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China's External Portfolio Investment Assets at the End of June 2024 2024-11-29/en/2024/1129/2255.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 November 2023. The SAFE Deputy Administrator and Press Spokesperson Wang Chunying answered media questions on the relevant issues. Q: Could you brief us on the changes in China’s foreign exchange receipts and payments for November 2023? A: In November, China’s foreign exchange market remained stable and continued to show signs of improvement, with generally balanced cross-border capital flows. The foreign-related receipts and payments by non-banking sectors, including enterprises and individuals, are in equilibrium, fostering an overall trend of balanced cross-border capital flows. Amid the RMB appreciation, some enterprises exhibited a rational trading pattern by purchasing foreign exchange at lower exchange rates. In the overall, foreign exchange market expectations and transactions remained in a stable and orderly manner. Major channels of cross-border capital flows witnessed heightened stability, with a noteworthy rise in foreign investments directed to the Chinese bond market. Under the current account, the net inflow of cross-border capital in China’s trade in goods remained roughly flat. Expenditures related to cross-border travel and other service trade and profit repatriation by foreign-invested enterprises gradually declined from the seasonal peaks observed in July and August, indicating a shift towards increased stability. Under the capital account, specifically under securities investments, there was an overall recovery in the net inflow of foreign capital. Notably, foreign investors are increasingly and consistently showing a preference for allocating funds to RMB-denominated bonds. Over the past few months, foreign investors have steadily increased their holdings of China’s bonds, reaching a significant milestone in November with a net increase of USD 33 billion - the second-highest value recorded in history. With improvements in both the internal and external environments, China’s foreign exchange market is poised to have a stronger foundation and conditions to sustain stable operations in the future. Internally, China’s economic rebound and its fundamentals for long-term sound growth remain unchanged. This will bolster support for stable cross-border capital flows. Externally, the market anticipates that the Federal Reserve is approaching the conclusion of its interest rate hike cycle. Going forward, there might be a gradual transition to interest rate cuts, potentially resulting in an overall decline in both US dollar interest rates and exchange rates. In general, the favorable conditions supporting China’s economic development outweigh the unfavorable factors, laying a more solid foundation for the stability of the Chinese foreign exchange market. 2023-12-15/en/2023/1215/2259.html
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In 2022, China’s State Administration of Foreign Exchange (SAFE) launched high-level opening-up pilot program for cross-border trade and investment in four regions, including Lin-gang Special Area of China (Shanghai) Pilot Free Trade Zone, Nansha New Area of China (Guangdong) Pilot Free Trade Zone, Yangpu Economic Development Zone in Hainan Province, and Beilun District of Ningbo City in Zhejiang Province. Since the initiation of the pilot program, it has produced positive outcomes by effectively managing risks while fostering the development of foreign-related businesses in the pilot regions. According to the arrangements of the central financial work conference, the SAFE has made the decision to expand the pilot regions to include Shanghai City, Jiangsu Province, Guangdong Province (including Shenzhen City), Beijing City, Zhejiang Province (including Ningbo City), and Hainan Province (collectively referred to as the pilot regions) to further facilitate cross-border trade, investment, and financing. The expansion of high-level opening-up pilot program is based on a comprehensive review of the pilot experience. The effective foreign exchange facilitation policies and measures implemented in earlier pilot program will be replicated and promoted in the extended pilot regions. A total of eight policies will be implemented for the trial expansion. Specifically, five pilot policies are issued concerning the current account, including facilitating the receipts and payments of foreign exchange under the current account, supporting new types of international trade