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FILE: No. 1 of the Publicity Material Series on the Balance of Payments and International Investment Position Manual (Sixth Edition)——Overview of the Balance-of-Payments Statistics and the Revision of the Manual 2014-12-04/en/2014/1204/1136.html
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FILE: No. 3 of the Publicity Material Series on the Balance of Payments and International Investment Position Manual (Sixth Edition)—Relevant Requirements of the IMF and China’s Preparatory Work and Implementation Plan 2014-12-04/en/2014/1204/1138.html
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Q: How do you view the changes in the data on foreign exchange settlement and sales by banks in August? A: Despite fragile recovery of the world economy, China's economy has been growing slowly but stably and confidently since the beginning of this year, with positive factors on the rise. Due to the impact of multiple domestic and overseas factors, the short-term cross-border capital flows have been fluctuating more sharply as the supply of and demand for foreign exchange in China have been basically balanced. In August, banks recorded a deficit of RMB 274.5 billion (equivalent to USD 43.5 billion) between foreign exchange settled and sold. The factors that impacted this deficit include: first, market players were more willing to hold foreign exchange, with the USD deposits held by domestic residents and enterprises with domestic banks on the rise. Second, market players optimized the arrangements for assets and liabilities in domestic and foreign currencies. Companies adjusted the structure of foreign currency liabilities and RMB assets that was popular in the past few years, making the US dollars and the renminbi more matched in the assets and liabilities, thereby reducing the foreign exchange rate risk. Third, trading and investment activities resulted in the increase in external payment, including foreign trading companies accelerating foreign exchange payments and actively repaying debt incurred by trade finance as well as seasonal factors like purchase of foreign exchange for travel and for return on investment. August is the peak season for overseas travel and studying abroad by Chinese residents as well as for distributing dividends and purchasing foreign exchange by enterprises. Generally speaking, the recent changes in foreign exchange receipts and payments have been driven primarily by economic and market factors and show the bidirectional volatility of cross-border capital flows, which is normal and affordable. While continuing to vigorously facilitate trading and investment activities by market players that do business in compliance with laws and regulations, the SAFE will further enhance monitoring and warning of cross-border capital flows, accelerate building and improving the external debt and capital flow management system under the macro-prudential management framework, and increase counter-cyclical policy tools, so as to stick to its bottom line of guarding against systematic and regional financial risks. 2015-11-10/en/2015/1110/1174.html
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FILE: No. 2 of the Publicity Material Series on the Balance of Payments and International Investment Position Manual ( Sixth Edition)--Interpretation of the Changes in Balance of Payments Forms and Statistics 2014-12-04/en/2014/1204/1137.html
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In early 2009 the International Monetary Fund (IMF) published the revised sixth edition of the Balance of Payments and International Investment Position Manual (“BPM6” or “the sixth edition of the Manual”). BPM6 is the latest international standard for the balance of payments (BOP) statistics, and all member countries (economies) of the IMF are obliged to carry out BOP-related statistics and to prepare BOP statements in line with these standards. In order to facilitate the general public and the declaring entities to learn about and study the latest international standards and requirements regarding the BOP statistics, to recognize the significance of implementing the sixth edition of the Manual, to enhance awareness of the BOP statistical declaration, and to better support improved work in terms of the BOP statistical system and to carry out systemic construction to implement BPM6, the State Administration of Foreign Exchange (SAFE) has compiled a series of BPM6 interpretation materials: 1). A brief introduction to the BOP statistics and an overview of the revisions to the Manual;2.) Interpretations of the changes in the forms and data on the BOP statistics; and 3). Relevant requirements of the IMF and China’s preparatory plans and work for implementation. The major contents include: introduction to the basic concepts in the BOP statistics, background, major content, and the impact of BPM6 revisions; interpretations of the meaning of the latest forms, statistical changes in the statistical statements, as well as differences in the forms from the fifth edition; time arrangements and implementation schedule for BPM6 as determined by the IMF and the major economies, China’s preparatory work and work plan in all aspects for BPM6 implementation, and; answers to questions related to BPM6, and so forth. 2014-12-04/en/2014/1204/1139.html
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To make the release of foreign exchange administration data more transparent and facilitate the general public to obtain and use the balance of payments data and related data, the Timetable for the Release of Major Statistical Data 2015 is hereby published (see the appendix for details). FILE: Timetable of the SAFE for the Release of Major Statistical Data, 2015 2015-03-31/en/2015/0331/1151.html
