debit -16071 -2262 2. Services -1017 -143 Credit 2342 330 Debit -3359 -473 2.1Manufacturing services on physical inputs owned by others 71 10 Credit 78 11 Debit -6 -1 2.2Maintenance and repair services n.i.e 36 5 Credit 74 10 Debit -38 -5 2.3Transport -201 -28 Credit 737 104 Debit -938 -132 2.4Travel -1091 -154 Credit 283 40 Debit -1374 -193 2.5Construction 41 6 Credit 80 11 Debit -39 -6 2.6Insurance and pension services -51 -7 Credit 12 2 Debit -63 -9 2.7Financial services -5 -1 Credit 22 3 Debit -27 -4 2.8Charges for the use of intellectual property -205 -29 Credit 34 5 Debit -239 -34 2.9Telecommunications, computer and information services 179 25 Credit 407 57 Debit -228 -32 2.10Other business services 242 34 Credit 584 82 Debit -342 -48 2.11Personal, cultural, and recreational services -4 -1 Credit 24 3 Debit -28 -4 2.12Government goods and services n.i.e -28 -4 Credit 8 1 Debit -36 -5 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. 2024-11-29/en/2024/1124/2256.html
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As shown in the statistics of the State Administration of Foreign Exchange (SAFE), in November 2024, the amount of foreign exchange settlement and sales by banks was RMB 1465.8 billion and RMB 1440.9 billion, respectively. During January to November 2024, the accumulative amount of foreign exchange settlement and sales by banks was RMB 14917.7 billion and RMB 15627.7 billion, respectively. In the US dollar terms, in November 2024, the amount of foreign exchange settlement and sales by banks was USD 204.4 billion and USD 200.9 billion, respectively. During January to November 2024, the accumulative amount of foreign exchange settlement and sales by banks was USD 2097.0 billion and USD 2196.6 billion, respectively. In November 2024, the amount of cross-border receipts and payments by non-banking sectors was RMB 4254.7 billion and RMB 4394.5 billion, respectively. During January to November 2024, the accumulative amount of cross-border receipts and payments by non-banking sectors was RMB 45971.5 billion and RMB 45859.8 billion, respectively. In the US dollar terms, in November 2024, the amount of cross-border receipts and payments by non-banking sectors was USD 593.2 billion and USD 612.7 billion, respectively. During January to November 2024, the accumulative amount of cross-border receipts and payments by non-banking sectors was USD 6462.0 billion and USD 6445.9 billion, respectively. Addendum: Glossary and relevant definitions Balance of payments (BOP) refers to all economic transactions between residents and non-residents. Foreign exchange settlement and sales by banks refers to settlement and sale transaction that bank executes for customers and for the banks themselves, including statistic data on settlements of forward contracts for foreign exchange settlement and sales and the exercises of option, and excluding the transactions in the interbank foreign exchange market. The statistic reporting date of Foreign exchange settlement and sales by banks should be the trade day of the Foreign exchange settlement and sales transaction. By definition, foreign exchange settlement means that foreign exchange holders sell foreign exchange to banks, and foreign exchange sales means that banks sell foreign exchange to foreign exchange buyers. The newly signed contract amount of forward foreign exchange settlement and sales refers to the binding forward contract between a bank and its client that predetermines foreign exchange currency, amount, exchange rate and tenor which to be executed upon maturity. The unwind amount of forward foreign exchange settlement and sales refers to, where client is unable to perform the original forward contract due to change in its real demand, client to fully or partially close its forward position by executing another deal with opposite direction to the original contract. The rolling amount of forward foreign exchange settlement and sales refers to client to adjust the settlement date of original contract due to change in its real demand. The outstanding amount of forward foreign exchange settlement and sales by the end of the current period refers to the total amount of forward contracts accumulated from all non-matured forward contracts with client. The net Delta exposure of outstanding options refers to the implied foreign exchange spot risk exposure from outstanding option contracts that bank executed with client. The cross-border receipts and payments by non-banking sectors refers to the receipts and payments between domestic non-banking sectors (including institutional and individual residents) and non-residents through domestic banks, excluding receipts and payments in cash. In particular, the statistics includes cross-border receipts and payments between non-banking sectors and non-residents through domestic banks (including RMB and foreign currency), and domestic receipts and payments between non-banking sectors and non-residents through domestic banks (temporarily excluding domestic receipts and payments in RMB between individual residents and non-resident individuals). Data are collected when customers conduct receipts and payments with non-resident counterparties at domestic banks. Specifically, the receipts refer to the capital of non-banking sectors received from non-residents via domestic banks; the payments refer to the capital of non-banking sectors paid to non-residents via domestic banks. 2024-12-16/en/2024/1216/2258.html