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Q: The State Administration of Foreign Exchange (SAFE) has just released the latest data on China's foreign exchange reserves. Could you explain why such changes occurred in December 2020? What will be the future trends? A: China’s foreign exchange reserves hit US$3.2165 trillion by the end of December 2020, up by US$38 billion or 1.2% month on month. In December, China’s foreign exchange market remained stable on the whole, witnessing rational and orderly market transactions. In global financial markets, due to COVID-19 vaccinations as well as monetary and fiscal policies of the major countries, the US Dollar Index fell, while non-dollar currencies and asset prices of the major countries picked up. As China’s foreign exchange reserves are denominated in the US dollar, the non-dollar currencies increased in value after converted into the US dollars, which, coupled with increase in asset prices, contributed to expanding foreign exchange reserves of the month. Looking ahead, as the world economic conditions are complex and challenging, and risks associated with the COVID-19 pandemic cannot be overlooked, global financial markets will still remain considerable uncertainties. But China’s foreign exchange market has the potential to remain at a stable, balanced level and its foreign exchange reserves will be broadly stable. 2021-01-07/en/2021/0107/1790.html
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External Financial Assets and Liabilities of China's Banking Sector (As of September 30 2020) 2020-12-30/en/2020/1230/1786.html
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The branches and administrative offices of the State Administration of Foreign Exchange (SAFE) in all provinces, autonomous regions, and municipalities directly under the central government; the branches in Shenzhen, Dalian, Qingdao, Xiamen, and Ningbo; all designated national Chinese-funded foreign exchange banks; and the China Foreign Exchange Trade System: To further optimize the management of interbank foreign exchange market makers, the SAFE has amended the Guidelines for Interbank Foreign Exchange Market Makers (Huifa No.13 [2013]). Please see the attachment for the amended Guidelines for Interbank Foreign Exchange Market Makers, and implement it. After receiving the Circular, the branches and administrative offices of the SAFE shall timely forward the Cicular to the Chinese-funded and foreign-funded banks within their respective jurisdictions. For any problems arising from implementation, please contact the Balance of Payments Department of the SAFE in a timely manner. Contact Number: 010-68402094. Appendix: Guidelines for Interbank Foreign Exchange Market Makers State Administration of Foreign Exchange January 2, 2021 2021-01-08/en/2021/0108/1792.html
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In first two months of 2021, China’s international trade in goods and services recorded receipts of RMB 3241.9 billion and payments of RMB 2682.5 billion based on statistics of balance of payments (BOP), registering a surplus of RMB 559.4 billion. Specifically, trade in goods registered receipts of RMB 2951.6 billion, payments of RMB 2303.9 billion, recording a surplus of RMB 647.7 billion; trade in services recorded receipts of RMB 290.4 billion, payments of RMB 378.6 billion, resulting in a deficit of RMB 88.3 billion. In the US dollar terms, in first two months of 2021, China's BOP-based receipts and payments of international trade in goods and services were USD 501.1 billion and USD 414.6 billion respectively, registering a surplus of USD 86.5 billion. Specifically, the receipts and payments from trade in goods were USD 456.2 billion and USD 356.1 billion respectively, resulting in a surplus of USD 100.1 billion. Trade in services registered receipts and payments of USD 44.9 billion and USD 58.5 billion respectively, recording a deficit of USD 13.6 billion. (End) International Trade in Goods and Services of China (Based on the BOP statistics) January to February 2021 Item In 100 million of RMB In 100 million of USD Goods and services 5594 865 Credit 32419 5011 Debit -26825 -4146 1. Goods 6477 1001 Credit 29516 4562 Debit -23039 -3561 2. Services -883 -136 Credit 2904 449 Debit -3786 -585 2.1Manufacturing services on physical inputs owned by others 136 21 Credit 142 22 Debit -6 -1 2.2Maintenance and repair services n.i.e 48 7 Credit 76 12 Debit -28 -4 2.3Transport -145 -22 Credit 905 140 Debit -1050 -162 2.4Travel -1063 -164 Credit 109 17 Debit -1172 -181 2.5Construction 22 3 Credit 124 19 Debit -102 -16 2.6Insurance and pension services -63 -10 Credit 46 7 Debit -110 -17 2.7Financial services 20 3 Credit 56 9 Debit -36 -6 2.8Charges for the use of intellectual property -241 -37 Credit 72 11 Debit -313 -48 2.9Telecommunications, computer and information services 3 0 Credit 446 69 Debit -444 -69 2.10Other business services 410 63 Credit 903 139 Debit -492 -76 2.11Personal, cultural, and recreational services -10 -2 Credit 10 2 Debit -21 -3 2.12Government goods and services n.i.e 2 0 Credit 14 2 Debit -13 -2 Notes: 1. The trade in goods and services in this table refers to the transactions between residents and non-residents, based on the same standard as that for BOP statement. The monthly data are preliminary and may be inconsistent with the quarterly data in the BOP statement. 