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2019-11-08http://www.gov.cn/zhengce/content/2019-11/07/content_5449754.htm
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2019年三季度，我国经常账户顺差3838亿元，其中，货物贸易顺差9445亿元，服务贸易逆差5060亿元，初次收入逆差700亿元，二次收入顺差153亿元；资本和金融账户中，直接投资逆差521亿元。 2019年前三季度，我国经常账户顺差9822亿元，其中，货物贸易顺差23583亿元，服务贸易逆差13827亿元，初次收入逆差456亿元，二次收入顺差522亿元；资本和金融账户中，直接投资顺差1856亿元。 按美元计值，2019年三季度，我国经常账户顺差549亿美元，其中，货物贸易顺差1352亿美元，服务贸易逆差724亿美元，初次收入逆差100亿美元，二次收入顺差22亿美元。资本和金融账户中，直接投资逆差75亿美元。 按美元计值，2019年前三季度，我国经常账户顺差1432亿美元，其中，货物贸易顺差3435亿美元，服务贸易逆差2017亿美元，初次收入逆差63亿美元，二次收入顺差76亿美元。资本和金融账户中，直接投资顺差277亿美元。 按SDR计值，2019年三季度，我国经常账户顺差400亿SDR，其中，货物贸易顺差984亿SDR，服务贸易逆差527亿SDR。资本和金融账户中，直接投资逆差54亿SDR。 按SDR计值，2019年前三季度，我国经常账户顺差1035亿SDR，其中，货物贸易顺差2485亿SDR，服务贸易逆差1458亿SDR。资本和金融账户中，直接投资顺差199亿SDR。（完） 中国国际收支平衡表（初步数） 单位：亿元 项 目 行次 2019年三季度 2019年前三季度 1. 经常账户 1 3,838 9,822 贷方 2 53,209 148,860 借方 3 -49,372 -139,038 1.A 货物和服务 4 4,385 9,756 贷方 5 48,559 134,593 借方 6 -44,174 -124,836 1.A.a 货物 7 9,445 23,583 贷方 8 44,375 122,369 借方 9 -34,930 -98,787 1.A.b 服务 10 -5,060 -13,827 贷方 11 4,183 12,223 借方 12 -9,244 -26,050 1.A.b.1 加工服务 13 264 790 贷方 14 272 808 借方 15 -8 -18 1.A.b.2 维护和维修服务 16 48 347 贷方 17 123 530 借方 18 -75 -183 1.A.b.3 运输 19 -1,153 -3,022 贷方 20 813 2,312 借方 21 -1,966 -5,334 1.A.b.4 旅行 22 -4,003 -11,484 贷方 23 624 1,790 借方 24 -4,627 -13,274 1.A.b.5 建设 25 68 237 贷方 26 233 709 借方 27 -165 -472 1.A.b.6 保险和养老金服务 28 -111 -333 贷方 29 80 218 借方 30 -192 -551 1.A.b.7 金融服务 31 17 65 贷方 32 56 184 借方 33 -39 -119 1.A.b.8 知识产权使用费 34 -496 -1,455 贷方 35 109 342 借方 36 -605 -1,796 1.A.b.9 电信、计算机和信息服务 37 143 355 贷方 38 637 1,731 借方 39 -494 -1,376 1.A.b.10 其他商业服务 40 301 970 贷方 41 1,197 3,474 借方 42 -897 -2,504 1.A.b.11 个人、文化和娱乐服务 43 -61 -160 贷方 44 13 44 借方 45 -74 -203 1.A.b.12 别处未提及的政府服务 46 -76 -139 贷方 47 26 82 借方 48 -102 -221 1.B 初次收入 49 -700 -456 贷方 50 4,199 12,939 借方 51 -4,900 -13,396 1.C 二次收入 52 153 522 贷方 53 451 1,328 借方 54 -298 -806 2. 资本和金融账户+当季净误差与遗漏 55 -3,838 -926 2.1 资本账户 56 -17 -23 贷方 57 3 11 借方 58 -19 -33 2.2 金融账户+当季净误差与遗漏 59 -3,821 -903 2.2.1 非储备性质的金融账户+当季净误差与遗漏 60 -4,900 -1,825 其中：2.2.1.1 直接投资 61 -521 1,856 2.2.1.1.1 直接投资资产 62 -1,578 -4,749 2.2.1.1.2直接投资负债 63 1,057 6,605 2.2.2 储备资产 64 1,079 922 2.2.2.1 货币黄金 65 0 0 2.2.2.2 特别提款权 66 -13 -21 2.2.2.3 在国际货币基金组织的储备头寸 67 -24 -8 2.2.2.4 外汇储备 68 1,115 951 2.2.2.5 其他储备 69 0 0 3. 净误差与遗漏 70 / -8,896 注：1.根据《国际收支和国际投资头寸手册》（第六版）编制。 2.“贷方”按正值列示，“借方”按负值列示，差额等于“贷方”加上“借方”。本表除标注“贷方”和“借方”的项目外，其他项目均指差额。 3.以人民币计值的国际收支平衡表的折算方法为，当季以美元计值的国际收支平衡表，通过当季人民币对美元季平均汇率中间价折算。 4. 2019年前三季度初步数为一、二季度平衡表正式数与三季度平衡表初步数累加得到。 5.本表计数采用四舍五入原则。 中国国际收支平衡表（初步数） 单位：亿美元 项 目 行次 2019年三季度 2019年前三季度 1. 经常账户 1 549 1,432 贷方 2 7,615 21,719 借方 3 -7,066 -20,287 1.A 货物和服务 4 628 1,418 贷方 5 6,949 19,635 借方 6 -6,322 -18,217 1.A.a 货物 7 1,352 3,435 贷方 8 6,351 17,850 借方 9 -4,999 -14,415 1.A.b 服务 10 -724 -2,017 贷方 11 599 1,785 借方 12 -1,323 -3,802 1.A.b.1 加工服务 13 38 115 贷方 14 39 118 借方 15 -1 -3 1.A.b.2 维护和维修服务 16 7 51 贷方 17 18 78 借方 18 -11 -27 1.A.b.3 运输 19 -165 -441 贷方 20 116 337 借方 21 -281 -778 1.A.b.4 旅行 22 -573 -1,676 贷方 23 89 261 借方 24 -662 -1,938 1.A.b.5 建设 25 10 35 贷方 26 33 104 借方 27 -24 -69 1.A.b.6 保险和养老金服务 28 -16 -49 贷方 29 11 32 借方 30 -27 -80 1.A.b.7 金融服务 31 2 10 贷方 32 8 27 借方 33 -6 -17 1.A.b.8 知识产权使用费 34 -71 -212 贷方 35 16 50 借方 36 -87 -262 1.A.b.9 电信、计算机和信息服务 37 21 52 贷方 38 91 253 借方 39 -71 -201 1.A.b.10 其他商业服务 40 43 142 贷方 41 171 507 借方 42 -128 -365 1.A.b.11 个人、文化和娱乐服务 43 -9 -23 贷方 44 2 6 借方 45 -11 -30 1.A.b.12 别处未提及的政府服务 46 -11 -20 贷方 47 4 12 借方 48 -15 -32 1.B 初次收入 49 -100 -63 贷方 50 601 1,890 借方 51 -701 -1,953 1.C 二次收入 52 22 76 贷方 53 65 194 借方 54 -43 -118 2. 资本和金融账户+当季净误差与遗漏 55 -549 -120 2.1 资本账户 56 -2 -3 贷方 57 0 2 借方 58 -3 -5 2.2 金融账户+当季净误差与遗漏 59 -547 -116 2.2.1 非储备性质的金融账户+当季净误差与遗漏 60 -701 -247 其中：2.2.2.1 直接投资 61 -75 277 2.2.2.1.1 直接投资资产 62 -226 -693 2.2.2.1.2直接投资负债 63 151 970 2.2.2 储备资产 64 154 130 2.2.2.1 货币黄金 65 0 0 2.2.2.2 特别提款权 66 -2 -3 2.2.2.3 在国际货币基金组织的储备头寸 67 -3 -1 2.2.2.4 外汇储备 68 160 134 2.2.2.5 其他储备 69 0 0 3. 净误差与遗漏 70 / -1,312 注：1.根据《国际收支和国际投资头寸手册》（第六版）编制。 2.“贷方”按正值列示，“借方”按负值列示，差额等于“贷方”加上“借方”。本表除标注“贷方”和“借方”的项目外，其他项目均指差额。 3.2019年前三季度初步数为一、二季度平衡表正式数与三季度平衡表初步数累加得到。 4.本表计数采用四舍五入原则。 中国国际收支平衡表（初步数） 单位：亿SDR 项 目 行次 2019年三季度 2019年前三季度 1. 经常账户 1 400 1,035 贷方 2 5,542 15,700 借方 3 -5,142 -14,665 1.A 货物和服务 4 457 1,027 贷方 5 5,057 14,194 借方 6 -4,601 -13,167 1.A.a 货物 7 984 2,485 贷方 8 4,622 12,904 借方 9 -3,638 -10,420 1.A.b 服务 10 -527 -1,458 贷方 11 436 1,290 借方 12 -963 -2,748 1.A.b.1 加工服务 13 27 83 贷方 14 28 85 借方 15 -1 -2 1.A.b.2 维护和维修服务 16 5 37 贷方 17 13 56 借方 18 -8 -19 1.A.b.3 运输 19 -120 -319 贷方 20 85 244 借方 21 -205 -562 1.A.b.4 旅行 22 -417 -1,212 贷方 23 65 189 借方 24 -482 -1,400 1.A.b.5 建设 25 7 25 贷方 26 24 75 借方 27 -17 -50 1.A.b.6 保险和养老金服务 28 -12 -35 贷方 29 8 23 借方 30 -20 -58 1.A.b.7 金融服务 31 2 7 贷方 32 6 19 借方 33 -4 -13 1.A.b.8 知识产权使用费 34 -52 -153 贷方 35 11 36 借方 36 -63 -189 1.A.b.9 电信、计算机和信息服务 37 15 37 贷方 38 66 183 借方 39 -51 -145 1.A.b.10 其他商业服务 40 31 102 贷方 41 125 367 借方 42 -93 -264 1.A.b.11 个人、文化和娱乐服务 43 -6 -17 贷方 44 1 5 借方 45 -8 -21 1.A.b.12 别处未提及的政府服务 46 -8 -15 贷方 47 3 9 借方 48 -11 -23 1.B 初次收入 49 -73 -47 贷方 50 437 1,366 借方 51 -510 -1,412 1.C 二次收入 52 16 55 贷方 53 47 140 借方 54 -31 -85 2. 资本和金融账户+当季净误差与遗漏 55 -400 -90 2.1 资本账户 56 -2 -2 贷方 57 0 1 借方 58 -2 -4 2.2 金融账户+当季净误差与遗漏 59 -398 -88 2.2.1 非储备性质的金融账户+当季净误差与遗漏 60 -510 -183 其中：2.2.2.1 直接投资 61 -54 199 2.2.2.1.1 直接投资资产 62 -164 -501 2.2.2.1.2直接投资负债 63 110 700 2.2.2 储备资产 64 112 95 2.2.2.1 货币黄金 65 0 0 2.2.2.2 特别提款权 66 -1 -2 2.2.2.3 在国际货币基金组织的储备头寸 67 -3 -1 2.2.2.4 外汇储备 68 116 98 2.2.2.5 其他储备 69 0 0 3. 净误差与遗漏 70 / -945 注：1.根据《国际收支和国际投资头寸手册》（第六版）编制。 2.“贷方”按正值列示，“借方”按负值列示，差额等于“贷方”加上“借方”。本表除标注“贷方”和“借方”的项目外，其他项目均指差额。 3. 季度SDR计值的国际收支平衡表数据，由当季以美元计值的国际收支平衡表，通过当季SDR对美元季平均汇率折算得到。 4.2019年前三季度初步数为一、二季度平衡表正式数与三季度平衡表初步数累加得到。 5.本表计数采用四舍五入原则。 2019-11-08/safe/2019/1108/14608.html
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日前，国家外汇管理局公布了2019年三季度及前三季度国际收支平衡表初步数据。国家外汇管理局新闻发言人、总经济师王春英就相关问题回答了记者提问。 问：2019年前三季度我国国际收支状况有何特点？ 答：我国国际收支平衡表初步数据显示，2019年前三季度，我国经常账户呈现顺差，跨境资金流动平稳，我国国际收支保持基本平衡。 一是经常账户呈现顺差，其中货物贸易顺差增长，服务贸易逆差缩小。2019年前三季度，经常账户顺差1432亿美元，上年同期为逆差55亿美元。其中，国际收支口径的货物贸易顺差3435亿美元，同比增长34%；服务贸易逆差2017亿美元，同比下降12%。服务贸易项下，旅行、运输和知识产权使用费逆差分别同比下降8%、15%和10%。 二是来华直接投资保持在较高规模。2019年前三季度，直接投资净流入277亿美元。其中，对外直接投资净流出693亿美元；外国来华直接投资净流入970亿美元，仍保持在较高规模。 三是证券投资呈现顺差，双向资金流动活跃。据初步统计，2019年前三季度，我国证券投资顺差约400亿美元。其中，我国对外证券投资逾600亿美元，来华证券投资逾1000亿美元。 四是储备资产基本稳定。2019年前三季度，储备资产因国际收支交易减少130亿美元。考虑汇率、价格等非交易因素影响，2019年9月末，我国储备资产余额32045亿美元，较2018年末增加365亿美元。 总体来看，在我国经济基本面长期向好、全方位对外开放持续推进等背景下，预计全年国际收支将继续呈现总体稳定、基本平衡的格局。 2019-11-08/safe/2019/1108/14607.html