settlements, expanding the scope of netting settlement of balances in trade, exempting special foreign exchange refund from registration, and enhancing the management of payments on behalf of another party or apportionment business under trade in services. Meanwhile, three pilot policies are issued concerning the capital account, including foreign-invested enterprises being exempt from registration when reinvesting in China, the financial leasing parent company and its subsidiaries being permitted to share their external debt quotas, and foreign exchange registration for foreign debt, overseas listing, and other capital-related businesses being handled directly by banks. The SAFE bureaus in the pilot regions will further formulate and implement detailed rules and regulations to facilitate compliance in business operations for banks and enterprises. The SAFE will make continuous efforts to enhance high-quality financial services and facilitate cross-border trade, investment, and financing to promote high-quality development by high-level opening-up. Furthermore, it will continue to coordinate financial openness and security, enhance the capabilities of regulatory systems in the context of increased openness, and take a holistic approach to plan and advance the reform and opening-up while addressing potential risks. In doing so, the SAFE firmly upholds the bottom line of preventing systemic financial risks from occurring. 2023-12-15/en/2023/1215/2261.html
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Recently, the State Administration of Foreign Exchange (SAFE) releases data on China's external portfolio investment assets by country/region and by sector of resident holder at the end of June 2024. The statistics show that China's external portfolio investment assets (excluding reserve assets) amounted to USD 1235.3 billion by the end of June 2024, including USD 730.3 billion in equity investments and USD 505.0 billion in bond investments. The top 5 recipients of Chinese investments were Hong Kong SAR, the United States, Cayman Islands, the British Virgin Islands and the United Kingdom, with the amounts being USD 499.8 billion, USD 291.0 billion, USD 91.5 billion, USD 78.5 billion and USD 36.5 billion respectively. By the end of June 2024, other financial corporations (non-bank financial institutions), bank and non-financial sector were the main sectors holding external portfolio investment assets, with the amounts being USD 709.7 billion, USD 375.0 billion and USD 150.7 billion respectively, accounting for 57 percent, 30 percent and 12 percent of China’s total external portfolio investment assets. (End) 2024-11-29/en/2024/1129/2254.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 24.26 trillion (equivalent to USD 3.41 trillion) in October 2024. In terms of markets, the transactions volume of client market was RMB 3.57 trillion (equivalent to USD 0.50 trillion), and the transactions volume of interbank market was RMB 20.69 trillion (equivalent to USD 2.91 trillion). In terms of products, the cumulative transactions volume of the spot market was RMB 8.57 trillion (equivalent to USD 1.21 trillion), and that of the derivatives market was RMB 15.69 trillion (equivalent to USD 2.21 trillion). From January to October 2024, a total of RMB 239.43 trillion (equivalent to USD 33.68 trillion) was traded in the Chinese foreign exchange market. 2024-11-22/en/2024/1122/2253.html
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FILE： Annual Report of the State Administration of Foreign Exchange (2022) 2023-12-29/en/2020/1221/2257.html
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The branches of the State Administration of Foreign Exchange (“SAFE”) in all provinces, autonomous regions, municipalities directly under the Central Government, and cities under separate state planning; and all national Chinese-funded banks: In order to thoroughly implement the decisions and deployment made by the CPC Central Committee and the State Council, further facilitate cross-border trade and investment, and effectively enhance the role of foreign exchange administration in serving the real economy, the SAFE has decided to further deepen the reforms of foreign exchange administration, facilitate market entities to handle cross-border trade and investment businesses in compliance with regulations, and promote high-quality development through high-level opening-up. The relevant matters concerned are hereby notified as follows: I. Facilitation of foreign exchange receipts and payments for trade i. Optimizing foreign exchange administration on market procurement trade. When a market entity engaged in market procurement trade that commissions a third party for export declaration handles foreign exchange collection in its name, it shall meet the following conditions: 1. The market entity engaged in market procurement trade has registered on the online platform for market procurement trade established by the local government. The online platform for market procurement trade shall be able to collect information throughout the transaction and export processes and provide detailed export data corresponding to enterprises and individual industrial and commercial households. 