2. The data on international trade in goods and services are prepared in USD, and the RMB data for the current month is derived by converting the USD data at the monthly average central parity rate of the RMB against the USD. 3. This table employs rounded-off numbers. Definition of Indicators: Goods and Services: refers to the trade in goods and services between residents and non-residents, which is based on the same standard as that for the BOP statement. 1. Goods: refers to transactions in goods whereby the economic ownership is transferred between the Chinese residents and non-residents. The credit side records export of goods, while the debit side records import of goods. The data of goods account are mainly from the customs statistics of imports and exports, but differ from the statistics of the customs mainly in the following aspects: first, the goods in the BOP statement only reflect the goods whose ownership has been transferred (e.g. goods under the trade modes such as general trade and processing trade with imported materials), while the goods whose ownership is not transferred (e.g. manufacturing services with supplied materials or with exported materials) are included in the statistics of trade in services instead of the statistics of trade in goods; second, as required by the BOP statistics, the goods imported and exported are valued on the FOB basis, but as required by the customs, the goods exported are valued on the FOB basis, whereas goods imported are on the CIF basis. Therefore, for the purpose of the BOP statistics, the international transport and insurance premiums are taken out from the value of imported goods and included in the trade in services; and third, the data on net export of goods in merchanting which are not included in the customs statistics are supplemented. 2. Services: includes manufacturing services on physical inputs owned by others, maintenance and repair services n.i.e, transport, travel, construction, insurance and pension services, financial services, charges for the use of intellectual property, telecommunications, computer and information services, other business services, personal, cultural and recreational services, and government goods and services n.i.e. The credit side records services supplied, while the debit side records services received. 2.1 Manufacturing services on physical owned by others: processor only provides processing, assembly, packaging and other services and charges service fee from the owner, while the ownership of the goods is not transferred between the owner and the processor. The credit side records the manufacturing services supplied by the Chinese residents on physical inputs owned by non-residents, and vice versa for debit side. 2.2 Maintenance and repair services: refer to the maintenance and repair services supplied by residents to non-residents or vice versa on goods and equipment (such as vessel, aircraft, and other transportation facility) owned by the receiving party. The credit side records the maintenance and repair services supplied by the Chinese residents to non-residents, and vice versa for debit side. 2.3 Transport: refers to the process of transporting people and goods from one place to another, and the relevant supporting and auxiliary services, as well as postal and delivery services. The credit side records the international transport, postal and delivery services supplied by residents to non-residents, and vice versa for debit side. 2.4 Travel: refers to goods consumed and services purchased by travelers in various economies as non-residents. The credit side records the goods and services provided by the Chinese residents to non-residents who have stayed in China for less than one year, as well as non-residents studying abroad and seeking medical treatment for indefinite period of stay. The debit side records the goods and services purchased by the Chinese residents when traveling, studying or seeking medical services abroad from non-residents. 2.5 Construction services: refer to the establishment, renovation, maintenance or expansion of fixed assets in the form of buildings, land improvement, roads, bridges and dams and other engineering buildings of engineering nature, relevant installation, assembly, painting, pipeline construction, demolition and project management, as well as site preparation, measurement and blasting and other special services. The credit side records the construction services provided by the Chinese residents outside the economic territory. The debit side records the construction services received by the Chinese residents in the Chinese economic territory from non-residents. 2.6 Insurance and pension services: refers to various insurance services and commission to agents related with insurance transaction. The credit side records the life insurance and annuity, non-life insurance, 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 to communications 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. 2021-03-31/en/2021/0331/1820.html