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11月6日至7日，国家外汇管理局江西省分局国际收支处在抚州举办全省外汇检查专项培训，培训内容包括外汇检查依法行政、内控管理和违规典型案例讲解等。分局及各市中心支局的外汇检查人员共三十余人参加培训。 2019-11-08/jiangxi/2019/1108/1273.html
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问：所有外汇支出都必须过外汇账户吗？ 答：一般情况下，机构均通过外汇账户办理外汇收支业务。但对于零星外汇支出，实践中也存在不通过外汇账户直接支出的情况，具体由经办银行根据交易实际情况和银行自身内控要求把握。 2019-11-06/jiangxi/2019/1106/1271.html
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2019-10-25 14:16 Moderator Liu Fang Good afternoon, friends from the press. Welcome to today's press conference on foreign exchange receipts and payments data for the first three quarters of 2019. I am Liu Fang, deputy director of the General Affairs Department of the SAFE. We are pleased to have with us Ms. Wang Chunying, press spokesperson, chief economist, and director of the Department of Balance of Payments of the SAFE. She will first brief us on foreign exchange receipts and payments for the first three quarters of 2019. 2019-10-25 14:17 Wang Chunying Good afternoon, everybody. Welcome to today's press conference. I will first present to you China's foreign exchange receipts and payments data for the first three quarters of 2019 and then take your questions. 2019-10-25 14:17 Wang Chunying Over the first three quarters of 2019, due to the slowing global economy and mounting downside pressure, global financial markets have become more volatile. Nevertheless, China's economy has remained within a reasonable range, with major economic indicators meeting expectations and economic structure being optimized. Despite the heightened two-way fluctuations of the RMB exchange rate against the dollar, expectations have stayed stable. As a result, China has posted stable cross-border capital flows and balanced supply and demand in foreign exchange markets for the first three quarters of 2019. 2019-10-25 14:17 Wang Chunying In the same period, banks settled USD 1.38 trillion and sold USD 1.43 trillion in foreign exchange, representing a deficit of USD 48.2 billion; and banks received USD 2.632 trillion and paid USD 2.629 trillion in foreign exchange for customers in foreign-related transactions, representing a surplus of USD 2.6 billion. 2019-10-25 14:17 Wang Chunying China's foreign exchange receipts and payments presented the following features in the period: first, a shrinking deficit has been observed in banks' settlements and sales of foreign exchange while a surplus has been recorded in banks' foreign exchange receipts and payments for customers for foreign-related transactions. Since the second half of 2018, despite a complex external environment and increased uncertainty, a contracting deficit has been observed in China's foreign exchange sales and settlements. In the first three quarters, a deficit of USD 48.2 billion was recorded in banks' foreign exchange settlements and sales, down by 54% from the second half of 2018 by monthly average. In the same period, a surplus of USD 2.6 billion was registered in banks' foreign-related foreign exchange receipts and payments for customers, versus a deficit for the second half of 2018. 2019-10-25 14:18 Wang Chunying Second, the supply and demand in foreign exchange markets have been in balance. In the first three quarters, a monthly average deficit of USD 5.4 billion was recorded in banks' foreign exchange settlements and sales, but with forward settlements and sales and options considered, the supply and demand were in an equilibrium. The deficit for the third quarter contracted by 38% from that of the second quarter, or by 64% year-on-year, which is a strong indicator of increased stability of foreign exchange markets. 2019-10-25 14:18 Wang Chunying Third, the foreign exchange sales ratio has stayed stable and foreign exchange financing by enterprises has become steadier. In the first three quarters, the foreign exchange sales ratio that measures customers' desire to buy foreign exchange, or the ratio of foreign exchange customers bought from banks to their foreign-related foreign exchange payments, stood at 67%, consistent with that of the second half of 2018. Meanwhile, the decline in domestic foreign exchange loans by enterprises narrowed. As at the end of September, the outstanding foreign exchange loans in Chinese banks fell by USD 12.3 billion from the figure of the beginning of the year, compared with a drop of USD 59.9 billion in the second half of 2018. Further, foreign exchange financing under foreign trade has stabilized. As at the end of September, the balance of cross-border financing for imports denominated in foreign currencies including refinancing and usance letter of credit contracted by a slight USD 1 billion from the end of 2018, versus a drop of USD 13.2 billion in the second half of 2018. 2019-10-25 14:18 Wang Chunying Fourth, the settlement ratio has risen steadily and market players' foreign exchange deposits have fallen. In the first three quarters, the settlement ratio that measures customers' desire to settle their foreign exchange, or the ratio of foreign exchange customers sold to banks to their receipts of foreign exchange from foreign-related transactions, was 65%, up by 0.6 percentage point from the second half of 2018. Foreign exchange deposits of market players, companies and individuals alike, have dropped. By the end of September, the balance of domestic foreign exchange deposits with banks was USD 32.4 billon lower than that of the end of 2018. 2019-10-25 14:18 Wang Chunying Fifth, a surplus has been observed in banks' forward settlements and sales of foreign exchange. In the first three quarters, banks' forward settlements and sales of foreign exchange represented a surplus of USD 105.5 billion, versus a deficit of USD 45.3 billion in the same period last year. A surplus in the contract amount for forward settlements and sales of foreign exchange reached USD 34.5 billion, USD 43.2 billion, and USD 27.8 billion in the first, second and third quarter respectively. 