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As shown in the statistics of the State Administration of Foreign Exchange (SAFE), in June 2023, the amount of foreign exchange settlement and sales by banks was RMB 1431.6 billion and RMB 1372.7 billion, respectively. During January to June 2023, the accumulative amount of foreign exchange settlement and sales by banks was RMB 7848.2 billion and RMB 7833.8 billion, respectively. In the US dollar terms, in June 2023, the amount of foreign exchange settlement and sales by banks was USD 200.3 billion and USD 192.0 billion, respectively. During January to June 2023, the accumulative amount of foreign exchange settlement and sales by banks was USD 1132.5 billion and USD 1130.7 billion, respectively. In June 2023, the amount of cross-border receipts and payments by non-banking sectors was RMB 3863.5 billion and RMB 3777.9 billion, respectively. During January to June 2023, the accumulative amount of cross-border receipts and payments by non-banking sectors was RMB 20974.6 billion and RMB 20652.6 billion, respectively. In the US dollar terms, in June 2023, the amount of cross-border receipts and payments by non-banking sectors was USD 540.4 billion and USD 528.4 billion, respectively. During January to June 2023, the accumulative amount of cross-border receipts and payments by non-banking sectors was USD 3025.9 billion and USD 2979.2 billion, respectively. Addendum: Glossary and relevant definitions Balance of payments (BOP) refers to all economic transactions between residents and non-residents. Foreign exchange settlement and sales by banks refers to settlement and sale transaction that bank executes for customers and for the banks themselves, including statistic data on settlements of forward contracts for foreign exchange settlement and sales and the exercises of option, and excluding the transactions in the interbank foreign exchange market. The statistic reporting date of Foreign exchange settlement and sales by banks should be the trade day of the Foreign exchange settlement and sales transaction. By definition, foreign exchange settlement means that foreign exchange holders sell foreign exchange to banks, and foreign exchange sales means that banks sell foreign exchange to foreign exchange buyers. The newly signed contract amount of forward foreign exchange settlement and sales refers to the binding forward contract between a bank and its client that predetermines foreign exchange currency, amount, exchange rate and tenor which to be executed upon maturity. The unwind amount of forward foreign exchange settlement and sales refers to, where client is unable to perform the original forward contract due to change in its real demand, client to fully or partially close its forward position by executing another deal with opposite direction to the original contract. The rolling amount of forward foreign exchange settlement and sales refers to client to adjust the settlement date of original contract due to change in its real demand. The outstanding amount of forward foreign exchange settlement and sales by the end of the current period refers to the total amount of forward contracts accumulated from all non-matured forward contracts with client. The net Delta exposure of outstanding options refers to the implied foreign exchange spot risk exposure from outstanding option contracts that bank executed with client. The cross-border receipts and payments by non-banking sectors refers to the receipts and payments between domestic non-banking sectors (including institutional and individual residents) and non-residents through domestic banks, excluding receipts and payments in cash. In particular, the statistics includes cross-border receipts and payments between non-banking sectors and non-residents through domestic banks (including RMB and foreign currency), and domestic receipts and payments between non-banking sectors and non-residents through domestic banks (temporarily excluding domestic receipts and payments in RMB between individual residents and non-resident individuals). Data are collected when customers conduct receipts and payments with non-resident counterparties at domestic banks. Specifically, the receipts refer to the capital of non-banking sectors received from non-residents via domestic banks; the payments refer to the capital of non-banking sectors paid to non-residents via domestic banks. 2023-07-21/en/2023/0721/2101.html
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The State Administration of Foreign Exchange (SAFE) recently released the Balance of Payments (BOP) for the first quarter of 2023 as well as the International Investment Position (IIP) at the end of March 2023. The SAFE deputy administrator and press spokesperson, Wang Chunying, answered media questions on relevant issues. Q: Could you brief us on China's BOP for the first quarter of 2023? A: In the first quarter of 2023, China's balance of payments maintained a general equilibrium. The current account surplus reached the highest record for the same period in history and stood at USD 81.5 billion, with its ratio to Gross Domestic Product (GDP) reaching 2.0%, which remains within a reasonable and balanced range. Firstly, the trade surplus in goods and the scale of exports and imports all reached the second-highest levels in history for the same period. In the first quarter of 2023, China's national economy continued to recover, with a good start in economic performance. Trade in goods on a BOP basis posted a surplus of USD 129.9 billion, with exports of USD 739.2 billion and imports of USD 609.2 billion. All three figures are the second-highest in history during the same period of time. Secondly, the trade deficit in services, such as traveling and transportation, expanded. In the first