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In March 2021, China’s international trade in goods and services recorded receipts of RMB 1720.3 billion and payments of RMB 1659.4 billion based on statistics of balance of payments (BOP), registering a surplus of RMB 60.9 billion. Specifically, trade in goods registered receipts of RMB 1542.4 billion, payments of RMB 1425.6 billion, recording a surplus of RMB 116.8 billion; trade in services recorded receipts of RMB 177.8 billion, payments of RMB 233.8 billion, resulting in a deficit of RMB 55.9 billion. In the US dollar terms, in March 2021, China's BOP-based receipts and payments of international trade in goods and services were USD 264.4 billion and USD 255 billion respectively, registering a surplus of USD 9.4 billion. Specifically, the receipts and payments from trade in goods were USD 237.1 billion and USD 219.1 billion respectively, resulting in a surplus of USD 18 billion. Trade in services registered receipts and payments of USD 27.3 billion and USD 35.9 billion respectively, recording a deficit of USD 8.6 billion. (End) International Trade in Goods and Services of China (Based on the BOP statistics) March 2021 Item In 100 million of RMB In 100 million of USD Goods and services 609 94 Credit 17203 2644 Debit -16594 -2550 1. Goods 1168 180 Credit 15424 2371 Debit -14256 -2191 2. Services -559 -86 Credit 1778 273 Debit -2338 -359 2.1Manufacturing services on physical inputs owned by others 71 11 Credit 75 12 Debit -3 -1 2.2Maintenance and repair services n.i.e 21 3 Credit 40 6 Debit -19 -3 2.3Transport -84 -13 Credit 574 88 Debit -657 -101 2.4Travel -504 -77 Credit 64 10 Debit -569 -87 2.5Construction 7 1 Credit 64 10 Debit -57 -9 2.6Insurance and pension services -35 -5 Credit 39 6 Debit -74 -11 2.7Financial services 15 2 Credit 32 5 Debit -18 -3 2.8Charges for the use of intellectual property -209 -32 Credit 111 17 Debit -320 -49 2.9Telecommunications, computer and information services 84 13 Credit 308 47 Debit -224 -34 2.10Other business services 141 22 Credit 453 70 Debit -312 -48 2.11Personal, cultural, and recreational services -11 -2 Credit 10 2 Debit -21 -3 2.12Government goods and services n.i.e -55 -8 Credit 8 1 Debit -64 -10 Notes: 1. The trade in goods and services in this table refers to the transactions between residents and non-residents, based on the same standard as that for BOP statement. The monthly data are preliminary and may be inconsistent with the quarterly data in the BOP statement. 2. The data on international trade in goods and services are prepared in USD, and the RMB data for the current month is derived by converting the USD data at the monthly average central parity rate of the RMB against the USD. 3. This table employs rounded-off numbers. Definition of Indicators: Goods and Services: refers to the trade in goods and services between residents and non-residents, which is based on the same standard as that for the BOP statement. 1. Goods: refers to transactions in goods whereby the economic ownership is transferred between the Chinese residents and non-residents. The credit side records export of goods, while the debit side records import of goods. The data of goods account are mainly from the customs statistics of imports and exports, but differ from the statistics of the customs mainly in the following aspects: first, the goods in the BOP statement only reflect the goods whose ownership has been transferred (e.g. goods under the trade modes such as general trade and processing trade with imported materials), while the goods whose ownership is not transferred (e.g. manufacturing services with supplied materials or with exported materials) are included in the statistics of trade in services instead of the statistics of trade in goods; second, as required by the BOP statistics, the goods imported and exported are valued on the FOB basis, but as required by the customs, the goods exported are valued on the FOB basis, whereas goods imported are on the CIF basis. Therefore, for the purpose of the BOP statistics, the international transport and insurance premiums are taken out from the value of imported goods and included in the trade in services; and third, the data on net export of goods in merchanting which are not included in the customs statistics are supplemented. 