2019-10-25 14:18 Wang Chunying Sixth, the balance of foreign exchange reserves has risen steadily. By the end of September 2019, the balance of foreign exchange reserves amounted to USD 3.0924 trillion, USD 19.7 billion more than that of the beginning of the year. 2019-10-25 14:18 Wang Chunying These are what I am supposed to present today. Now I would like to answer your questions. 2019-10-25 14:38 Xinhua News Agency As the global economy slows down and global financial markets become more volatile, how have China's cross-border capital flows performed? What would you say about the future trends? 2019-10-25 14:39 Wang Chunying In the year to date, China's foreign exchange markets have stayed stable amid the complex and changing external environment. First, the supply and demand has been in balance. According to the data released just now, banks' settlements and sales of foreign exchange for the first three quarters represented a monthly average deficit of USD 5.4 billion, much lower than those of the previous years and accounting for only 1.8% of the monthly average of banks' sales and settlements of foreign exchange, indicating an equilibrium. The non-banking sector's cross-border receipts and payments represented a slight surplus and foreign exchange reserves rose steadily. All these indicators, whether for supply and demand, cross-border receipts and payments, or the balance of payments, show that China's foreign exchange markets have been generally stable and balanced in the year to date. 2019-10-25 14:39 Wang Chunying Second, the RMB exchange rate has remained stable against other currencies. In the first three quarters, the central parity rate of the yuan against the dollar depreciated by 3.0%, and the CFETS RMB Index fell by 1.9%. In the meanwhile, the USD index rose by 3.3% while the EMCI index dropped by 3.1%. All of these show that the RMB exchange rate is still stable. 2019-10-25 14:39 Wang Chunying Third, market players' cross-border investing and financing activities and their desire to settle or sell foreign exchange have remained stable. On the one hand, foreign capital has continued to flow in. According to the statistics of the Ministry of Commerce, for example, China used USD 100.8 billion in foreign capital under direct investment in the first three quarters, up by 2.9% year-on-year. Statistics from the SAFE show that, under securities investment, overseas investors bought an extra USD 71.3 billion in bonds net and an extra USD 18.5 billion in listed stocks net in the first three quarters. On the other hand, China's outbound investment has been stable and in a good order. Statistics from the Ministry of Commerce show that the non-financial sector made ODI of USD 81 billion in the first three quarters, consistent with that of the same period last year. Besides, statistics from the SAFE show that foreign exchange purchased by individuals contracted by 20% net year-on-year. 2019-10-25 14:39 Wang Chunying Now I would like to share with you my ideas why China's foreign exchange markets could sustain stability in the year to date. First, economic fundamentals have provided a strong support. While the global economy is slowing down, China's economy has delivered a good performance. It continues adopting the positive fiscal policy and robust monetary policy and deepens the supply-side structural reform, effectively shoring up economic stability. 2019-10-25 14:39 Wang Chunying Second, the policies that encourage opening wider to the outside world have continued to take positive effects. Since the beginning of this year, a range of policies for opening wider to the outside world have been introduced such as the new foreign investment law, the updated negative list for market access of foreign investment, and the removal of foreign shareholding restrictions for securities and fund companies, which have provided a strong boost to market confidence. In the global business environment ranking unveiled by the World Bank yesterday, China has moved up by a further 15 places from last year's position, which climbed by 32 places year-on-year. 2019-10-25 14:39 Wang Chunying Third, the foreign exchange market's self-adjustment capability has been improving. Recent data shows China's foreign exchange markets have been maturing and market players have become more sensible. For example, as the RMB exchange rate became increasingly fluctuating in the past few months, market players settled their foreign exchange when the RMB foreign exchange rate was high and purchased foreign exchange when the rate was low, which helped to regulate the supply and demand of foreign exchange and curb the exchange rate volatility and in turn facilitate market stability. Despite the complexities of the external environment, we have observed some positive factors, such as loose monetary policies around the world, moderate spread between domestic and overseas interest rates, and continued China-US trade talks, which are positive signs to the market. 2019-10-25 14:40 Wang Chunying Overall, we believe these factors including strong economic fundamentals, continuity of the policies that encourages opening wider to the outside world, and the maturing markets will dominate the performance of China's foreign exchange markets in the future and help to maintain stability in China's cross-border capital flows. 2019-10-25 14:53 People.cn The current account surplus increased in the first half of 2019. Could you explain why? And what will be the future trends? 2019-10-25 14:53 Wang Chunying Generally speaking, China's current account has maintained a basic equilibrium amid small fluctuations. In the first half, a surplus of USD 88.2 billion was observed under the current account, accounting for 1.3% of China's GDP. In comparison, a deficit of USD 28.8 billion was observed in the first half of 2018 and a surplus of USD 77.9 billion in the second half. But actually, they were all within the reasonable range of a basic equilibrium. As a result, despite the complex external environment, China's current account has shown strong adaptability and stability recently. 