2. The bank that handles the foreign exchange collection for the market entity shall connect its system with the online platform for market procurement trade or adopt other necessary technical means such as logging into the webpage of the online platform for market procurement trade to identify the customer’s identity, verify the authenticity of the transaction background, and prevent the reuse of transaction information. ii. Relaxing requirements for the netting settlement of balances in processing trade. When a bank handles the settlement of funds for an enterprise’s counterparty foreign exchange collection and payment for imported materials processing trade, i.e., the netting settlement in export payment and payment for imported materials and parts, the bank shall ensure that the following conditions are met: 1. The enterprise shall purchase materials and parts from an overseas counterparty for processing, and then sell the finished products to the same overseas counterparty. 2. Before the enterprise carries out the foreign exchange collection and payment deduction for the imported materials processing trade, it shall present relevant materials to the bank for explanation, and the bank shall add the “enterprise for counterparty foreign exchange collection and payment deduction on imported materials processing trade” label in the entity identification function of the foreign exchange monitoring system for trade in goods. 3. The enterprises shall reasonably schedule the netting cycle and settle accounts receivable and payable in a timely manner. In principle, netting settlements shall be made no less than once per quarter. The banks shall review the authenticity and reasonableness of businesses in accordance with the principles of business development, handle the foreign exchange collection and payment deduction in imported materials processing trade for enterprises identified as “enterprises for counterparty foreign exchange collection and payment deduction in imported materials processing trade”, and process the declaration of actual receipt and payment data and restored data as required (see Annex 1 for declaration requirements). iii. Improving the collection and payment of cross-border trade funds under entrusted agents. If an agent is unable to handle the collection and payment of foreign exchange for trade in goods due to bankruptcy, frozen bank accounts or other situations, the bank can handle the collection and payment of foreign exchange for trade in goods prudently for the entrusting party after confirming the authenticity and reasonableness of the receipts and payments in accordance with the business development principle, and mark “non-customs declarant + foreign exchange receipt and payment for the entrusting party + XXX (name of the agent)” in the remarks of the foreign-related receipts and payments declaration transaction. iv. Facilitating the settlement of foreign exchange funds for commercial leasing business of domestic institutions. When a domestic institution (hereinafter referred to as the “lessee”) uses its foreign exchange income to pay rent in foreign currency for domestically rented commercial items (including aircraft, ships, and large equipment) to a domestic leasing company (hereinafter referred to as the “lessor”), it shall meet the following conditions: 1. The lessee has a stable source of foreign exchange income in a certain scale; the lessee’s annual rent payment in foreign currency shall in principle be no less than the equivalent of US$100 million, and the expenditure needs shall be reasonable; the lessee has been included on the list of high-quality enterprises in the facilitation of foreign exchange receipts and payments for trade. 