-
In the second quarter of 2023, China's current account registered a surplus of RMB 455.4 billion, including a surplus of RMB 1146.5 billion under trade in goods, a deficit of RMB 385.7 billion under trade in services, a deficit of RMB 327.3 billion under primary income, and a surplus of RMB 21.9 billion under secondary income. In the capital and financial accounts, direct investment assets increased by RMB 274.1 billion and liabilities increased by RMB 33.2 billion, reserve assets increased by RMB 113.9 billion. In the first half of 2023, China's current account registered a surplus of RMB 1012.9 billion, including a surplus of RMB 2035.6 billion under trade in goods, a deficit of RMB 708.4 billion under trade in services, a deficit of RMB 373.0 billion under primary income, and a surplus of RMB 58.9 billion under secondary income. In the capital and financial accounts, direct investment assets increased by RMB 615.6 billion and liabilities increased by RMB 174.0 billion, reserve assets increased by RMB 288.0 billion. In the US dollar terms, in the second quarter of 2023, China's current account recorded a surplus of USD 65.3 billion, including a surplus of USD 163.3 billion under trade in goods, a deficit of USD 55.0 billion under trade in services, a deficit of USD 46.2 billion under primary income, and a surplus of USD 3.1 billion under secondary income. In the capital and financial accounts, direct investment assets increased by USD 39.0 billion and liabilities increased by USD 4.9 billion, reserve assets increased by USD 16.3 billion. In the US dollar terms, in the first half of 2023, China's current account recorded a surplus of USD 146.8 billion, including a surplus of USD 293.3 billion under trade in goods, a deficit of USD 102.1 billion under trade in services, a deficit of USD 52.8 billion under primary income, and a surplus of USD 8.5 billion under secondary income. In the capital and financial accounts, direct investment assets increased by USD 88.9 billion and liabilities increased by USD 25.4 billion, reserve assets increased by USD 41.7 billion. In SDR terms, in the second quarter of 2023, China posted a surplus of SDR 48.6 billion under the current account, including a surplus of SDR 121.8 billion under trade in goods, a deficit of SDR 41.0 billion under trade in services. In the capital and financial accounts, direct investment assets increased by SDR 29.1 billion and liabilities increased by SDR 3.6 billion, reserve assets increased by SDR 12.1 billion. In SDR terms, in first half of 2023, China posted a surplus of SDR 109.4 billion under the current account, including a surplus of SDR 218.8 billion under trade in goods, a deficit of SDR 76.2 billion under trade in services. In the capital and financial accounts, direct investment assets increased by SDR 66.3 billion and liabilities increased by SDR 19.0 billion, reserve assets increased by SDR 31.1 billion. (End) China's Balance of Payments (Preliminary Data) Unit: RMB 100 million Item Line No. 2023 Q2 2023 H1 1. Current account 1 4554 10129 Credit 2 65948 126945 Debit 3 -61394 -116815 1. A Goods and Services 4 7609 13271 Credit 5 60671 117054 Debit 6 -53063 -103782 1.A.a Goods 7 11465 20356 Credit 8 55230 105811 Debit 9 -43764 -85455 1.A.b Services 10 -3857 -7084 Credit 11 5442 11243 Debit 12 -9298 -18327 1.A.b.1 Processing services 13 208 407 Credit 14 220 432 Debit 15 -13 -26 1.A.b.2 Maintenance and Repair Services 16 61 116 Credit 17 164 304 Debit 18 -103 -189 1.A.b.3 Transport 