2019-10-25 14:54 Wang Chunying The increasing balance of the current account in the year to date is a result of the combined changes in trade in goods, trade in services and returns on investment. First, a larger surplus was registered under trade in goods, amounting to USD 208.4 billion in the Balance of Payments in the first half, up by 34% year-on-year. Second, a lower deficit was recorded under trade in services, reaching USD 129.3 billion in the first half, down by 12% year-on-year. Third, returns on investment were improved, representing a slight surplus of USD 1.5 billion in the first half, versus a deficit for the same period last year. 2019-10-25 14:54 Wang Chunying In the near future, China's current account is expected to remain in the reasonable range. First, trade in goods will maintain a reasonable surplus. A host of factors can help to sustain export stability in China: first, the diversification of export markets is delivering impacts. In dollar terms, China's export to ASEAN grew by 9.5% and to Africa, rose by 5.9% in the first three quarters, which are much higher than its overall export growth, indicating companies are proactively expanding their markets and optimizing their global presence. Second, trade facilitation and the initiatives to boost foreign trade growth such as the requirements to implement the reform of "combining power delegation with regulation & optimizing services", the incubation of new growth dynamics for foreign trade and the strengthening of core competitiveness, will continue to take effect. Third, the manufacturing sector, featuring a wide variety of sub-sectors, sound supporting facilities, increasing productivity and deep integration into the global industry chain, is being transitioned and upgraded, and will continue to lay a solid foundation for China-made products to sustain their competitiveness. In addition, China and the US have moved on with their trade talks. 2019-10-25 14:54 Wang Chunying A review of trade in service and returns on investment shows that the deficits are shrinking, which will enable them to continue to shore up the current account stability. On the one hand, the history of major countries shows that, with the changes in residents' concept of consumption and the strengthening of a country's soft power, expenditures for trade in service like overseas tourism will grow and then stabilize, and therefore, the deficit in trade in service will not grow as quickly as before. On the other hand, China has been committed to optimizing its foreign investment structure in recent years. With a growing share, direct investment will help drive up returns on outbound investment and in turn increase returns on investment. 2019-10-25 14:54 Wang Chunying Overall, China's current account is now in a basic equilibrium, and will possibly continue and sustain this pattern in the future. 2019-10-25 15:11 CBN Daily The Balance of Payments shows high net errors and omission in the first half of 2019. Could you tell us why? Does this point to high capital outflows? 2019-10-25 15:11 Wang Chunying Thank you for your questions. As the preparer and analyst of the Balance of payments and policymaker, we have also paid close attention to this issue. 2019-10-25 15:11 Wang Chunying "Net errors and omission" is a standard component of the Balance of Payments. By nature it is a netting item that is susceptible to the impact from the current account, and the capital and financial account. According to international practices, the Balance of Payments is a double-entry accounting statement, with "net errors and omission" created to balance debits and credits therein. In fact, "net errors and omission" is a residual item since all items in the Balance of Payments may have "net errors and omission". 2019-10-25 15:11 Wang Chunying For an economy frequently involved in foreign-related businesses, the large size and high frequency of cross-border transactions poses a great challenge to statistical work, leaving high "net errors and omission" sometimes. This challenge is not confronted by China alone. Any economies that are engaged in large and frequent cross-border transactions are facing this challenge. In the US, for example, the "net errors and omission" hit USD 99.5 billion in the first quarter of this year, accounting for 9% of the total trade in goods in the Balance of Payments. With increasing communications with the rest of the world, China's foreign-related economy has grown rapidly, in terms of both the number of declarers and the size of foreign-related transactions. In 2018, millions of players declared a total of nearly 50 million foreign-related transactions. Such fragmented distribution has rarely been seen in the world. As a result, long-term careful efforts are needed in the promotion of concepts on the declarations of the BOP statistics, data collection and improvement of data quality. Moreover, the preparation of BOP is also a complex and systematic task. Apart from the breakdown data or aggregate data collected by banks, we also use the data collected in corporate sample surveys as well as from other departments. These data, with different concepts, coverage, and recording principles, may result in "net errors and omission" when synthesized in the Balance of Payments. 2019-10-25 15:11 Wang Chunying Therefore, you can understand that "net errors and omission" is a statistical issue occurring in preparing the Balance of Payments, not about cross-border capital flows. The SAFE has surely paid close attention to this issue and been studying a more scientific statistical approach, with a view to ensuring the integrity, timeliness and accuracy of BOP statistics at a lower cost and in a more reliable way by reducing misjudgment based on "net errors and omission". We also expect you to do objective analysis instead of blindly mistaking "net- errors and omission" for capital flows. In addition, the SAFE will continue to oversee data collection, processing and cleaning to improve data quality further. Thank you. 2019-10-25 15:26 China News Service China's full-scale outstanding external debt is nearing USD 2 trillion. What would you say about this? How to assess the risks ensued? 