quarter, the trade deficit in services registered USD 47.2 billion. More specifically, the travel deficit was USD 43.4 billion, an increase of 58% year-on-year, mainly due to residents' gradual recovery of outbound travel, which drove up travel spending. The transportation deficit was USD 19.1 billion, compared to a surplus of USD 3.3 billion in the same period last year, mainly due to the orderly recovery of global transport capacity and the gradual return of China's transportation services to pre-pandemic levels. Thirdly, the two-way cross-border investment remained stable. In the first quarter, China's outward investment was stable and orderly. The net increase in the financial account's assets was USD 99.8 billion, of which the reserve assets increased by USD 25.5 billion due to net transactions, and non-reserve financial account assets increased by USD 74.4 billion. The net increase in financial account liabilities was USD 23.5 billion, and foreign investment in China exhibited a net inflow. Overall, China adheres to the general principle of pursuing progress while ensuring stability in its work, and the economy's overall performance has rebounded and improved, which is conducive to maintaining a basic balance in international payments. Q: What can you say about China's IIP at the end of March 2023? A: By the end of March 2023, China's IIP remains robust, increasing both foreign financial assets and liabilities. China's reserve assets continue to rank first in the world in terms of size. Firstly, China's net external assets have increased in size. As of the end of March 2023, China's foreign assets amounted to USD 9445.7 billion, an increase of 2.0% from the end of 2022. Foreign liabilities amounted to USD 6880.4 billion, an increase of 2.3%. China's net external assets (assets minus liabilities) amounted to USD 2565.3 billion, an increase of 1.3% while maintaining continuous growth since the end of March 2022. Secondly, the structure of China's external financial assets and external liabilities remained sound. In the catalogue of China's external financial assets, China's reserve assets exceeded USD 3.4 trillion, ranking first globally. Over half of the foreign liabilities are direct investments in China, totaling USD 3.5 trillion, an increase of 1.2% from the end of 2022. 2023-06-30/en/2023/0630/2098.html
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The State Administration of Foreign Exchange (SAFE) has recently released the data on foreign exchange settlement and sales by banks as well as cross-border receipts and payments by non-banking sectors in May 2023. The SAFE Deputy Administrator and Press Spokesperson Wang Chunying answered media questions on China's foreign exchange receipts and payments of May 2023. Q: Could you brief us on China's foreign exchange receipts and payments in May 2023? A: The supply and demand of the foreign exchange market remained generally balanced. In May, the surpluses registered by foreign exchange settlement and sales by banks and cross-border receipts and payments by non-banking sectors (including enterprises and individuals) were USD 3.3 billion and USD 1.9 billion, respectively. Considering other supply and demand factors, China's foreign exchange market's overall supply and demand remained balanced. Market expectations remained stable, and transactions in China's foreign exchange market were conducted rationally and orderly. In May, the foreign exchange settlement rate (the ratio of foreign exchange sold by customers to banks to foreign exchange received by customers) reached 72%, roughly the same as the previous month. It reflects that the willingness of market entities to settle foreign exchange remained at a near one-year high, with an overall trend of engaging in rational trading by selling foreign exchange at high levels. Meanwhile, the foreign exchange sales rate (the ratio of foreign exchange purchased by customers from banks to foreign-related foreign exchange payments made by customers) reached 70.4%, down 0.7 percentage points compared to the previous month, indicating that the willingness of market entities to purchase foreign exchange remained generally stable. Cross-border capital flows through major channels were conducted rationally and orderly. Under the current account, the surplus registered by trade in goods in foreign-related receipts and payments increased by 23% compared to the previous month, contributing to the stabilization of cross-border capital flows. However, due to the slow recovery of cross-border travel by residents, there was an increase in the deficit in service trade in terms of foreign-related receipts and payments. Under the capital account, China continued to see a net inflow of foreign direct investment, while the domestic bond market attracted more foreign investment, indicating further improvement. Additionally, domestic entities' outbound direct investment and portfolio investment activities continued to be consistent and well-organized. Looking ahead, it is anticipated that China's economy will continue to grow with the help of well-coordinated macro policies, further strengthening its position in the foreign exchange market. The US dollar is unlikely to continue to rise as major developed economies finish their cycle of tightening monetary policy, and any associated spillover effects will progressively fade. Additionally, China's foreign exchange market has proven to be more resilient and better able to adapt to changes in the outside environment, resulting in stable and well-managed cross-border capital flows in China. 2023-06-15/en/2023/0615/2095.html