2. More than 50% of the lessor’s funds for purchasing the leased property come from its debt in foreign currency, or the lessor has rented the leased property from abroad and needs to pay rent in foreign currency for the leased property. In principle, the foreign currency rental income collected by the lessor shall not be used for foreign exchange settlement (except for the payment of domestic taxes, cancellation, or liquidation), but it can be used to pay oversea rent, pay foreign currency debts, make payments for items rented overseas, or pay other foreign exchange expenses in compliance with the regulations of the SAFE. The banks shall follow the principles of business development and handle foreign currency rent transfer business for domestically rented commercial items after reviewing the authenticity and reasonableness of the business. The lessee shall fill in the commercial lease contract number in the Domestic Remittance Application or other transaction remarks columns and indicate “Payment of Rent in Foreign Currency”; the lessor shall fill in the commercial lease contract number in the transaction remarks column of the Domestic Income Declaration and indicate “Collection of Rent in Foreign Currency.” II. Expansion of facilitation policies for capital accounts v. Promoting the policy on pilots for the facilitation of cross-border financing across China. Technology-based small and medium-sized enterprises (SMEs) shall be included as business entities in the pilot for the facilitation of cross-border financing to further support the technological innovation of SMEs. Qualified high-tech, professional, refined, specific, novel, and technology-based SMEs within the jurisdictions of Tianjin, Shanghai, Jiangsu, Shandong (including Qingdao), Hubei, Guangdong (including Shenzhen), Sichuan, Shaanxi, Beijing, Chongqing, Zhejiang (including Ningbo), Anhui, Hunan and Hainan can independently borrow foreign debts within the equivalent limit of US$10 million. Qualified high-tech, professional, refined, specific, novel and technology-based SMEs in other regions can independently borrow foreign debts up to an equivalent amount of US$5 million (see Annex 2 for implementation details). vi. Relaxing restrictions on the scale of upfront expenses for overseas direct investment (ODI). The restriction that the cumulative remittance of upfront expenses for the overseas direct investment by domestic enterprises shall not exceed the equivalent of US$3 million shall be lifted, while the cumulative remittance shall not exceed 15% of the total proposed investment by China. vii. Facilitating the payment and use of equity transfer funds and funds raised from overseas listings under the category of domestic reinvestment made by foreign direct investment (FDI). The asset realization accounts under the capital account shall be changed into settlement accounts under the capital account (see Annex 3 for the relevant account consolidation plan). Domestic equity transferors (including institutions and individuals) can, when receiving equity transfer consideration funds paid in foreign currency by domestic entities and foreign exchange funds raised by domestic enterprises from overseas listings, directly remit the funds to the settlement accounts under the capital account. The funds in the settlement accounts under the capital account can be settled and used independently. Domestic equity transferors can, when receiving equity transfer consideration funds paid by foreign-invested enterprises with funds in RMB obtained from foreign exchange settlement (i.e. from direct foreign exchange settlement income or RMB funds in the account to be paid for foreign exchange settlement), directly transfer the funds to the RMB accounts of the domestic equity transferors. III. Optimization of foreign exchange administration under the capital account viii. Improving the management of negative lists on the use of capital account revenues. Non-financial enterprises shall follow the principles of authenticity and self-use in the use of their capital funds, foreign exchange income under foreign debts and RMB funds obtained from their foreign exchange settlements, and shall not directly or indirectly use such funds for expenditures prohibited by Chinese laws and regulations; unless otherwise expressly specified, such funds shall not be used directly or indirectly for portfolio investments or other investment and wealth management (except for wealth management products and structured deposits with a risk rating of not higher than Level 2); such funds shall not be used to issue loans to non-affiliated enterprises (except for the scenarios expressly permitted in the business scope and the following four areas -- the Lin-gang Special Area of Shanghai