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To further increase the transparency of the balance of payments data and make better use of the social benefits of statistics, the State Administration of Foreign Exchange (SAFE) will release the data under the two subitems of foreign-related receipts and payments by banks on behalf of customers, namely trade in goods (by the Customs statistical standard) and other investments, monthly data on trade in goods under China's balance of payments, and monthly data on the overview of transactions in the Chinese foreign exchange market, based on the standards and types of data released every month, and stop releasing the quarterly data on non-residents' RMB deposits starting from 2015. To facilitate the use of the time series data, the SAFE will update the historical data on foreign-related receipts and payments by banks on behalf of customers since 2010. 2015-03-31/en/2015/0331/1152.html
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In recent years, in order to adapt to the new situation and new requirements of China’s opening up, the foreign exchange authorities, in light of the changes in the balance of payments situation, has actively carried out policy adjustments and systemic innovations, with a focus on expanding capital outflow channels, and has introduced a series of policies and measures on foreign exchange administration reform, thus, significantly improving the capital account convertibility level. The convertibility for direct investment is basically realized, and the level of investment facilitation is significantly improved In recent years, the foreign exchange authorities, by deepening the reform, streamlining administration and instituting decentralization, and optimizing processes, have created a favorable policy environment for attracting foreign investors to make direct investments in China, and have effectively supported the “going global” efforts of various types of domestic institutions to participate in international competition and cooperation. In terms of overseas direct investments, since 2006 the foreign exchange authorities have gradually lifted limits on the amount of foreign exchange purchases for overseas investments, and, at present, have realized the “supply of foreign exchange on the basis of needs” for overseas direct investments throughout the country. In 2009, the foreign exchange authorities further deepened the foreign exchange administration reform of overseas investments, changed the two procedures for administrative examination and approval, i.e., that for the examination of the source of the foreign exchange funds for overseas direct investments and that for approval for outward remittances of capital, into the procedure of ex-post registration, expanded the source of foreign exchange funds for overseas direct investments by domestic institutions, and began to allow domestic institutions to remit early stage expenses during the preparatory stage before formal establishment of their overseas projects. After the above reforms, in terms of foreign exchange administration of overseas direct investments, there are no prior approval procedures and convertibility is basically realized, which significantly facilitates enterprise participation in international economic and technological cooperation and competition. In terms of direct investments in China , the main procedures are registration administration and authenticity examination. In recent years, the foreign exchange authorities have defined and regulated foreign exchange administration in such areas as settlement of the foreign exchange capital of foreign-invested enterprises, foreign capital utilization in the real estate industry, and return investments, and have promoted the reasonable and effective utilization of foreign capital. The international investment position statistical data from the foreign exchange authorities indicate that as of the end of September 2011, the asset balance for direct investments in China by foreign investors was USD 1625.6 billion, and the asset balance for overseas direct investments was USD 345.5 billion, an increase by 1.65 times and 2.81 times respectively compared with the end of 2006. The level of convertibility for securities investments has improved significantly, and cross-border securities investments have become active In 2002 and 2006, China introduced the Qualified Foreign Institutional Investor (QFII) system and the Qualified Domestic Institutional Investor (QDII) system respectively; the former allows qualified foreign institutional investors to make investments in the domestic securities market, and the latter allows qualified domestic institutions to make investments in overseas securities markets. In 2007, the total QFII investment quota was increased from USD 10 billion to USD 30 billion upon the approval of the State Council. Thereafter, the foreign exchange authorities issued a series of normative documents and further improved foreign exchange administration of cross-border securities investments. As of March 9, 2012, the foreign exchange authorities had approved a total of USD 24.55 billion in investment quotas to 129 QFIIs (excluding the 2 QFIIs whose quotas were cancelled), and a total of USD 75.247 billion in investment quotas to 96 QDIIs. The foreign exchange authorities actively promoted work related to the pilot program of domestic securities investments by RMB Qualified Foreign Institutional Investors (RQFII). In December 2011, on the basis of the formulation of the pilot measures related to the RQFII together with the relevant departments, the foreign exchange authorities timely issued supporting provisions on foreign exchange administration and allocated the RQFII investment