2. Services: includes manufacturing services on physical inputs owned by others, maintenance and repair services n.i.e, transport, travel, construction, insurance and pension services, financial services, charges for the use of intellectual property, telecommunications, computer and information services, other business services, personal, cultural and recreational services, and government goods and services n.i.e. The credit side records services supplied, while the debit side records services received. 2.1 Manufacturing services on physical owned by others: processor only provides processing, assembly, packaging and other services and charges service fee from the owner, while the ownership of the goods is not transferred between the owner and the processor. The credit side records the manufacturing services supplied by the Chinese residents on physical inputs owned by non-residents, and vice versa for debit side. 2.2 Maintenance and repair services: refer to the maintenance and repair services supplied by residents to non-residents or vice versa on goods and equipment (such as vessel, aircraft, and other transportation facility) owned by the receiving party. The credit side records the maintenance and repair services supplied by the Chinese residents to non-residents, and vice versa for debit side. 2.3 Transport: refers to the process of transporting people and goods from one place to another, and the relevant supporting and auxiliary services, as well as postal and delivery services. The credit side records the international transport, postal and delivery services supplied by residents to non-residents, and vice versa for debit side. 2.4 Travel: refers to goods consumed and services purchased by travelers in various economies as non-residents. The credit side records the goods and services provided by the Chinese residents to non-residents who have stayed in China for less than one year, as well as non-residents studying abroad and seeking medical treatment for indefinite period of stay. The debit side records the goods and services purchased by the Chinese residents when traveling, studying or seeking medical services abroad from non-residents. 2.5 Construction services: refer to the establishment, renovation, maintenance or expansion of fixed assets in the form of buildings, land improvement, roads, bridges and dams and other engineering buildings of engineering nature, relevant installation, assembly, painting, pipeline construction, demolition and project management, as well as site preparation, measurement and blasting and other special services. The credit side records the construction services provided by the Chinese residents outside the economic territory. The debit side records the construction services received by the Chinese residents in the Chinese economic territory from non-residents. 2.6 Insurance and pension services: refers to various insurance services and commission to agents related with insurance transaction. The credit side records the life insurance and annuity, non-life insurance, 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 to communications 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. 2021-04-30/en/2021/0430/1824.html
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In the fourth quarter of 2020, China's current account registered a surplus of RMB 817.7 billion, and the capital and financial accounts recorded a deficit of RMB 276.8 billion. The financial account (excluding reserve assets) recorded a deficit of RMB 114.3 billion, and reserve assets increased by RMB 162.8 billion. In 2020, China's current account registered a surplus of RMB 1870.9 billion, and the capital and financial accounts recorded a deficit of RMB 726.6 billion.The financial account (excluding reserve assets) recorded a deficit of RMB 538.3 billion, and reserve assets increased by RMB 187.8 billion. In the US dollar terms, in the fourth quarter, China's current account recorded a surplus of USD 123.8 billion, including a surplus of USD 188.6 billion under trade in goods, a deficit of USD 28.5 billion under trade in services, a deficit of USD 40.5 billion under primary income and a surplus of USD 4.2 billion under secondary income. The capital and financial accounts registered a deficit of USD 41.9 billion, including a deficit of USD 42 million under the capital account, and a deficit of USD 17.3 billion under the financial account (excluding reserve assets), and reserve assets increased by USD 24.6 billion. In the US dollar terms, in 2020, China's current account recorded a surplus of USD 274 billion, including a surplus of USD 515 billion under trade in goods, a deficit of USD 145.3 billion under trade in services, a deficit of USD 105.2 billion under primary income and a surplus of USD 9.5 billion under secondary income. The capital and financial accounts recorded a deficit of USD 105.8 billion, including a deficit of USD 77 million under the capital account, a deficit of USD 77.8 billion under