19 -1577 -2883 Credit 20 1481 3007 Debit 21 -3058 -5891 1.A.b.4 Travel 22 -2657 -5629 Credit 23 244 436 Debit 24 -2902 -6066 1.A.b.5 Construction 25 152 275 Credit 26 276 512 Debit 27 -124 -236 1.A.b.6 Insurance and Pension Services 28 -284 -216 Credit 29 51 404 Debit 30 -335 -620 1.A.b.7 Financial Services 31 17 36 Credit 32 84 164 Debit 33 -67 -128 1.A.b.8 Charges for the Use of Intellectual Property 34 -580 -1038 Credit 35 221 438 Debit 36 -801 -1476 1.A.b.9 Telecommunications, Computer, and Information Services 37 303 555 Credit 38 1010 2033 Debit 39 -707 -1478 1.A.b.10 Other Business Services 40 587 1404 Credit 41 1640 3410 Debit 42 -1053 -2006 1.A.b.11 Personal, Cultural, and Recreational Services 43 -41 -64 Credit 44 24 47 Debit 45 -65 -111 1.A.b.12 Government Goods and Services n.i.e 46 -45 -47 Credit 47 26 53 Debit 48 -71 -100 1.B Primary Income 49 -3273 -3730 Credit 50 4645 8474 Debit 51 -7918 -12205 1.C Secondary Income 52 219 589 Credit 53 632 1417 Debit 54 -413 -828 2. Capital and Financial Accounts (Including Net Errors and Omissions for the Quarter) 55 -4554 -9776 2.1 Capital Account 56 -6 -5 Credit 57 2 8 Debit 58 -8 -14 2.2. Financial Account (Including Net Errors and Omissions for the Quarter) 59 -4549 -9771 2.2.1 Financial Account (Excluding Reserve Assets, But Including Net Errors and Omissions for the Quarter) 60 -3409 -6891 Including: 2.2.1.1 Direct Investment 61 -2409 -4416 2.2.1.1.1 Assets 62 -2741 -6156 2.2.1.1.2 Liabilities 63 332 1740 2.2.2 Reserve Assets 64 -1139 -2880 2.2.2.1 Monetary gold 65 -201 -441 2.2.2.2 Special drawing rights 66 25 -65 2.2.2.3 Reserve position in the IMF 67 87 82 2.2.2.4 Foreign exchange reserves 68 -1049 -2455 2.2.2.5 Other reserves 69 0 0 3. Net Errors and Omissions 70 / -354 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 here in 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 period average central parity rate of RMB against USD. 4.The preliminary amount for the first half of 2023 is the sum of the official amounts of the BOP for 2023Q1 and the preliminary amount for 2023Q2. 5.This table employs rounded-off numbers. China's Balance of Payments (Preliminary Data) Unit: USD 100 million Item Line No. 2023 Q2 2023 H1 1. Current account 1 653 1468 Credit 2 9400 18312 Debit 3 -8747 -16844 1. A Goods and Services 4 1084 1911 Credit 5 8649 16887 Debit 6 -7565 -14976 1.A.a Goods 7 1633 2933 Credit 8 7873 15264 Debit 9 -6240 -12332 1.A.b Services 10 -550 -1021 Credit 11 776 1623 Debit 12 -1325 -2644 1.A.b.1 Processing services 13 30 59 Credit 14 31 62 Debit 15 -2 -4 1.A.b.2 Maintenance and Repair Services 16 9 17 Credit 17 23 44 Debit 18 -15 -27 1.A.b.3 Transport 19 -225 -416 Credit 20 211 434 Debit 21 -436 -850 1.A.b.4 Travel 22 -379 -814 Credit 23 35 63 Debit 24 -414 -876 1.A.b.5 Construction 25 22 40 Credit 26 39 74 Debit 27 -18 -34 1.A.b.6 Insurance and Pension Services 28 -40 -30 Credit 29 7 59 Debit 30 -47 -89 1.A.b.7 Financial Services 31 2 5 Credit 32 12 24 Debit 33 -10 -18 1.A.b.8 Charges for the Use of Intellectual Property 34 -83 -149 Credit 35 32 63 Debit 36 -114 -213 1.A.b.9 Telecommunications, Computer, and Information Services 37 43 80 Credit 38 144 293 Debit 39 -101 -213 1.A.b.10 Other Business Services 40 84 203 Credit 41 234 493 Debit 42 -150 -289 1.A.b.11 Personal, Cultural, and Recreational Services 43 -6 -9 Credit 44 3 7 Debit 45 -9 -16 1.A.b.12 Government Goods and Services n.i.e 46 -6 -7 Credit 47 4 8 Debit 48 -10 -14 1.B Primary Income 49 -462 -528 Credit 50 661 1221 