quota in accordance with such principles as appropriately considering the level of operations and the type of product risks. As of January 2, 2012, the foreign exchange authorities had allocated the first batch of the RQFII investment quota, a total of RMB 20 billion. The steady implementation of the above system has preliminarily established a bidirectional flow mechanism for capital under securities investments, promoted the opening up and development of the domestic capital market, expanded the overseas investment channels for domestic institutions and individuals, and better met the objective requirements of domestic and overseas market players to make cross-border securities investments. Bidirectionally developing the cross-border claim and debt business, steadily promoting the convertibility of other investments In order to increase policy support for subsequent financing of enterprises established overseas, and to support those enterprises that have “gone global” to develop better and faster, in 2009 the foreign exchange authorities began to allow qualified enterprises of various types, upon approval, to use, within a certain limit, their self-owned foreign exchange, foreign exchange purchased with RMB and other permitted foreign exchange to grant overseas loans, and such matters as the opening of special foreign exchange accounts for overseas loans, the domestic transfer of funds, and foreign exchange purchases began to be directly handled by designated foreign exchange banks. In 2009, in order to support post-disaster reconstruction in Sichuan and to support Guangdong to continue to give play a forefront role in the reform, the foreign exchange authorities allowed Chinese-funded enterprises in Sichuan and Guangdong to borrow short-term external debt within a certain limit, and in 2010 promoted this policy nationwide on the basis of a summary of the pilot experience. In 2010, the foreign exchange authorities further simplified the management procedures for external guarantees, cancelled the approval procedures for the banks’ external guarantee performance, relaxed the qualification requirements for the debtor and the restrictions on financial indicators, and expanded the business scope of external guarantees. Implementation of the above policies relieved the problems of overseas investment enterprises, such as financing difficulties and insufficient working capital, and also steadily promoted improvement in the convertibility level of other investments. Streamlining administration and instituting decentralization, and further improving the level of convertibility under the capital account The foreign exchange authorities actively simplified the procedures for administrative examination and approval, and each year introduced multiple measures to simplify the business examination procedures. First, they adjusted the management methods of some businesses from examination on a case-by-case basis to aggregate control. For instance, in 2010 the policy for management of external guarantees was reformed, the previous management method of case-by-case approval was adjusted to annual balance control, and the enterprises may handle the business themselves without the approval of the foreign exchange authorities. Second, they granted more authority to the branches and sub-branches of the SAFE, and integrating the overlapping administrative functions. In recent years, the foreign exchange authorities simplified dozens of business examination procedures, such as those for opening capital accounts in other localities, transferring the property of individuals overseas, and partial market withdrawal under the securities investments, and simplified the materials required for business examinations. Third, some businesses which were originally examined by the foreign exchange authorities were authorized to be handled by the banks. For example, with respect to such businesses as those related to foreign exchange purchases or payments for the profits of foreign investors in some financial institutions with foreign capital participation, the foreign exchange to be used for payment of overseas listing expenses from China by the overseas listed domestic companies, and the record of the transfer of the foreign exchange capital gained through the reduction in state-owned shares in overseas listed companies to the National Social Security Fund are currently directly handled by the banks. These measures help reduce the costs to the enterprises and the burden on society, improve operating efficiency, and also further improve the level of convertibility under the capital account. The foreign exchange authorities will steadily and orderly promote capital account convertibility for the Renminbi in accordance with the relevant requirements of the Twelfth Five-Year Plan and the National Financial Working Conference. On the basis of the specifications, the foreign exchange authorities will expand the use of RMB in cross-border trade and investment. The foreign exchange authorities will gradually expand capital outflow channels, encourage qualified institutions in China to “go global,” and relax the restrictions on overseas investments by domestic residents. The foreign exchange authorities will gradually expand the opening up of the domestic financial market and establish a system and mechanism for guarding against the impact of bidirectional flows of cross-border capital. As an important content of the reform of China ’s foreign exchange administration system, capital account convertibility for the Renminbi is not the ultimate goal. The realization of capital account convertibility for the Renminbi is a gradual process and a systematic project involving many departments, and relevant reforms are required to promote coordination and an improved capability to cope with external impacts. During the process of promoting convertibility under the capital account, the foreign exchange authorities will keep a close eye on economic development at home and abroad and will take measures for promoting convertibility that are consistent with China’s stage of economic development, the level of market development, the tolerance of enterprises, the level of financial supervision, and the international financial environment. While relaxing some controls, the foreign exchange authorities will continuously improve and strengthen macro and prudential supervision, further improve statistics, monitoring, and early warnings of cross-border capital flows, effectively guard against the impact of capital flows, and safeguard the economic and financial security of China . 2012-06-07/en/2012/0607/1055.html