2019-10-25 15:26 Wang Chunying China's outstanding external debt for the second quarter reportedly amounted to USD 1.9980 trillion, which is close to USD 2 trillion. But based on our judgment, China's external debt risk is controllable on the whole. I would explain this in several dimensions. 2019-10-25 15:27 Wang Chunying First, China's external debt is modest compared with other major countries, in both absolute and relative terms. Along with economic growth and the advance of globalization, it is natural that one country's external debt will grow steadily, especially in a large economy whose debt is huge too. This is an indication of a country's comprehensive use of both domestic and foreign resources for reasonable and effective resource allocation. For China, its debt is modest in absolute terms and at a lower-middle level in relative terms, as compared with other major countries. In absolute terms, China was ranked No. 12 globally by outstanding external debt by the end of 2018, which was 10 times lower than that of the US, 4 times lower than the UK, and 2 times lower than Japan, according to the World Bank's statistics. In relative terms, China's outstanding external debt accounted for 14% of national income by the end of 2018, ranking below No. 150 globally, according to incomplete statistics. Further, the liability ratio and debt ratio of its external debt are within the internationally recognized safe ranges and lower than the overall levels of developed and emerging market economies. 2019-10-25 15:27 Wang Chunying Second, China's external debt and external assets have both grown in an orderly and coordinated way. International experience shows that to measure external debt risk and external vulnerabilities, focus should be on the size and solvency of external assets. In the International Investment Position released by the SAFE, China's external assets totaled USD 7.4 trillion by the end of June 2019, up by 16% from the end of 2014; its external debt reached USD 5.4 trillion, up by 12% from the end of 2014, a bit lower than that of assets. What's more, its external debt growth is slowing down. By the end of June 2019, its outstanding external debt rose by 1.7% from that of the end of 2018, much lower than those of the previous years. 2019-10-25 15:27 Wang Chunying Third, as for growth trends, China's external debt, with a remarkably optimized structure, has been further stabilized, which is indicated in several aspects. By maturity, China's external debt growth has chiefly stemmed from middle and long-term debt in recent years. By the end of June 2019, outstanding middle and long-term external debt rose by 63% from the figure of the end of 2014, and its share in total outstanding debt was 12 percentage points higher than that of the end of 2014, while outstanding short-term external debt dropped 6% at the same time. By debt instrument, increase in debt securities has been the main driver of the stable growth in external debt. At the end of June, the balance of debt securities was 2.3 times more than that of the end of 2014, and its share was 24%. As foreign investors invest in debt securities mainly to diversify their asset allocation, debt securities grew and stayed stable in 2015 despite shrinking external debt. By currency, the recent external debt increased is chiefly denominated in RMB. As at the end of June, outstanding RMB external debt rose by USD 38.7 billion from the end of 2018 while external debt denominated in foreign currencies fell by USD 5.9 billion. For the moment, the RMB external debt accounts for one third of China's total external debt, indicating foreign investors' confidence and recognition in China's economic growth and RMB assets. 2019-10-25 15:27 Wang Chunying Therefore, we would say China's external debt risk is basically controllable. 2019-10-25 15:34 China Securities Journal What would you say about the impact of the recent reform to QFII and RQFII programs by the SAFE on China's cross-border capital flows and balance of payments? How to mitigate relevant risks? 2019-10-25 15:34 Wang Chunying With the approval of the State Council, we have decided to remove the investment quota limits on qualified foreign investors. As a key reformative initiative during the course of financial liberalization in China, this will facilitate stable cross-border capital flows and structural optimization of the balance of payments. 2019-10-25 15:34 Wang Chunying First, this will help to attract more foreign capital into China. With the removal of investment quota limits on QFIIs and RQFIIs, qualified foreign investors will only need to register with foreign exchange authorities and then can remit money to invest in securities in compliance with regulations. As a result, it will be much more convenient for foreign investors to invest in China's financial markets, and China's bond markets and equity markets will be recognized by the international community to a larger extent. 2019-10-25 15:34 Wang Chunying Second, this will increase the stability of foreign investments in China. Our dozen years of observation and monitoring shows that those investing in China's capital markets through QFII and RQFII programs are mostly value-oriented long-term investors. With a robust investment philosophy, they pursue middle and long-term returns, rather than short-term gains through frequent transactions. Even when cross-border capital flows fluctuated sharply, foreign investment through QFII and RQFII programs remained stable. The removal of quota limits on these quality investors will facilitate capital inflows and further attraction of long-term quality investors to invest in China. 2019-10-25 15:35 Wang Chunying Third, this will provide a boost to the development of China's financial markets. In a broader sense, this reform will continue to help improve the structure of domestic investors and their transaction style, and contribute to the long-term evolution of China's financial markets. 