the financial account (excluding reserve assets), and reserve assets increased by USD 28 billion. In SDR terms, in the fourth quarter, China posted a surplus of SDR 86.9 billion under the current account, and a deficit of SDR 29.4 billion under the capital and financial accounts. The financial account (excluding reserve assets) registered a deficit of SDR 12.1 billion, and reserve assets increased by SDR 17.3 billion. In SDR terms, in 2020, China posted a surplus of SDR 194.4 billion under the current account, and a deficit of SDR 75.1 billion under the capital and financial accounts. The financial account (excluding reserve assets) registered a deficit of SDR 55.8 billion, and reserve assets increased by SDR 19.3 billion. The SAFE has revised the BOP data for each quarter since 2015 according to the latest data and released it through the section of "Data and Statistics" at the official website of the SAFE. In addition, in order to facilitate understanding of the data of Balance of Payments and International Investment Position among all data users, the BOP Analysis Team of the SAFE released China’s Balance of Payments Report 2020. (End) Abridged Balance of Payments, Q4 2020 Item Line No. RMB 100 million USD 100 million SDR 100 million 1. Current Account 1 8,177 1,238 869 Credit 2 58,457 8,848 6,212 Debit 3 -50,280 -7,610 -5,343 1. A Goods and Services 4 10,579 1,601 1,124 Credit 5 53,705 8,128 5,707 Debit 6 -43,126 -6,527 -4,582 1.A.a Goods 7 12,461 1,886 1,324 Credit 8 49,238 7,452 5,232 Debit 9 -36,777 -5,566 -3,908 1.A.b Services 10 -1,882 -285 -200 Credit 11 4,467 676 475 Debit 12 -6,349 -961 -675 1.B Primary Income 13 -2,678 -405 -285 Credit 14 4,049 613 430 Debit 15 -6,727 -1,018 -715 1.C Secondary Income 16 276 42 29 Credit 17 703 106 75 Debit 18 -427 -65 -45 2. Capital and Financial Account 19 -2,768 -419 -294 2.1 Capital Account 20 3 0.4 0 Credit 21 4 1 0 Debit 22 -1 0 0 2.2 Financial Account 23 -2,771 -419 -294 Assets 24 -14,859 -2,249 -1,579 Liabilities 25 12,088 1,830 1,284 2.2.1 Financial Account Excluding Reserve Assets 26 -1,143 -173 -121 2.2.1.1 Direct Investment 27 3,730 565 396 Assets 28 -1,963 -297 -209 Liabilities 29 5,694 862 605 2.2.1.2 Portfolio Investment 30 3,580 542 380 Assets 31 -3,738 -566 -397 Liabilities 32 7,318 1,108 778 2.2.1.3 Financial Derivatives (other than reserves) and Employee Stock Options 33 2 0 0 Assets 34 99 15 10 Liabilities 35 -97 -15 -10 2.2.1.4 Other Investment 36 -8,455 -1,280 -898 Assets 37 -7,629 -1,155 -811 Liabilities 38 -826 -125 -88 2.2.2 Reserve Assets 39 -1,628 -246 -173 3. Net Errors and Omissions 40 -5,409 -819 -575 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 quarterly average middle 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 quarterly average middle rate of SDR against USD. The quarterly accumulated SDR denominated BOP data is derived from the sum total of the SDR denominated data for the quarters. 5. This statement employs rounded-off numbers. 6. For detailed data, please see the section of “Data and Statistics” at the website of the SAFE. 7. The BOP data is revised regularly; please find the latest data in “Data and Statistics”. Abridged Balance of Payments, 2020 Item Line No. RMB 100 million USD 100 million SDR 100 million 1. Current Account 1 18,709 2,740 1,944 Credit 2 207,187 30,117 21,658 Debit 3 -188,478 -27,377 -19,715 1. A Goods and Services 4 25,267 3,697 2,629 Credit 5 187,926 27,324 19,651 Debit 6 -162,659 -23,627 -17,021 1.A.a Goods 7 35,311 5,150 3,681 Credit 8 171,737 24,972 17,956 Debit 9 -136,426 -19,822 -14,275 1.A.b Services 10 -10,044 -1,453 -1,052 Credit 11 16,189 2,352 1,695 Debit 12 -26,233 -3,805 -2,746 1.B Primary Income 13 -7,204 -1,052 -753 Credit 14 16,673 2,417 1,736 Debit 15 -23,876 -3,469 -2,490 1.C Secondary Income 16 645 95 68 Credit 17 2,588 376 271 Debit 18 -1,943 -281 -203 2. Capital and Financial Account 19 -7,266 -1,058 -751 2.1 Capital Account 20 -6 -1 -1 Credit 21 11 2 1 Debit 22 -17 -2 -2 2.2 Financial Account 23 -7,260 -1,058 -751 Assets 24 -42,918 -6,263 -4,477 Liabilities 25 35,657 5,206 3,726 2.2.1 Financial Account Excluding Reserve Assets 26 -5,383 -778 -558 2.2.1.1 Direct Investment 27 6,938 1,026 730 Assets 28 -7,572 -1,099 -790 Liabilities 29 14,510 2,125 1,521 2.2.1.2 Portfolio Investment 30 5,912 873 608 Assets 31 -11,472 -1,673 -1,206 Liabilities 32 17,384 2,547 1,814 2.2.1.3 Financial Derivatives (other than reserves) and Employee Stock Options 33 -800 -114 -83 Assets 34 -490 -69 -51 Liabilities 35 -310 -45 -32 2.2.1.4 Other Investment 36 -17,433 -2,562 -1,813 Assets 37 -21,506 -3,142 -2,236 Liabilities 38 4,073 579 424 2.2.2 Reserve Assets 39 -1,878 -280 -193 3. Net Errors and Omissions 40 -11,443 -1,681 -1,192 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 quarterly average middle 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 quarterly average exchange rate of SDR against USD. The quarterly accumulated SDR denominated BOP data is derived from the sum total of the SDR denominated data for the quarters. 5. This statement employs rounded-off numbers. 6. For detailed data, please see the section of “Data and Statistics” at the website of the SAFE. 7. The BOP data is revised regularly; please find the latest data in “Data and Statistics”. 2021-03-26/en/2021/0326/1816.html