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Question: Please introduce China ’s balance of payments status in the first half of this year. Answer: According to the preliminary statistics, China ’s balance of payments status in the first half of this year continued to improve. First, receipts and payments under the current account more closely approached an equilibrium. In the first half of the year, the current account surplus was USD83.2 billion, a year-on-year decrease of 5 percent, and the proportion of the current account surplus to GDP was 2.3 percent, a decrease of 0.5 percentage points compared with that in the last year. Second, cross-border capital flows presented a bi-directional change. In the first half of the year, the deficit in the capital and financial account (including net errors and omissions, the same below) was USD20.3 billion. In the first quarter, as the international market environment recovered, international capital flowed back into China , and in terms of the capital and financial account, there was a surplus of USD51.1 billion compared with the USD48 billion deficit registered in the fourth quarter of 2011. In the second quarter, there was again a net outflow of USD71.4 billion due to the combined influence of domestic and foreign factors. Third, the increase in foreign exchange reserves slowed down. In the first half of the year, the capital account deficit and the current account surplus offset each other, reserve assets calculated on the basis of the balance of payments coverage (excluding the influence of changes in non-trade value, such as the exchange rate and price) only increased by USD62.9 billion, with the growth rate decreasing by 78 percent compared with the same period of the last year; of this foreign exchange reserve assets increased by USD63.6 billion, with the growth rate decreasing by 77 percent compared with the same period of last year. Question: In the first half of the year, there appeared to be a deficit under the capital account of China . Does this mean that a large volume of foreign capital was withdrawn from China ? Answer: In the first half of the year, China indeed experienced an outflow of capital to some extent, but this does not mean that there was a large-scale and collective withdrawal of foreign capital. Theoretically, the current account surplus exceeding the increment of foreign exchange reserves means that the capital of China ’s domestic institutions and individuals presented a situation of a net output (i.e., a capital account deficit in the Balance of Payments Statements) and an increase in net foreign assets. In terms of other statistical data reflecting cross-border receipts and payments of enterprises and individuals and the banks’ foreign exchange credit receipts and payments, the main change in the current foreign exchange situation is that the holder of assets in foreign exchange has shifted from the central bank to domestic institutions and individuals and that foreign exchange is to be held by the people; any sign of a proactive withdrawal of foreign capital is still not obvious. First, in terms of the banks’ data on cross-border receipts and payments on behalf of clients under the capital account, in the first half of the year China’s domestic enterprises and individuals still maintained a net inflow of capital of up to USD77.6 billion. Second, in terms of the banks’ data on foreign exchange settlement and sales on behalf of clients under the current account and capital account, in the first half of the year the surplus of foreign exchange settlement and sales by domestic enterprises and individuals was USD29.5 billion, far less than the cross-border receipts and payments surplus of USD79.1 billion. The main reason for the above difference is that under the influence of the market environment, at present domestic enterprises and individuals have shifted from short dollar to long dollar and have begun financial operations whereby they are “incurring liabilities in domestic currency and holding assets in foreign currency.” Third, in terms of bank data on foreign exchange credit receipts and payments, in the first half of the year there was a new increase of USD130.1 billion with respect to various types of foreign exchange deposits with banks; this was used for domestic foreign exchange loans as well as for international loans and external investments. Such uses are reflected in the increase in the banks’ net foreign assets during the same period, and in the balance of payments statements they are recorded as an “outflow” item under the capital account. Fourth, in terms of detailed data on cross-border receipts and payments, cross-border payments in the first half of the year increased by 24 percent compared with the same period of the last year, of which the capital outflows under overseas direct investments in which the Chinese parties have control increased by 74 