Debit 51 -1123 -1749 1.C Secondary Income 52 31 85 Credit 53 90 204 Debit 54 -59 -119 2. Capital and Financial Accounts (Including Net Errors and Omissions for the Quarter) 55 -653 -1416 2.1 Capital Account 56 -1 -1 Credit 57 0 1 Debit 58 -1 -2 2.2. Financial Account (Including Net Errors and Omissions for the Quarter) 59 -652 -1415 2.2.1 Financial Account (Excluding Reserve Assets, But Including Net Errors and Omissions for the Quarter) 60 -490 -998 Including: 2.2.1.1 Direct Investment 61 -341 -635 2.2.1.1.1 Assets 62 -390 -889 2.2.1.1.2 Liabilities 63 49 254 2.2.2 Reserve Assets 64 -163 -417 2.2.2.1 Monetary gold 65 -29 -64 2.2.2.2 Special drawing rights 66 4 -10 2.2.2.3 Reserve position in the IMF 67 12 11 2.2.2.4 Foreign exchange reserves 68 -150 -356 2.2.2.5 Other reserves 69 0 0 3. Net Errors and Omissions 70 / -52 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 here in refer to balances, unless marked with "Credit" or "Debit". 3. The preliminary amount for the first half of 2023 is the sum of the official amounts of the BOP for 2023Q1 and the preliminary amount for 2023Q2. 4.This table employs rounded-off numbers. China's Balance of Payments (Preliminary Data) Unit: SDR 100 million Item Line No. 2023 Q2 2023 H1 1. Current account 1 486 1094 Credit 2 7009 13662 Debit 3 -6523 -12567 1. A Goods and Services 4 808 1426 Credit 5 6449 12599 Debit 6 -5640 -11173 1.A.a Goods 7 1218 2188 Credit 8 5870 11388 Debit 9 -4652 -9200 1.A.b Services 10 -410 -762 Credit 11 578 1211 Debit 12 -988 -1973 1.A.b.1 Processing services 13 22 44 Credit 14 23 47 Debit 15 -1 -3 1.A.b.2 Maintenance and Repair Services 16 7 12 Credit 17 17 33 Debit 18 -11 -20 1.A.b.3 Transport 19 -168 -310 Credit 20 157 324 Debit 21 -325 -634 1.A.b.4 Travel 22 -283 -607 Credit 23 26 47 Debit 24 -309 -654 1.A.b.5 Construction 25 16 30 Credit 26 29 55 Debit 27 -13 -25 1.A.b.6 Insurance and Pension Services 28 -30 -23 Credit 29 5 44 Debit 30 -35 -66 1.A.b.7 Financial Services 31 2 4 Credit 32 9 18 Debit 33 -7 -14 1.A.b.8 Charges for the Use of Intellectual Property 34 -62 -112 Credit 35 24 47 Debit 36 -85 -159 1.A.b.9 Telecommunications, Computer, and Information Services 37 32 60 Credit 38 107 219 Debit 39 -75 -159 1.A.b.10 Other Business Services 40 62 152 Credit 41 174 367 Debit 42 -112 -216 1.A.b.11 Personal, Cultural, and Recreational Services 43 -4 -7 Credit 44 3 5 Debit 45 -7 -12 1.A.b.12 Government Goods and Services n.i.e 46 -5 -5 Credit 47 3 6 Debit 48 -7 -11 1.B Primary Income 49 -345 -395 Credit 50 493 911 Debit 51 -839 -1306 1.C Secondary Income 52 23 63 Credit 53 67 153 Debit 54 -44 -89 2. Capital and Financial Accounts (Including Net Errors and Omissions for the Quarter) 55 -486 -1056 2.1 Capital Account 56 -1 -1 Credit 57 0 1 Debit 58 -1 -1 2.2. Financial Account (Including Net Errors and Omissions for the Quarter) 59 -485 -1055 2.2.1 Financial Account (Excluding Reserve Assets, But Including Net Errors and Omissions for the Quarter) 60 -364 -744 Including: 2.2.1.1 Direct Investment 61 -255 -474 2.2.1.1.1 Assets 62 -291 -663 2.2.1.1.2 Liabilities 63 36 190 2.2.2 Reserve Assets 64 -121 -311 2.2.2.1 Monetary gold 65 -21 -47 2.2.2.2 Special drawing rights 66 3 -7 2.2.2.3 Reserve position in the IMF 67 9 9 2.2.2.4 Foreign exchange reserves 68 -112 -265 2.2.2.5 Other reserves 69 0 0 3. Net Errors and Omissions 70 / -39 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 here in refer to balances, unless marked with "Credit" or "Debit". 3. The SDR denominated quarterly BOP statement is converted from the USD denominated BOP statement for the quarter using the period average exchange rate of SDR against USD. 4. The preliminary amount for the first half of 2023 is the sum of the official amounts of the BOP for 2023Q1 and the preliminary amount for 2023Q2. 5. This table employs rounded-off numbers. 2023-08-04/en/2023/0804/2107.html