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The State Administration of Foreign Exchange (SAFE) recently released data on external debt at the end of March 2023. SAFE Deputy Administrator and Press Spokesperson Wang Chunying answered media questions on relevant issues. Q: Could you brief us on China's external debt in the first quarter of 2023? A: In the first quarter of 2023, China's external debt has rebounded slightly, with the structure remaining largely stable. By the end of March 2023, the total outstanding external debt (including domestic and foreign currencies) reached USD 2.4909 trillion, representing an increase of USD 38.1 billion or 2% from the end of 2022. Regarding currency structures, external debt in domestic currency accounted for 45% of China's total external debt, basically the same as at the end of 2022. Concerning the maturity structure, medium-and-long-term external debt accounted for 44%, down by one percentage point from the end of 2022. Q: What is your comment on China's external debt situation? A: China's economy has had a promising start, and the scale of its foreign debt has slightly increased. In the first quarter of 2023, China's economy got off to a good start, with social production and financing demand stabilizing and rebounding. Driven by the growth of bank currency and deposit balances, the scale of China's external debt has increased slightly. China's external debt is projected to stay stable in the future. As major developed economies slow down their monetary policy-tightening pace, the spillover effects are expected to weaken gradually. Meanwhile, China adheres to the general principle of pursuing progress while ensuring stability, and the overall improvement of its economic performance provides fundamental support for the stability of its external debt scale. SAFE will continue to promote the facilitation of cross-border investment and financing to serve the high-quality development of the real economy. 2023-06-30/en/2023/0630/2097.html
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On July 13, 2023, Mr. Pan Gongsheng, Secretary of CPC PBOC Committee and SAFE Administrator, met with Paul Chan Mo-po, Financial Secretary of the HKSAR. They exchanged views on economic and financial issues of common concern. Xuan Changneng, Deputy Governor of the PBOC, was also present at the meeting. 2023-07-13/en/2023/0713/2100.html
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On July 3, 2023, Pan Gongsheng, Secretary of CPC Committee at PBoC and SAFE Administrator, met with Mr. Rhee Chang Yong, the Governor of Bank of Korea. They exchanged views on issues of macroeconomic developments and financial cooperation between China and Korea. 2023-07-03/en/2023/0703/2093.html
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On July 5, 2023, Mr. Pan Gongsheng, Secretary of CPC PBC Committee and SAFE Administrator, met with Austrian National Bank Governor Robert Holzmann. They exchanged views on economic and financial issues of common interest. 2023-07-05/en/2023/0705/2096.html
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On July 7, 2023, Mr. Pan Gongsheng, Head of the PBOC, met with Secretary Janet L. Yellen of the U.S. Treasury. They exchanged views on economic and financial issues of mutual interest. Xuan Changneng, Deputy Governor of the PBOC, participated in the meeting. 2023-07-08/en/2023/0713/2099.html
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In April 2024, the export and import of China’s international trade in goods and services totalled RMB 4111.3 billion, up 13 percent over the same time last year. Of this, the export of goods recorded RMB 1906.1 billion and the import recorded RMB 1624.6 billion, resulting in a surplus of RMB 281.5 billion. The export of services recorded RMB 205.9 billion and the import recorded RMB 374.7 billion, resulting in a deficit of RMB 168.8 billion. In terms of the major items, the export and import of travel, transport, other business services, telecommunications, computer and information services registered RMB 179.9 billion, RMB 155.3 billion, RMB 95.7 billion and RMB 60.3 billion respectively. In the US dollar terms, in April 2024, the export and import of China’s international trade in goods and services were USD 297.4 billion and USD 281.6 billion respectively, with a surplus of USD 15.9 billion.(End) International Trade in Goods and Services of China April 2024 Item In 100 million of RMB In 100 million of USD Goods and services 1127 159 Credit 21120 2974 Debit -19993 -2816 1. Goods 2815 396 Credit 19061 2684 Debit -16246 -2288 2. Services -1688 -238 Credit 2059 290 Debit -3747 -528 2.1Manufacturing services on physical inputs owned by others 62 9 Credit 69 10 Debit -7 -1 2.2Maintenance and repair services n.i.e 11 2 Credit 63 9 Debit -52 -7 2.3Transport -435 -61 Credit 559 79 Debit -994 -140 2.4Travel -1352 -190 Credit 224 31 Debit -1576 -222 2.5Construction 2 0 Credit 80 11 Debit -78 -11 2.6Insurance and pension services -56 -8 Credit 3 0 Debit -59 -8 2.7Financial services 4 1 Credit 23 3 Debit -19 -3 2.8Charges for the use of intellectual property -179 -25 Credit 97 14 Debit -276 -39 2.9Telecommunications, computer and information services 106 15 Credit 354 50 Debit -249 -35 2.10Other business services 184 26 Credit 570 80 Debit -386 -54 2.11Personal, cultural, and recreational services -18 -3 Credit 8 1 Debit -27 -4 2.12Government goods and services n.i.e -17 -2 Credit 9 1 Debit -25 -4 Notes: 1. The international trade in goods and services in this table refers to the transactions between residents and non-residents, based on the same standard as that for BOP statement. The monthly data are preliminary and may be inconsistent with the quarterly data in the BOP statement. 