percent, whereas the capital outflows through the main withdrawal channels for foreign capital, such as the withdrawal of foreign direct investments and securities investments, and remittances of investment earnings of foreign investors and so forth only increased by 15 percent. Question: How should we regard the changes in the current situation of China ’s balance of payments? Answer: The current situation for China ’s balance of payments should be comprehensively recognized on the basis of the following: First, the decrease in the balance of payments surplus and the slowdown in foreign exchange reserve growth conform to China ’s macro-control direction and are beneficial for maintaining China ’s balance of payments equilibrium. Second, against the background of the slow recovery of the global economy and the worsening international financial turmoil, the major new emerging markets are generally experiencing an outflow of capital, a decrease in reserves, and a depreciation of the domestic currency, and it is unavoidable that China ’s cross-border capital flows are affected. Third, after the balance of payments and the RMB exchange rate approach an equilibrium and a reasonable level, the bidirectional fluctuation situation whereby there are inflows and outflows of cross-border capital and increases and decreases in the RMB exchange rate are unavoidable. Fourth, notwithstanding the fact that the trend of a unilateral appreciation of the RMB exchange rate against the US dollar is ending, the RMB continues to become stronger against most currencies, the nominal effective exchange rate and the real effective exchange rate of the RMB published by the Bank for International Settlements for the first half of the year appreciated 1.6 percent and 0.9 percent respectively. Meanwhile, the RMB spot exchange rate differential between home and abroad has narrowed; the dollar premium indicated by the forward exchange rate mainly reflects the interest rate spread between the RMB and foreign currencies rather than any depreciation expectations, and also indicates that the current RMB exchange rate is at reasonable level accepted by domestic and overseas parties and by market clearing. Fifth, China is able to tolerate the impact of cross-border capital flows due to its relatively rapid economic growth, sound financial condition, continuous surplus of trade in goods, abundant foreign exchange reserves, and the fact that foreign capital mainly consists of direct investments with high stability rather than securities investments with high volatility. Question: In the second half of the year, will China be exposed to the risk of a capital flow reversal? Answer: The SAFE still maintains its basic judgment made at the beginning of the year that China ’s balance of payments hopefully will maintain a basic equilibrium this year. Notwithstanding the fact that there are many unstable and uncertain factors at home and abroad in the second half of the year, some positive factors in favor of China ’s balance of payments equilibrium are gradually accumulating. First, a series of recently issued pre-adjustment and fine-adjustment policies will help strengthen market confidence and help maintain steady economic growth. Second, in consideration of the depressed world economy and the fact that the drop in international bulk commodity prices depressed import costs of domestic parties, China ’s trade surplus may further expand in the second half of the year. Third, each of the major economies has placed high priority on the maintenance of economic growth, and the relevant countries and regions have certain resources and a determination to prevent the debt crisis from becoming worse. Overall, as long as there are no major emergencies at home or abroad, China ’s balance of payments hopefully will still achieve a basic equilibrium. Even though capital net outflows will occur, they are tolerable and they conform to policy goal of “foreign exchange to be held by the people,” which has always been advocated by China and remains a part of the scope of the basic equilibrium in the balance of payments. 2012-07-31/en/2012/0731/1063.html
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The SAFE recently released China ’s International Investment Position for year-end 2011 and the revised data for the end of 2009 and 2010. The statistics reveal that at the end of 2011, China’s external financial assets hit USD4718.2 billion, external financial liabilities USD2943.4 billion, and external net financial assets USD1774.7 billion. Among the external financial assets, direct investments abroad came to USD364.2 billion, portfolio investments USD260 billion, other investments USD838.2 billion, and reserve assets USD3255.8 billion, accounting for 8 percent, 6 percent, 18 percent, and 69 percent respectively. In terms of external financial liabilities, foreign direct investments totaled USD1804.2 billion, portfolio investments USD248.5 billion, and other investments USD890.7 billion, accounting for 61 percent, 9 percent, and 30 percent respectively. The International Investment Position (hereinafter referred to as the IIP) is a statistical statement reflecting the stocks of financial assets and liabilities of one country or region to other countries or regions in the world at one specific point; together with the Balance of Payments Statement (BOP Statement) it constitutes the complete international accounts system, indicating the trade flows of the country or region. Compilation Principles and Indexes for the IIP I. Compilation Principles for the IIP In accordance with the standards of the Balance of Payments Manual (Fifth Edition) published by the International Monetary Fund (IMF), the IIP is a statistical statement which reflects at a specific point