China Pilot Free Trade Zone, Guangzhou, Nansha New Area of the China (Guangdong) Pilot Free Trade Zone, the Yangpu Economic Development Zone of the China (Hainan) Free Trade Port, and the Beilun District of Ningbo in Zhejiang Province).; and such funds shall not be used for purchase of residential properties that are not for self-use (except for enterprises engaged in real estate development or real estate leasing operations). ix. Canceling the approval requirement for opening foreign debt accounts in other regions. Non-financial enterprises with reasonable needs are allowed to open foreign debt accounts at banks in regions outside the jurisdictions of the foreign exchange administration branches where those enterprises were registered. Banks are encouraged to include more high-quality enterprises in the pilot initiatives for the facilitation of capital account income payments. Efforts shall be made to further diversify cross-border investment and financing products and exchange rate risk management products based on the actual needs of enterprises, and optimize business processes. Efforts shall be made to ensure that due diligence of clients is properly done in accordance with the principle of business development. Technological means shall be leveraged to enhance post-hoc monitoring, and more accessible and efficient cross-border fund settlement services for authentic and compliant cross-border investment and financing shall be provided. And any abnormal or suspicious cases shall be reported in a timely manner. All branches shall strengthen in-process and post-hoc supervision, verification, and inspection of the above-mentioned businesses, and guide banks and enterprises to conduct business in compliance with relevant regulations. This Notice shall be implemented from the date of issuance (Item vii shall be implemented from June 3, 2024). If any previous regulations are inconsistent with this Notice, this Notice shall prevail. (i.e. See Annex 4 for specific revised provisions). After receiving this Notice, all provincial (municipal) branches of the SAFE shall promptly forward it to prefecture (city)-level branches, urban commercial banks, rural commercial banks, foreign-funded banks, and rural cooperative banks within their respective jurisdictions. Annexes: 1. Declaration Requirements for the Netting Settlement of Balances in Processing Trade 2. Detailed Implementation Rules for the Facilitation of Cross-border Financing 3. Plan for the Settlement Account Consolidation of Capital Accounts 4. Selected Provisions in Four Normative Documents on Foreign Exchange Administration as Amended by the State Administration of Foreign Exchange (SAFE) The State Administration of Foreign Exchange December 4, 2023 2023-12-08/en/2023/1208/2262.html
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In November 2024, the export and import of China’s international trade in goods and services totalled RMB 4279.2 billion, up 3 percent over the same time last year. Of this, the export of goods recorded RMB 2150.9 billion and the import recorded RMB 1566.3 billion, resulting in a surplus of RMB 584.6 billion. The export of services recorded RMB 236.2 billion and the import recorded RMB 325.8 billion, resulting in a deficit of RMB 89.5 billion. In terms of the major items, the export and import of transport, travel, other business services, telecommunications, computer and information services registered RMB 171.4 billion, RMB 155.8 billion, RMB 100.6 billion and RMB 61.0 billion respectively. In the US dollar terms, in November 2024, the export and import of China’s international trade in goods and services were USD 332.8 billion and USD 263.8 billion respectively, with a surplus of USD 69.0 billion.(End) International Trade in Goods and Services of China November 2024 Item In 100 million of RMB In 100 million of USD Goods and services 4951 690 Credit 23871 3328 Debit -18921 -2638 1. Goods 5846 815 Credit 21509 2999 Debit -15663 -2184 2. Services -895 -125 Credit 2362 329 Debit -3258 -454 2.1Manufacturing services on physical inputs owned by others 63 9 Credit 70 10 Debit -7 -1 2.2Maintenance and repair services n.i.e 29 4 Credit 73 10 Debit -44 -6 2.3Transport -223 -31 Credit 745 104 Debit -968 -135 2.4Travel -1021 -142 Credit 269 37 Debit -1289 -180 2.5Construction 68 10 Credit 110 15 Debit -42 -6 2.6Insurance and pension services -52 -7 Credit 5 1 Debit -57 -8 2.7Financial services -4 0 Credit 22 3 Debit -25 -4 2.8Charges for the use of intellectual property -167 -23 Credit 26 4 Debit -193 -27 2.9Telecommunications, computer and information services 152 21 Credit 381 53 Debit -229 -32 2.10Other business services 286 40 Credit 646 90 Debit -360 -50 2.11Personal, cultural, and recreational services -27 -4 Credit 7 1 Debit -34 -5 2.12Government goods and services n.i.e 0 0 Credit 8 1 Debit -9 -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. 2024-12-27/en/2024/1227/2270.html