-
In July 2023, the export and import of China’s international trade in goods and services totalled RMB 3771.0 billion. Of this, the export of goods recorded RMB 1828.7 billion and the import recorded RMB 1443.2 billion, resulting in a surplus of RMB 385.5 billion. The export of services recorded RMB 183.8 billion and the import recorded RMB 315.3 billion, resulting in a deficit of RMB 131.5 billion. In terms of the major items, the export and import of transport, travel, other business services, telecommunications, computer and information services registered RMB 149.3 billion, RMB 117.1 billion, RMB 92.7 billion and RMB 54.2 billion respectively. In the US dollar terms, in July 2023, the export and import of China’s international trade in goods and services were USD 281.0 billion and USD 245.5 billion respectively, with a surplus of USD 35.5 billion. (End) International Trade in Goods and Services of China July 2023 Item In 100 million of RMB In 100 million of USD Goods and services 2540 355 Credit 20125 2810 Debit -17585 -2455 1. Goods 3855 538 Credit 18287 2553 Debit -14432 -2015 2. Services -1315 -184 Credit 1838 257 Debit -3153 -440 2.1Manufacturing services on physical inputs owned by others 77 11 Credit 83 12 Debit -5 -1 2.2Maintenance and repair services n.i.e 35 5 Credit 68 9 Debit -33 -5 2.3Transport -465 -65 Credit 514 72 Debit -979 -137 2.4Travel -998 -139 Credit 87 12 Debit -1085 -151 2.5Construction 7 1 Credit 73 10 Debit -66 -9 2.6Insurance and pension services -46 -6 Credit 25 3 Debit -71 -10 2.7Financial services 0 0 Credit 24 3 Debit -23 -3 2.8Charges for the use of intellectual property -228 -32 Credit 48 7 Debit -276 -39 2.9Telecommunications, computer and information services 120 17 Credit 331 46 Debit -211 -30 2.10Other business services 217 30 Credit 572 80 Debit -355 -50 2.11Personal, cultural, and recreational services -19 -3 Credit 7 1 Debit -27 -4 2.12Government goods and services n.i.e -15 -2 Credit 8 1 Debit -23 -3 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: The International Trade in 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 tradeand 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 inservices; 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: processoronly provides processing, assembly, packaging and other services and charges service fee from the owner, while the ownership of the goods isnot 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-residentsor 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 andservices 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, andvice 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. 2023-08-25/en/2023/0825/2109.html
-