the stocks of financial assets and liabilities of one country or region to those of other countries or regions in the world. Changes in the IIP can be caused by changes in transactions, prices, or exchange rates, as well as by other adjustments during the specific period. The IIP is consistent with the BOP statement with regard to the principles of valuation, measurement, and conversion, and together with the BOP Statement constitutes a complete international accounts system of the country or region. China ’s IIP is a statistical statement which reflects at a specific point the stocks of China ’s financial assets and liabilities (excluding that of Hong Kong SAR, Macao SAR, and Taiwan Province ) to other countries or regions in the world. II. Explanation of the Major IIP Indexes According to IMF standards, items on the IIP are categorized according to assets and liabilities. Assets are divided into China ’s direct investments abroad, portfolio investments, other investments, and reserve assets, and liabilities are divided into foreign direct investments, portfolio investments, and other investments. The net position refers to external assets minus external liabilities. The items are specifically defined as follows: 1. Direct investment refers to external investment whereby an investor of one country operates an enterprise located in another country with the aim of acquiring effective control over the enterprise. It consists of direct investment abroad and foreign direct investment. Direct investment abroad includes the stocks of the direct investment abroad conducted by China’s non-financial sectors, the stocks of the capital and working capital allocated by domestic banks to set up branches overseas, as well as the stocks of loans between the parent companies and the subsidiaries both in China and abroad and the stocks of other receivables and payables. Foreign direct investment includes the stocks of foreign direct investment absorbed by China’s non-financial sectors, the stocks of direct investment overseas absorbed by the financial sectors (including foreign investment attracted by branches of foreign financial sectors and Chinese-funded financial sectors, and investments by foreign parties in joint financial sectors), as well as the stocks of loans between the parent companies and the subsidiaries both in China and abroad and the stocks of other receivables and payables. 2. Portfolio investment includes some kinds of investments such as shares, long- and medium-term bonds, and money market instruments. Portfolio investment assets refer to negotiable securities, such as shares, bonds, money-market instruments, and derivative financial instruments, which are held by Chinese residents but issued by non-resident enterprises. Portfolio investment liabilities refer to shares and bonds held by non-resident enterprises but issued by resident enterprises. 2.1 Equity securities mainly comprise those securities in the form of stocks. 2.2 Debt securities include long- and medium-term bonds, short-term (one year or less) bonds, and money-market instruments or transferable debt instruments, such as short-term treasury notes, commercial papers, and large-sum short-term negotiable certificates of deposits. 3. Other investment refers to all financial assets and liabilities, including trade credits, loans, currency, and deposits, as well as other assets and liabilities, but excluding direct investments, portfolio investments, and reserves assets. Long term refers to a contract period for the relevant financial assets/liabilities that is longer than one year, whereas short term refers to a contract period that is one year or less. 3.1 Trade credit refers to the direct business credit arising from the import and export of goods between China and other countries. Assets refer to the receivables of China ’s exporters and the advance payments by China ’s importers, and liabilities refer to the payables of China ’s importers and the advance receipts of China ’s exporters. 3.2 As to loans, assets refer to the external assets held by domestic institutions by providing loans to overseas institutions; and liabilities refer to loans borrowed by domestic institutions, such as loans from foreign governments, loans from international institutions, loans from foreign banks, and sellers’ credits. 3.3 As to currency and deposits, assets refer to the funds deposited abroad and the foreign cash in stock held by China’s financial institutions; and liabilities refer to the overseas private deposits and short-term funds from foreign banks attracted by China’s financial institutions, as well as other short-term funds, for instance loans from foreign exporters and individuals. 3.4 Other assets/liabilities refer to investments other than trade credits, loans, currency, and deposits, for example, non-equity capital paid of international institutions and other receivables and payables. 4. Reserves assets refer to external assets that can be used at any time and are effectively controlled by the PBOC, consisting of monetary gold, special drawing rights (SDRs), the reserves position in the Fund, and foreign exchange. 4.1 Monetary gold refers to the gold held by the PBOC as reserve. 4.2 SDR is a kind of ledger assets, which is allocated by the IMF according to the capital share of its members; it can be used to repay the debt to the IMF and to make up for the deficit in the balance of payments between the governments of member countries. 4.3 Reserves positions in the Fund refer to assets that are in the ordinary accounts of the IMF and that can be used freely. 4.4 Foreign exchange refers to current assets and liabilities that are retained by the PBOC and that can be used as a means of international compensation. 2012-06-07/en/2012/0607/1054.html