2019-10-25 15:35 Wang Chunying As the financial market is being liberalized, we are confident in keeping China's foreign exchange market stable. I would like to share with you a couple of figures. With the increase in the balance of payments and the optimization of transaction structure, China's risk resilience is improving. For example, from 2002 when the QFII program was launched to the current removal of quota limits, China's balance of payments expanded from USD 810 billion to more than USD 6.6 trillion in 2018, which is sufficient to offset the impact from the opening up of securities markets. Certainly the capital account is opened up in a proactive, step-by-step and controllable manner, and we will continue to intensify monitoring, early warning and analysis. We will assess market conditions in prompt response to domestic and overseas developments, to guard against risks arising from cross-border capital flows. 2019-10-25 15:35 Moderator Liu Fang Thank you, Ms. Wang. Also thanks to the friends from the press for your attention and participation. Thank you all for your support for the SAFE. This is the end of today's press conference. Thank you for coming. (The original text is available on people.cn) 2019-10-25/en/2019/1025/1587.html
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In the third quarter of 2019, China's current account registered a surplus of RMB 383.8 billion, including a surplus of RMB 944.5 billion under trade in goods, a deficit of RMB 506.0 billion under trade in services, a deficit of RMB 70.0 billion under primary income and a surplus of RMB 15.3 billion under secondary income. In the capital and financial accounts, foreign direct investment recorded a deficit of RMB 52.1 billion. In the first three quarters of 2019, China's current account registered a surplus of RMB 982.2 billion, including a surplus of RMB 2358.3 billion under trade in goods, a deficit of RMB 1382.7 billion under trade in services, a deficit of RMB 45.6 billion under primary income and a surplus of RMB 52.2 billion under secondary income. In the capital and financial accounts, foreign direct investment recorded a surplus of RMB 185.6 billion. In the US dollar terms, in the third quarter of 2019, China's current account registered a surplus of USD 54.9 billion, including a surplus of USD 135.2 billion under trade in goods, a deficit of USD 72.4 billion under trade in services, a deficit of USD 10.0 billion under primary income and a surplus of USD 2.2 billion under secondary income. In the capital and financial accounts, foreign direct investment recorded a deficit of USD 7.5 billion. In the US dollar terms, in the first three quarters of 2019, China's current account registered a surplus of USD 143.2 billion,including a surplus of USD 343.5 billion under trade in goods, a deficit of USD 201.7 billion under trade in services, a deficit of USD 6.3 billion under primary income and a surplus of USD 7.6 billion under secondary income. In the capital and financial accounts, foreign direct investment recorded a surplus of USD 27.7 billion. In SDR terms, in the third quarter of 2019, China's current account registered a surplus of SDR 40.0 billion, including a surplus of SDR 98.4 billion under trade in goods, and a deficit of SDR 52.7 billion under trade in services. In the capital and financial accounts, foreign direct investment recorded a deficit of SDR 5.4 billion. In SDR terms, in the first three quarters of 2019, China's current account registered a surplus of SDR 103.5 billion, includinga surplus of SDR 248.5 billion under trade in goods, and a deficit of SDR 145.8 billion under trade in services. In the capital and financial accounts, foreign direct investment recorded a surplus of SDR 19.9 billion. China's Balance of Payments (Preliminary Data) Unit:RMB 100 million Item Line No. Q3 2019 First 3 quarters, 2019 1. Current account 1 3,838 9,822 Credit 2 53,209 148,860 Debit 3 -49,372 -139,038 1. A Goods and Services 4 4,385 9,756 Credit 5 48,559 134,593 Debit 6 -44,174 -124,836 1.A.a Goods 7 9,445 23,583 Credit 8 44,375 122,369 Debit 9 -34,930 -98,787 1.A.b Services 10 -5,060 -13,827 Credit 11 4,183 12,223 Debit 12 -9,244 -26,050 1.A.b.1 Processing services 13 264 790 Credit 14 272 808 Debit 15 -8 -18 1.A.b.2 Maintenance and Repair Services 16 48 347 Credit 17 123 530 Debit 18 -75 -183 1.A.b.3 Transport 19 -1,153 -3,022 Credit 20 813 2,312 Debit 21 -1,966 -5,334 1.A.b.4 Travel 22 -4,003 -11,484 Credit 23 624 1,790 Debit 24 -4,627 -13,274 1.A.b.5 Construction 25 68 237 Credit 26 233 709 Debit 27 -165 -472 1.A.b.6 Insurance and Pension Services 28 -111 -333 Credit 29 80 218 Debit 30 -192 -551 1.A.b.7 Financial Services 31 17 65 Credit 32 56 184 Debit 33 -39 -119 1.A.b.8 Charges for the Use of Intellectual Property 34 -496 -1,455 Credit 35 109 342 Debit 36 -605 -1,796 1.A.b.9 Telecommunications, Computer, and Information Services 37 143 355 Credit 38 637 1,731 Debit 39 -494 -1,376 1.A.b.10 Other Business Services 40 301 970 Credit 41 1,197 3,474 Debit 42 -897 -2,504 1.A.b.11 Personal, Cultural, and Recreational Services 43 -61 -160 Credit 44 13 44 Debit 45 -74 -203 1.A.b.12 Government Goods and Services n.i.e 46 -76 -139 Credit 47 26 82 Debit 48 -102 -221 1.B Primary Income 49 -700 -456 Credit 50 4,199 12,939 Debit 51 -4,900 -13,396 1.C Secondary Income 52 153 522 Credit 53 451 1,328 Debit 54 -298 -806 2. Capital and Financial Accounts (Including Net Errors and Omissions for the Quarter) 55 -3,838 -926 2.1 Capital Account 56 -17 -23 Credit 57 3 11 Debit 58 -19 -33 2.2. Financial Account (Including Net Errors and Omissions for the Quarter) 59 -3,821 -903 2.2.1 Financial Account (Excluding Reserve Assets, But Including Net Errors and Omissions for the Quarter) 60 -4,900 -1,825 Including: 2.2.1.1 Direct Investment 61 -521 1,856 2.2.1.1.1 Assets 62 -1,578 -4,749 2.2.1.1.2 Liabilities 63 1,057 6,605 2.2.2 Reserve Assets 64 1,079 922 2.2.2.1 Monetary gold 65 0 0 2.2.2.2 Special drawing rights 66 -13 -21 2.2.2.3 Reserve position in the IMF 67 -24 -8 2.2.2.4 Foreign exchange reserves 68 1,115 951 2.2.2.5 Other reserves 69 0 0 3. Net Errors and Omissions 70 / -8,896 Note: 1. The table is compiled according to BPM6. 2. "Credit" is presented as positive value while "debit" as negative value, and the balance is the sum of the "Credit" and the "Debit". All items herein refer to balances,unless marked with "Credit" or "Debit". 