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As at the end of 2020,China recorded RMB 15.665 trillion in outstanding external debt denominated in both domestic and foreign currencies (equivalent to USD 2400.8 billion, excluding those of Hong Kong SAR, Macao SAR, and Taiwan Province of China, the same below). In terms of maturity structure, the outstanding medium-and long-term external debt was RMB 7075.8 billion(USD 1084.4 billion), accounting for 45 percent; while the outstanding short-term external debt was RMB 8589.2 billion (USD 1316.4 billion), taking up 55 percent, including 39 percent trade-related credit. In terms of institutional sectors, the outstanding debt of general government totaled RMB 2476 billion (USD 379.5 billion), accounting for 16 percent; the outstanding debt of the central bank totaled RMB 248.7 billion (USD 38.1 billion), accounting for 2 percent; the outstanding debt of banks totaled RMB 7124 billion(USD 1091.8 billion), accounting for 46 percent; the outstanding debt of other sectors (including inter-company lending under direct investments) totaled RMB 5816.3 billion (USD 891.4 billion), accounting for 36 percent. In terms of debt instruments, the balance of loans was RMB 2872.9 billion(USD 440.3 billion), accounting for 18 percent; the outstanding trade credit and prepayment was RMB 2426.6 billion (USD 371.9 billion), accounting for 15.5 percent; the outstanding currency and deposits was RMB 3378.4 billion (USD 517.7 billion), accounting for 22 percent; the outstanding debt securities was RMB 4741.5 billion (USD 726.7 billion), accounting for 30 percent; the Special Drawing Rights (SDR) allocation amounted to RMB 65.7 billion (USD 10.1 billion), accounting for 0.5 percent; the balance of inter-company lending under direct investments totaled RMB 1848.6 billion (USD 283.3 billion), accounting for 12 percent; and the balance of other debt liabilities was RMB 331.3 billion (USD 50.8 billion), accounting for 2 percent. With respect to currency structures, the outstanding external debt in domestic currency totaled RMB 6531.6 billion (USD 1001 billion), accounting for 42 percent; the outstanding external debt in foreign currencies (including SDR allocation) totaled RMB 9133.4 billion (USD 1399.8 billion), accounting for 58 percent. In the outstanding registered external debt in foreign currencies, the USD debt accounted for 84 percent, the Euro debt accounted for 8 percent, the HKD debt accounted for 4 percent, the JPY debt accounted for 2 percent, the SDR and other foreign currency-denominated external debt accounted for 2 percent. As at the end of 2020，the liability ratio was 16.3 percent, the debt ratio was 87.9 percent, the debt servicing ratio was 6.5 percent, and the ratio of short-term external debt to foreign exchange reserves was 40.9 percent. China’s major external debt indicators were all within the internationally recognized thresholds,indicating that the external debt risk is controllable. In addition, SAFE revised China’s outstanding external debt data from the end of 2019 to the end of September 2020 based on the latest data of foreign-invested enterprises’ distributed but unrepatriated profits, and released it in the "Data and Statistics" column of the SAFE’s official website. Appendix Definitionof terms and interpretations External debt classification by maturity structure. There are two methods to classify the external debt by maturity structure. One is on the basis of the contractual maturity, i.e. it is classified as medium- and long-term external debt if the contractual maturity is over one year, and classified as short-term external debt if the contractual maturity is one year or less;the other is on the basis of the remaining maturity, i.e., on the basis of the contractual maturity classification method above, the medium- and long-term external debt due within one year is classified as short-term external debt. In this news release, external debt is divided into medium- and long-term external debt and short-term external debt based on the contractual maturity. Trade-related credit is a broad concept. In addition to trade credit and prepayment, it also involves other kinds of credit provided for trade activities. According to its definition,trade-related credit includes trade credit and prepayment, bank trade financing, short-term notes related to trade, and so forth. In particular, trade credit and prepayment refer to external liability arising from directly extending credit between the seller and buyer of goods transactions, specifically transactions