2. The data on international trade in goods and services are prepared in USD, and the RMB data for the current month is derived by converting the USD data at the monthly average central parity rate of the RMB against the USD. 3. This table employs rounded-off numbers. Definition of Indicators: Goods and Services: refers to the trade in goods and services between residents and non-residents, which is based on the same standard as that for the BOP statement. 1. Goods: refers to transactions in goods whereby the economic ownership is transferred between the Chinese residents and non-residents. The credit side records export of goods, while the debit side records import of goods. The data of goods account are mainly from the customs statistics of imports and exports, but differ from the statistics of the customs mainly in the following aspects: first, the goods in the BOP statement only reflect the goods whose ownership has been transferred (e.g. goods under the trade modes such as general trade and processing trade with imported materials), while the goods whose ownership is not transferred (e.g. manufacturing services with supplied materials or with exported materials) are included in the statistics of trade in services instead of the statistics of trade in goods; second, as required by the BOP statistics, the goods imported and exported are valued on the FOB basis, but as required by the customs, the goods exported are valued on the FOB basis, whereas goods imported are on the CIF basis. Therefore, for the purpose of the BOP statistics, the international transport and insurance premiums are taken out from the value of imported goods and included in the trade in services; and third, the data on net export of goods in merchanting which are not included in the customs statistics are supplemented. 2. Services: includes manufacturing services on physical inputs owned by others, maintenance and repair services n.i.e, transport, travel, construction, insurance and pension services, financial services, charges for the use of intellectual property, telecommunications, computer and information services, other business services, personal, cultural and recreational services, and government goods and services n.i.e. The credit side records services supplied, while the debit side records services received. 2.1 Manufacturing services on physical owned by others: processor only provides processing, assembly, packaging and other services and charges service fee from the owner, while the ownership of the goods is not transferred between the owner and the processor. The credit side records the manufacturing services supplied by the Chinese residents on physical inputs owned by non-residents, and vice versa for debit side. 2.2 Maintenance and repair services: refer to the maintenance and repair services supplied by residents to non-residents or vice versa on goods and equipment (such as vessel, aircraft, and other transportation facility) owned by the receiving party. The credit side records the maintenance and repair services supplied by the Chinese residents to non-residents, and vice versa for debit side. 2.3 Transport: refers to the process of transporting people and goods from one place to another, and the relevant supporting and auxiliary services, as well as postal and delivery services. The credit side records the international transport, postal and delivery services supplied by residents to non-residents, and vice versa for debit side. 2.4 Travel: refers to goods consumed and services purchased by travelers in various economies as non-residents. The credit side records the goods and services provided by the Chinese residents to non-residents who have stayed in China for less than one year, as well as non-residents studying abroad and seeking medical treatment for indefinite period of stay. The debit side records the goods and services purchased by the Chinese residents when traveling, studying or seeking medical services abroad from non-residents. 2.5 Construction services: refer to the establishment, renovation, maintenance or expansion of fixed assets in the form of buildings, land improvement, roads, bridges and dams and other engineering buildings of engineering nature, relevant installation, assembly, painting, pipeline construction, demolition and project management,as well as site preparation, measurement and blasting and other special services. The credit side records the construction services provided by the Chinese residents outside the economic territory. The debit side records the construction services received by the Chinese residents in the Chinese economic territory from non-residents. 2.6 Insurance and pension services: refers to various insurance services and commission to agents related with insurance transaction. The credit side records the life insurance and annuity, non-lifeinsurance, reinsurance, standardized guarantee services and relevant supporting services supplied by the Chinese residents to non-residents, and vice versa for debit side. 2.7 Financial services: refer to financial intermediation and supporting services, excluding those covered by insurance and pension services. The credit side records the financial intermediation and supporting services supplied by the Chinese residents to non-residents, and vice versa for debit side. 2.8 Charges for the use of intellectual property: refer to licensed use of intangible, non-productive/non-financial assets and exclusive rights between residents and non-residents and the licensed use of existing original works or prototypes. The credit side records the intellectual property-related services supplied by the Chinese residents to non-residents, and vice versa for debit side. 2.9 Telecommunications, computer and information services: refer tocommunications services between residents and non-residents and transactions of services related to computer data and news, excluding commercial services delivered via telephone, computer and Internet. The credit side