3.The RMB denominated BOP statement is converted from the USD denominated BOP statement for the quarter using the quarterly average central parity rate of RMB against USD. 4. The preliminary data for the first three quarters of 2019 is the sum of the formal data of the BOP for Q1 and Q2 2019 and the preliminary data for Q3 2019. 5. This table employs rounded-off numbers. China's Balance of Payments (Preliminary Data) Unit:USD 100 million Item Line No. Q3 2019 First 3 quarters, 2019 1. Current account 1 549 1,432 Credit 2 7,615 21,719 Debit 3 -7,066 -20,287 1. A Goods and Services 4 628 1,418 Credit 5 6,949 19,635 Debit 6 -6,322 -18,217 1.A.a Goods 7 1,352 3,435 Credit 8 6,351 17,850 Debit 9 -4,999 -14,415 1.A.b Services 10 -724 -2,017 Credit 11 599 1,785 Debit 12 -1,323 -3,802 1.A.b.1 Processing services 13 38 115 Credit 14 39 118 Debit 15 -1 -3 1.A.b.2 Maintenance and Repair Services 16 7 51 Credit 17 18 78 Debit 18 -11 -27 1.A.b.3 Transport 19 -165 -441 Credit 20 116 337 Debit 21 -281 -778 1.A.b.4 Travel 22 -573 -1,676 Credit 23 89 261 Debit 24 -662 -1,938 1.A.b.5 Construction 25 10 35 Credit 26 33 104 Debit 27 -24 -69 1.A.b.6 Insurance and Pension Services 28 -16 -49 Credit 29 11 32 Debit 30 -27 -80 1.A.b.7 Financial Services 31 2 10 Credit 32 8 27 Debit 33 -6 -17 1.A.b.8 Charges for the Use of Intellectual Property 34 -71 -212 Credit 35 16 50 Debit 36 -87 -262 1.A.b.9 Telecommunications, Computer, and Information Services 37 21 52 Credit 38 91 253 Debit 39 -71 -201 1.A.b.10 Other Business Services 40 43 142 Credit 41 171 507 Debit 42 -128 -365 1.A.b.11 Personal, Cultural, and Recreational Services 43 -9 -23 Credit 44 2 6 Debit 45 -11 -30 1.A.b.12 Government Goods and Services n.i.e 46 -11 -20 Credit 47 4 12 Debit 48 -15 -32 1.B Primary Income 49 -100 -63 Credit 50 601 1,890 Debit 51 -701 -1,953 1.C Secondary Income 52 22 76 Credit 53 65 194 Debit 54 -43 -118 2. Capital and Financial Accounts (Including Net Errors and Omissions for the Quarter) 55 -549 -120 2.1 Capital Account 56 -2 -3 Credit 57 0 2 Debit 58 -3 -5 2.2. Financial Account (Including Net Errors and Omissions for the Quarter) 59 -547 -116 2.2.1 Financial Account (Excluding Reserve Assets, But Including Net Errors and Omissions for the Quarter) 60 -701 -247 Including: 2.2.1.1 Direct Investment 61 -75 277 2.2.1.1.1 Assets 62 -226 -693 2.2.1.1.2 Liabilities 63 151 970 2.2.2 Reserve Assets 64 154 130 2.2.2.1 Monetary gold 65 0 0 2.2.2.2 Special drawing rights 66 -2 -3 2.2.2.3 Reserve position in the IMF 67 -3 -1 2.2.2.4 Foreign exchange reserves 68 160 134 2.2.2.5 Other reserves 69 0 0 3. Net Errors and Omissions 70 / -1,312 Note: 1. The table is compiled according to BPM6. 2. "Credit" is presented as positive value while "debit" as negative value, and the balance is the sum of the "Credit" and the "Debit". All items herein refer to balances,unless marked with "Credit" or "Debit". 3. The preliminary amount for the first three quarters of 2019 is the sum of the formal data of the BOP for Q1 and Q2 2019 and the preliminary data for Q3 2019. 4. This table employs rounded-off numbers. China's Balance of Payments (Preliminary Data) Unit:SDR 100 million Item Line No. Q3 2019 First 3 quarters, 2019 1. Current account 1 400 1,035 Credit 2 5,542 15,700 Debit 3 -5,142 -14,665 1. A Goods and Services 4 457 1,027 Credit 5 5,057 14,194 Debit 6 -4,601 -13,167 1.A.a Goods 7 984 2,485 Credit 8 4,622 12,904 Debit 9 -3,638 -10,420 1.A.b Services 10 -527 -1,458 Credit 11 436 1,290 Debit 12 -963 -2,748 1.A.b.1 Processing services 13 27 83 Credit 14 28 85 Debit 15 -1 -2 1.A.b.2 Maintenance and Repair Services 16 5 37 Credit 17 13 56 Debit 18 -8 -19 1.A.b.3 Transport 19 -120 -319 Credit 20 85 244 Debit 21 -205 -562 1.A.b.4 Travel 22 -417 -1,212 Credit 23 65 189 Debit 24 -482 -1,400 1.A.b.5 Construction 25 7 25 Credit 26 24 75 Debit 27 -17 -50 1.A.b.6 Insurance and Pension Services 28 -12 -35 Credit 29 8 23 Debit 30 -20 -58 1.A.b.7 Financial Services 31 2 7 Credit 32 6 19 Debit 33 -4 -13 1.A.b.8 Charges for the Use of Intellectual Property 34 -52 -153 Credit 35 11 36 Debit 36 -63 -189 1.A.b.9 Telecommunications, Computer, and Information Services 37 15 37 Credit 38 66 183 Debit 39 -51 -145 1.A.b.10 Other Business Services 40 31 102 Credit 41 125 367 Debit 42 -93 -264 1.A.b.11 Personal, Cultural, and Recreational Services 43 -6 -17 Credit 44 1 5 Debit 45 -8 -21 1.A.b.12 Government Goods and Services n.i.e 46 -8 -15 Credit 47 3 9 Debit 48 -11 -23 1.B Primary Income 49 -73 -47 Credit 50 437 1,366 Debit 51 -510 -1,412 1.C Secondary Income 52 16 55 Credit 53 47 140 Debit 54 -31 -85 2. Capital and Financial Accounts (Including Net Errors and Omissions for the Quarter) 55 -400 -90 2.1 Capital Account 56 -2 -2 Credit 57 0 1 Debit 58 -2 -4 2.2. Financial Account (Including Net Errors and Omissions for the Quarter) 59 -398 -88 2.2.1 Financial Account (Excluding Reserve Assets, But Including Net Errors and Omissions for the Quarter) 60 -510 -183 Including: 2.2.1.1 Direct Investment 61 -54 199 2.2.1.1.1 Assets 62 -164 -501 2.2.1.1.2 Liabilities 63 110 700 2.2.2 Reserve Assets 64 112 95 2.2.2.1 Monetary gold 65 0 0 2.2.2.2 Special drawing rights 66 -1 -2 2.2.2.3 Reserve position in the IMF 67 -3 -1 2.2.2.4 Foreign exchange reserves 68 116 98 2.2.2.5 Other reserves 69 0 0 3. Net Errors and Omissions 70 / -945 Notes: 1. The table is compiled according to BPM6. 2. "Credit" is presented as positive value while "debit" as negative value, and the balance is the sum of the "Credit" and the "Debit". All items herein refer to balances,unless marked with "Credit" or "Debit". 3. The SDR denominated quarterly BOP statementis converted from the USD denominated BOP statement for the quarter using the quarterly average exchange rate of SDR against USD. 4. The preliminary data for the first three quarters of 2019 is the sum of the formal data of the BOP for Q1 and Q2 2019 and the preliminary data for Q3 2019. 5. This table employs rounded-off numbers. 2019-11-08/en/2019/1108/1589.html