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In the third quarter of 2024, China's current account registered a surplus of RMB 1049.4 billion, and the capital and financial accounts recorded a deficit of RMB 982.4 billion. In the first three quarters of 2024, China's current account registered a surplus of RMB 1718.4 billion, and the capital and financial accounts recorded a deficit of RMB 1861.2 billion. In the US dollar terms, in the third quarter, China's current account recorded a surplus of USD 147.6 billion, including a surplus of USD 229.9 billion under trade in goods, a deficit of USD 58.6 billion under trade in services, a deficit of USD 27.8 billion under primary income and a surplus of USD 4.1 billion under secondary income. The capital and financial accounts registered a deficit of USD 138.1 billion, including a surplus of USD 7.7 million under the capital account, and a deficit of USD 138.1 billion under the financial account. In the US dollar terms, in the first three quarters of 2024, China's current account recorded a surplus of USD 241.3 billion, including a surplus of USD 518.3 billion under trade in goods, a deficit of USD 181.5 billion under trade in services, a deficit of USD 105.6 billion under primary income and a surplus of USD 10.2 billion under secondary income. The capital and financial accounts recorded a deficit of USD 260.9 billion, including a deficit of USD 107.0 million under the capital account, a deficit of USD 260.8 billion under the financial account. In SDR terms, in the third quarter, China posted a surplus of SDR 110.1 billion under the current account, and a deficit of SDR 102.9 billion under the capital and financial accounts. In SDR terms, in the first three quarters of 2024, China posted a surplus of SDR 180.8 billion under the current account, and a deficit of SDR 195.5 billion under the capital and financial accounts. (End) Abridged Balance of Payments, Q3 2024 Item Line No. RMB 100 million USD 100 million SDR 100 million 1. Current Account 1 10494 1476 1101 Credit 2 77349 10873 8125 Debit 3 -66855 -9397 -7024 1. A Goods and Services 4 12184 1713 1278 Credit 5 70558 9918 7411 Debit 6 -58374 -8205 -6133 1.A.a Goods 7 16352 2299 1716 Credit 8 63536 8931 6674 Debit 9 -47184 -6632 -4957 1.A.b Services 10 -4169 -586 -438 Credit 11 7022 987 738 Debit 12 -11191 -1573 -1176 1.B Primary Income 13 -1978 -278 -208 Credit 14 6086 856 639 Debit 15 -8065 -1134 -847 1.C Secondary Income 16 289 41 30 Credit 17 705 99 74 Debit 18 -416 -58 -44 2. Capital and Financial Account 19 -9824 -1381 -1029 2.1 Capital Account 20 1 0.1 0 Credit 21 3 0 0 Debit 22 -2 0 0 2.2 Financial Account 23 -9825 -1381 -1029 Assets 24 -7137 -1005 -748 Liabilities 25 -2687 -376 -280 2.2.1 Financial Account Excluding Reserve Assets 26 -11777 -1656 -1234 2.2.1.1 Direct Investment 27 -3050 -428 -321 Assets 28 -2452 -345 -258 Liabilities 29 -598 -83 -64 2.2.1.2 Portfolio Investment 30 -843 -119 -88 Assets 31 -2552 -359 -269 Liabilities 32 1709 240 180 2.2.1.3 Financial Derivatives (other than reserves) and Employee Stock Options 33 118 17 12 Assets 34 208 29 22 Liabilities 35 -90 -12 -9 2.2.1.4 Other Investment 36 -8002 -1126 -837 Assets 37 -4294 -605 -449 Liabilities 38 -3708 -521 -387 2.2.2 Reserve Assets 39 1953 274 205 3. Net Errors and Omissions 40 -670 -95 -72 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 third quarter of 2024, the equity other than reinvestment of earnings under direct investment liabilities (credit) was USD 19.6 billion (RMB 139.0 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, First Three Quarters of 2024 Item Line No. RMB 100 million USD 100 million SDR 100 million 1. Current Account 1 17184 2413 1808 Credit 2 213201 29886 22474 Debit 3 -196018 -27473 -20666 1. A Goods and Services 4 23989 3368 2528 Credit 5 196144 27494 20675 Debit 6 -172155 -24126 -18147 1.A.a Goods 7 36946 5183 3894 Credit 8 176402 24727 18595 Debit 9 -139456 -19544 -14701 1.A.b Services 10 -12957 -1815 -1366 Credit 11 19742 2767 2080 Debit 12 -32699 -4582 -3446 1.B Primary Income 13 -7531 -1056 -796 Credit 14 15102 2118 1593 Debit 15 -22633 -3175 -2389 1.C Secondary Income 16 726 102 76 Credit 17 1956 274 206 Debit 18 -1230 -172 -130 2. Capital and Financial Account 19 -18612 -2609 -1955 2.1 Capital Account 20 -8 -1 -1 Credit 21 8 1 1 Debit 22 -15 -2 -2 2.2 Financial Account 23 -18605 -2608 -1954 Assets 24 -22490 -3149 -2364 Liabilities 25 3885 541 410 2.2.1 Financial Account Excluding Reserve Assets 26 -20846 -2928 -2196 2.2.1.1 Direct Investment 27 -11140 -1563 -1180 Assets 28 -10220 -1433 -1080 Liabilities 29 -920 -130 -100 2.2.1.2 Portfolio Investment 30 -2835 -396 -298 Assets 31 -9480 -1327 -1000 Liabilities 32 6645 931 702 2.2.1.3 Financial Derivatives (other than reserves) and Employee Stock Options 33 -244 -34 -26 Assets 34 -192 -27 -21 Liabilities 35 -52 -7 -6 2.2.1.4 Other Investment 36 -6627 -934 -692 Assets 37 -4839 -681 -506 Liabilities 38 -1787 -253 -186 2.2.2 Reserve Assets 39 2241 319 242 3. Net Errors and Omissions 40 1429 196 146 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 first three quarters of 2024, the equity other than reinvestment of earnings under direct investment liabilities (credit) was USD 60.3 billion (RMB 430.0 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”. 2024-12-27/en/2024/1227/2271.html
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As at the end of September 2024, China’s external financial assets reached USD 10212.9 billion, external financial liabilities reached USD 7031.2 billion, and net external assets totaled USD 3181.7 billion. In the external financial assets, direct investment assets amounted to USD 3127.9 billion, portfolio investment assets, USD 1357.7 billion, financial derivative assets, USD 23.6 billion, other investment assets, USD 2131.9 billion, and reserves assets, USD 3571.8 billion, accounting for 31 percent, 13 percent, 0.2 percent, 21 percent and 35 percent of external financial assets respectively. In external liabilities, direct investment liabilities were USD 3591.7 billion, portfolio investment liabilities, USD 2025.3 billion, financial derivative liabilities, USD 27.4 billion and other investment liabilities, USD 1386.8 billion, accounting for 51 percent, 29 percent, 0.4 percent and 20 percent of the external financial liabilities respectively. In SDR terms, China’s external financial assets and liabilities reached SDR 7529.6 billion and SDR 5183.8 billion respectively, and external net assets totaled SDR 2345.7 billion at the end of September 2024. (End) China's International Investment Position, End of September 2024 Item Line No. Position in 100 million USD Position in 100 millionSDR Net Position 1 31817 23457 Assets 2 102129 75296 1 Direct Investment 3 31279 23061 1.1 Equity and Investment Fund Shares 4 27041 19936 1.2 Debt Instruments 5 4238 3125 1.a Financial Sectors 6 4439 3272 1.1.a Equity and Investment Fund Shares 7 4105 3026 1.2.a Debt Instruments 8 334 246 1.b Non-financial Sectors 9 26840 19788 1.1.b Equity and Investment Fund Shares 10 22936 16910 1.2.b Debt Instruments 11 3904 2878 2 Portfolio Investment 12 13577 10010 2.1 Equity and Investment Fund Shares 13 8269 6097 2.2 Debt Securities 14 5308 3913 3 Financial Derivatives (other than reserves) and Employee Stock Options 15 236 174 4 Other Investment 16 21319 15718 4.1 Other Equity 17 99 73 4.2 Currency and Deposits 18 4805 3543 4.3 Loans 19 8125 5990 4.4 Insurance, Pension, and Standardized Guarantee Schemes 20 320 236 4.5 Trade Credit and Advances 21 6882 5074 4.6 Others 22 1088 802 5 Reserve Assets 23 35718 26334 5.1 Monetary Gold 24 1915 1412 5.2 Special Drawing Rights 25 549 404 5.3 Reserve Position in the IMF 26 101 75 5.4 Foreign Currency Reserves 27 33164 24450 5.5 Other Reserve Assets 28 -10 -8 Liabilities 29 70312 51838 1 Direct Investment 30 35917 26480 1.1 Equity and Investment Fund Shares 31 33188 24468 1.2 Debt Instruments 32 2729 2012 1.a Financial Sectors 33 2105 1552 1.1.a Equity and Investment Fund Shares 34 1912 1409 1.2.a Debt Instruments 35 193 143 1.b Non-financial Sectors 36 33812 24928 1.1.b Equity and Investment Fund Shares 37 31276 23059 1.2.b Debt Instruments 38 2536 1870 2 Portfolio Investment 39 20253 14931 2.1 Equity and Investment Fund Shares 40 12244 9027 2.2 Debt Securities 41 8008 5904 3 Financial Derivatives (other than reserves) and Employee Stock Options 42 274 202 4 Other Investment 43 13868 10225 4.1 Other Equity 44 0 0 4.2 Currency and Deposits 45 4855 3579 4.3 Loans 46 3620 2669 4.4 Insurance, Pension, and Standardized Guarantee Schemes 47 291 215 4.5 Trade Credit and Advances 48 3854 2841 4.6 Others 49 758 559 4.7 Special Drawing Rights 50 491 362 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”. 2024-12-27/en/2024/1227/2272.html