between residents in the Chinese Mainland and overseas non-residents (including non-residents in Hong Kong SAR, Macao SAR, and Taiwan Province of China), i.e., the debt incurred due to the difference between the time of payment and the time of the goods ownership transfer, which include credit directly provided by the supplier (e.g., the overseas exporter) for goods and services, and advance payments made by buyers (e.g., overseas importers) for goods, services, and on-going business (or business to be undertaken). Bank trade financing refers to trade related loans that offered by a third party (e.g., banks) to exporters or importers, for instance, loans extended by foreign financial institutions or export credit agencies to buyers. Liability ratio refers to the ratio of outstanding external debt as of the end of the year to the GDP for the year. Debt ratio refers to the ratio of the outstanding external debt as of the end of the year to the export revenue from trade in goods and services for the year. Debt servicing ratio refers to the ratio of the repayment of the principal and payment of interest on external debt for the year (the sum of the repayment of the principal and payment of interest on medium- and long-term external debt and the payment of the interest of short-term external debt) to the export revenue from trade in goods and services for the year. The internationally recognized thresholds for external debt risk indicators - liability ratio, debt ratio,debt servicing ratio and ratio of short-term external debt to foreign exchange reserves are 20 percent, 100 percent, 20 percent and 100 percent respectively. Annexed table：China’s Gross External Debt Position by Sector, End of 2020 End of 2020 End of 2020 （Unit:100 million RMB） （Unit:100 million US dollars） General Government 24760 3795 Short-term 713 109 Currency and deposits 0 0 Debt securities 713 109 Loans 0 0 Trade credit and advances 0 0 Other debt liabilities 0 0 Long-term 24047 3686 Special drawing rights 0 0 Currency and deposits 0 0 Debt securities 20467 3137 Loans 3580 549 Trade credit and advances 0 0 Other debt liabilities 0 0 Central Bank 2487 381 Short-term 1715 263 Currency and deposits 815 125 Debt securities 900 138 Loans 0 0 Trade credit and advances 0 0 Other debt liabilities 0 0 Long-term 772 118 Special drawing rights 657 101 Currency and deposits 0 0 Debt securities 0 0 Loans 0 0 Trade credit and advances 0 0 Other debt liabilities 115 17 Other Depository Corporations 71240 10918 Short-term 50650 7762 Currency and deposits 32960 5051 Debt securities 4097 628 Loans 13208 2024 Trade credit and advances 0 0 Other debt liabilities 385 59 Long-term 20590 3156 Currency and deposits 0 0 Debt securities 15369 2355 Loans 5146 789 Trade credit and advances 0 0 Other debt liabilities 75 12 Other Sectors 39677 6081 Short-term 27585 4228 Currency and deposits 9 1 Debt securities 101 16 Loans 2533 388 Trade credit and advances 23842 3654 Other debt liabilities 1100 169 Long-term 12092 1853 Currency and deposits 0 0 Debt securities 5767 884 Loans 4262 653 Trade credit and advances 425 65 Other debt liabilities 1638 251 Direct Investment: Intercompany Lending 18486 2833 Debt liabilities of direct investment enterprises to direct investors 11447 1754 Debt liabilities of direct investors to direct investment enterprises 892 137 Debt liabilities to affiliated enterprises 6147 942 Gross External Debt Position 156650 24008 Notes: 1. The short-term and long-term herein are broken down by contractual (original) maturity. 2. The data in this table have been rounded off. 2021-03-26/en/2021/0326/1818.html
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Selected Transactions in the Chinese Foreign Exchange Market in 2021 (in RMB) Selected Transactions in the Chinese Foreign Exchange Market in 2021 (in USD) 2022-01-28/en/2021/0326/1819.html
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As at the end of 2020, China’s external financial assets reached USD 8703.9 billion, external financial liabilities reached USD 6553.6 billion, and net external assets totaled USD 2150.3 billion. In the external financial assets, direct investment assets amounted to USD 2413.4 billion, portfolio investment assets, USD 899.9 billion, financial derivative assets, USD 19.1 billion, other investment assets, USD 2014.9 billion, and reserves assets, USD 3356.5 billion, accounting for 28 percent, 10 percent, 0.2 percent, 23 percent and 39 percent of external financial assets respectively. In external liabilities, direct investment liabilities were USD 3179.3 billion, portfolio investment liabilities, USD 1954.5 billion, financial derivative liabilities, USD 12.2 billion and other investment liabilities, USD 1407.6 billion, accounting for 49 percent, 30 percent, 0.2 percent and 21 percent of the external financial liabilities respectively. In SDR terms, China’s external financial assets and liabilities reached SDR 6043.2 billion and SDR 4550.3 billion respectively, and external net assets totaled SDR 1493 billion at the end of 2020. The SAFE has revised the IIP data since 2004 according to the latest data and released it through the section of "Data and Statistics" at the official website of the SAFE. In addition, in order to facilitate understanding of the data of Balance of Payments and International Investment Position among all data users, the BOP Analysis Team of the SAFE released China's Balance of Payments Report 2020.