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In accordance with the Regulations of the People's Republic of China on Foreign Exchange Administration and the Announcement No. 8 [2013] of the People's Bank of China, this is to notify relevant issues regarding further facilitating investments by foreign institutional investors in domestic interbank bond markets. I. The same foreign institutional investor may, based on its own investment management need, conduct two-way non-trading transfers between the inter-bank bonds in its bonds account invested through the Qualified Foreign Institutional Investor (QFII) program or the RMB Qualified Foreign Institutional Investor (RQFII) program (collectively known as QFII/RQFII) and those in the bonds account invested directly in the inter-bank bonds market. (1) Foreign institutional investors shall apply to China Central Depository & Clearing Co., Ltd. or Shanghai Clearing House (collectively known as depositary, custodian and settlement institutions) via their domestic QFII/RQFII custodian banks or settlement agents for direct investments for non-trading transfers of the bonds they have bought from domestic interbank bond markets. For the required materials and relevant processes, please follow the business guidelines released by the depositary, custodian and settlement institutions. (2) Subsequent transactions and exchanges after the transfer shall follow relevant management requirements of subsequent channels. (3) The depositary, custodian and settlement institutions shall regularly report non-trading transfers to the People's Bank of China. II. Funds in the same foreign institutional investor's QFII/RQFII custodian account and those in its direct investment account could be transferred in two ways directly within China. (1) The foreign institutional investor shall apply to its domestic QFII/RQFII custodian bank for transferring the fund from QFII/RQFII custody account to its direct investment account, or apply to its settlement agents for direct investment for transferring the fund from its direct investment account to its QFII/RQFII custody account. (2) Upon completion of the fund transfer between QFII/RQFII and direct investment channels, subsequent transactions and exchanges shall follow relevant management requirements of subsequent channels. III. In accordance with this circular and their own responsibilities, domestic custodian banks and settlement agents shall provide services relating to non-trading transfers and fund transfers, data reporting and monitoring with regard to the bonds bought by foreign institutional investors. The domestic custodian banks and settlement agents shall report the fund transfers by foreign institutional investors to the RMB cross-border receipts and payments information management system, in accordance with the Management Measures for the RMB Cross-border Receipts and Payments Information Management System (Yinfa No. 126 [2017]), and the Circular of the General office of the People's Bank of China on Refining the Interbank Business Data Reporting Processes in the RMB Cross-border Receipts and Payments Information Management System (Yinbanfa No. 118 [2017]). IV. Investments in domestic inter-bank bonds market made by the same foreign institutional investor through the QFII/RQFII and direct divestment channels will be filed only once with the People's Bank of China Shanghai Head Office via the investor's domestic QFII/RQFII custodian bank or settlement agent for direct investment. V. Foreign central banks, international financial organizations, sovereign wealth funds shall also follow this circular for such non-trading transfers and domestic fund transfers for bonds between QFII/RQFII and direct investment channels. VI. If a foreign institutional investor opens an account under the name of the products it manages, the products shall be the same non-legal-person products. VII. This circular will become effective as of November 15, 2019. In case of any inconsistency between existing regulations and this circular, this circular shall prevail. The People's Bank of China, State Administration of Foreign Exchange September 30, 2019 2019-10-16/en/2019/1030/1584.html
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To implement the decisions and arrangements of the CPC Central Committee and the State Council to expand opening-up and create a new landscape in all-around opening-up, the People's Bank of China (PBC) and the State Administration of Foreign Exchange (SAFE) have been steadily pressing ahead with the orderly opening-up of interbank bond markets in recent years. Foreign institutional investors now can invest in China's interbank bond markets directly or through the QFII program, the RQFII program and Bond Connect. To further facilitate investments by foreign institutions and respond to high-level opening-up requirements, the PBC and the SAFE have developed the Circular on Further Facilitating Investments by Foreign Institutional Investors in Interbank Bond Markets. According to the circular, non-trading transfers will be allowed between bonds invested directly and bonds invested through the QFII or RQFII program by the same foreign investor, with direct transfers also allowed between corresponding capital accounts. Such investments by the same foreign investor through the above channels need to be filed only once. Furthermore, with approval from the State Council, the PBC and the SAFE have recently removed the restrictions on pilot countries and regions for the RQFII program, as well as on the quotas for QFIIs/RQFIIs. This shows that policies for foreign institutional investors on investing interbank markets through different channels are converged in principle. These reform initiatives have further facilitated investments by foreign institutional investors and help boost the liberalization of China's financial markets in width and depth, and in turn fuel RMB internationalization. Next, the PBC and the SAFE will continue to introduce new initiatives for optimized management in accordance with the requirements of the CPC Central Committee and the State Council to support the high-level opening-up of financial markets. (The end) 2019-10-16/en/2019/1030/1583.html
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附件：人民币合格境外机构投资者（RQFII）投资额度审批情况表（截至2019年10月31日） 2019-11-08/shenzhen/2019/1108/587.html