records the telecommunications, computer and information services supplied by residents to non-residents, and vice versa for debit side. 2.10 Other business services: refer to other types of services between residents and non-residents, including research and development services, professional and management consulting services, technical and trade-related services. The credit side records the other business services supplied by the Chinese residents to non-residents, and vice versa for debit side. 2.11 Personal, cultural and recreational services: refer to transactions of personal, cultural and recreational services between residents and non-residents, including audiovisual and related services (films, radio, television programs and music recordings) and other personal, cultural and recreational services (health, education, etc.). The credit side records the related services supplied by the Chinese residents to non-residents, and vice versa for debit side. 2.12 Government goods and services n.i.e: refer to various goods and services provided and purchased by governments and international organizations not included in other categories of goods and services. The credit side records the goods and services not included elsewhere and supplied by the Chinese residents to non-residents, and vice versa for debit side. 2024-05-31/en/2024/0531/2207.html
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As shown in the statistics of the State Administration of Foreign Exchange (SAFE), in May 2024, the amount of foreign exchange settlement and sales by banks was RMB 1250.5 billion and RMB 1363.8 billion, respectively. During January to May 2024, the accumulative amount of foreign exchange settlement and sales by banks was RMB 6335.4 billion and RMB 6895.0 billion, respectively. In the US dollar terms, in May 2024, the amount of foreign exchange settlement and sales by banks was USD 176.0 billion and USD 191.9 billion, respectively. During January to May 2024, the accumulative amount of foreign exchange settlement and sales by banks was USD 891.9 billion and USD 970.7 billion, respectively. In May 2024, the amount of cross-border receipts and payments by non-banking sectors was RMB 4155.7 billion and RMB 4157.5 billion, respectively. During January to May 2024, the accumulative amount of cross-border receipts and payments by non-banking sectors was RMB 20140.6 billion and RMB 20391.4 billion, respectively. In the US dollar terms, in May 2024, the amount of cross-border receipts and payments by non-banking sectors was USD 584.8 billion and USD 585.1 billion, respectively. During January to May 2024, the accumulative amount of cross-border receipts and payments by non-banking sectors was USD 2835.5 billion and USD 2870.9 billion, respectively. Addendum: Glossary and relevant definitions Balance of payments (BOP) refers to all economic transactions between residents and non-residents. Foreign exchange settlement and sales by banks refers to settlement and sale transaction that bank executes for customers and for the banks themselves, including statistic data on settlements of forward contracts for foreign exchange settlement and sales and the exercises of option, and excluding the transactions in the interbank foreign exchange market. The statistic reporting date of Foreign exchange settlement and sales by banks should be the trade day of the Foreign exchange settlement and sales transaction. By definition, foreign exchange settlement means that foreign exchange holders sell foreign exchange to banks, and foreign exchange sales means that banks sell foreign exchange to foreign exchange buyers. The newly signed contract amount of forward foreign exchange settlement and sales refers to the binding forward contract between a bank and its client that predetermines foreign exchange currency, amount, exchange rate and tenor which to be executed upon maturity. The unwind amount of forward foreign exchange settlement and sales refers to, where client is unable to perform the original forward contract due to change in its real demand, client to fully or partially close its forward position by executing another deal with opposite direction to the original contract. The rolling amount of forward foreign exchange settlement and sales refers to client to adjust the settlement date of original contract due to change in its real demand. The outstanding amount of forward foreign exchange settlement and sales by the end of the current period refers to the total amount of forward contracts accumulated from all non-matured forward contracts with client. The net Delta exposure of outstanding options refers to the implied foreign exchange spot risk exposure from outstanding option contracts that bank executed with client. The cross-border receipts and payments by non-banking sectors refers to the receipts and payments between domestic non-banking sectors (including institutional and individual residents) and non-residents through domestic banks, excluding receipts and payments in cash. In particular, the statistics includes cross-border receipts and payments between non-banking sectors and non-residents through domestic banks (including RMB and foreign currency), and domestic receipts and payments between non-banking sectors and non-residents through domestic banks (temporarily excluding domestic receipts and payments in RMB between individual residents and non-resident individuals). Data are collected when customers conduct receipts and payments with non-resident counterparties at domestic banks. Specifically, the receipts refer to the capital of non-banking sectors received from non-residents via domestic banks; the payments refer to the capital of non-banking sectors paid to non-residents via domestic banks. 2024-06-17/en/2024/0617/2210.html