(End) China's International Investment Position, End of 2020 Item Line No. Position in 100 million USD Position in 100 million SDR Net Position 1 21,503 14,930 Assets 2 87,039 60,432 1 Direct Investment 3 24,134 16,757 1.1 Equity and Investment Fund Shares 4 20,844 14,472 1.2 Debt Instruments 5 3,290 2,285 1.a Financial Sectors 6 3,077 2,136 1.1.a Equity and Investment Fund Shares 7 2,990 2,076 1.2.a Debt Instruments 8 87 60 1.b Non-financial Sectors 9 21,057 14,620 1.1.b Equity and Investment Fund Shares 10 17,854 12,396 1.2.b Debt Instruments 11 3,203 2,224 2 Portfolio Investment 12 8,999 6,248 2.1 Equity and Investment Fund Shares 13 6,043 4,196 2.2 Debt Securities 14 2,955 2,052 3 Financial Derivatives (other than reserves) and Employee Stock Options 15 191 133 4 Other Investment 16 20,149 13,990 4.1 Other Equity 17 89 62 4.2 Currency and Deposits 18 4,865 3,378 4.3 Loans 19 8,389 5,824 4.4 Insurance, Pension, and Standardized Guarantee Schemes 20 166 115 4.5 Trade Credit and Advances 21 5,972 4,146 4.6 Others 22 668 464 5 Reserve Assets 23 33,565 23,305 5.1 Monetary Gold 24 1,182 821 5.2 Special Drawing Rights 25 115 80 5.3 Reserve Position in the IMF 26 108 75 5.4 Foreign Exchange Reserves 27 32,165 22,333 5.5 Other Reserve Assets 28 -5 -3 Liabilities 29 65,536 45,503 1 Direct Investment 30 31,793 22,074 1.1 Equity and Investment Fund Shares 31 28,814 20,006 1.2 Debt Instruments 32 2,979 2,068 1.a Financial Sectors 33 1,826 1,268 1.1.a Equity and Investment Fund Shares 34 1,627 1,130 1.2.a Debt Instruments 35 199 138 1.b Non-financial Sectors 36 29,967 20,807 1.1.b Equity and Investment Fund Shares 37 27,187 18,876 1.2.b Debt Instruments 38 2,780 1,930 2 Portfolio Investment 39 19,545 13,570 2.1 Equity and Investment Fund Shares 40 12,543 8,709 2.2 Debt Securities 41 7,002 4,861 3 Financial Derivatives (other than reserves) and Employee Stock Options 42 122 85 4 Other Investment 43 14,076 9,773 4.1 Other Equity 44 0 0 4.2 Currency and Deposits 45 5,266 3,657 4.3 Loans 46 4,555 3,163 4.4 Insurance, Pension, and Standardized Guarantee Schemes 47 167 116 4.5 Trade Credit and Advances 48 3,719 2,582 4.6 Others 49 267 185 4.7 Special Drawing Rights 50 101 70 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”. 2021-03-26/en/2021/0326/1817.html
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As shown in the statistics of the State Administration of Foreign Exchange (SAFE), in March 2021, the amount of foreign exchange settlement and sales by banks was RMB 1442.3 billion and RMB 1314.2 billion, respectively, with a surplus of RMB 128.1 billion. During January to March 2021, the accumulative amount of foreign exchange settlement and sales by banks was RMB 3826.2 billion and RMB 3252.6 billion, respectively, with an accumulative surplus of RMB 573.5 billion. In the US dollar terms, in March 2021, the amount of foreign exchange settlement and sales by banks was USD 221.7 billion and USD 202.0 billion, respectively, with a surplus of USD 19.7 billion. During January to March 2021, the accumulative amount of foreign exchange settlement and sales by banks was USD 590.2 billion and USD 501.6 billion, respectively, with an accumulative surplus of USD 88.5 billion. In March 2021, the amount of cross-border receipts and payments by non-banking sectors was RMB 3448.0 billion and RMB 3192.5 billion, respectively, with a surplus of RMB 255.6 billion. During January to March 2021, the accumulative amount of cross-border receipts and payments by non-banking sectors was RMB 9054.3 billion and RMB 8267.9 billion, respectively, with an accumulative surplus of RMB 786.4 billion. In the US dollar terms, in March 2021, the amount of cross-border receipts and payments by non-banking sectors was USD 529.9 billion and USD 490.6 billion, respectively, with a surplus of USD 39.3 billion. During January to March 2021, the accumulative amount of cross-border receipts and payments by non-banking sectors was USD 1396.5 billion and USD 1275.1 billion, respectively, with an accumulative surplus of USD 121.3 billion. 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 foreign exchange holders sell foreign exchange to designated foreign exchange bank, and foreign exchange sales means designated bank sells 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 designated foreign exchange bank and 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. 2021-04-23/en/2021/0423/1823.html