In June 2023, the export and import of China’s international trade in goods and services totalled RMB 3914.7 billion. Of this, the export of goods recorded RMB 1913.4 billion and the import recorded RMB 1489.2 billion, resulting in a surplus of RMB 424.2 billion. The export of services recorded RMB 189.5 billion and the import recorded RMB 322.5 billion, resulting in a deficit of RMB 133.1 billion. In terms of the major items, the export and import of transport, travel, other business services, telecommunications, computer and information services registered RMB 152.5 billion, RMB 97.8 billion, RMB 93.3 billion and RMB 60.3 billion respectively. In the US dollar terms, in June 2023, the export and import of China’s international trade in goods and services were USD 294.1 billion and USD 253.4 billion respectively, with a surplus of USD 40.7 billion.(End) International Trade in Goods and Services of China June 2023 Item In 100 million of RMB In 100 million of USD Goods and services 2911 407 Credit 21029 2941 Debit -18118 -2534 1. Goods 4242 593 Credit 19134 2676 Debit -14892 -2083 2. Services -1331 -186 Credit 1895 265 Debit -3225 -451 2.1Manufacturing services on physical inputs owned by others 68 9 Credit 73 10 Debit -5 -1 2.2Maintenance and repair services n.i.e 19 3 Credit 62 9 Debit -43 -6 2.3Transport -532 -74 Credit 497 69 Debit -1029 -144 2.4Travel -808 -113 Credit 85 12 Debit -893 -125 2.5Construction 69 10 Credit 119 17 Debit -50 -7 2.6Insurance and pension services -175 -24 Credit 35 5 Debit -210 -29 2.7Financial services 14 2 Credit 34 5 Debit -20 -3 2.8Charges for the use of intellectual property -199 -28 Credit 68 10 Debit -268 -37 2.9Telecommunications, computer, and information services 85 12 Credit 344 48 Debit -259 -36 2.10Other business services 193 27 Credit 563 79 Debit -370 -52 2.11Personal, cultural, and recreational services -17 -2 Credit 9 1 Debit -26 -4 2.12Government goods and services n.i.e -46 -6 Credit 7 1 Debit -53 -7 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-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. 2023-07-28/en/2023/0728/2105.html
-
As shown in the statistics of the State Administration of Foreign Exchange (SAFE), in July 2023, the amount of foreign exchange settlement and sales by banks was RMB 1200.8 billion and RMB 1307.0 billion, respectively. During January to July 2023, the accumulative amount of foreign exchange settlement and sales by banks was RMB 9049.0 billion and RMB 9140.8 billion, respectively. In the US dollar terms, in July 2023, the amount of foreign exchange settlement and sales by banks was USD 167.7 billion and USD 182.5 billion, respectively. During January to July 2023, the accumulative amount of foreign exchange settlement and sales by banks was USD 1300.1 billion and USD 1313.2 billion, respectively. In July 2023, the amount of cross-border receipts and payments by non-banking sectors was RMB 3603.1 billion and RMB 3685.2 billion, respectively. During January to July 2023, the accumulative amount of cross-border receipts and payments by non-banking sectors was RMB 24577.8 billion and RMB 24337.8 billion, respectively. In the US dollar terms, in July 2023, the amount of cross-border receipts and payments by non-banking sectors was USD 503.1 billion and USD 514.6 billion, respectively. During January to July 2023, the accumulative amount of cross-border receipts and payments by non-banking sectors was USD 3529.0 billion and USD 3493.7 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. 2023-08-15/en/2023/0815/2108.html
-
According to the statistics of the State Administration of Foreign Exchange (SAFE), the Chinese foreign exchange market (excluding foreign currency pairs, the same below) recorded total transactions of RMB 21.89 trillion (equivalent to USD 3.06 trillion) in June 2023. In terms of markets, the transactions volume of client market was RMB 3.35 trillion (equivalent to USD 0.47 trillion), and the transactions volume of interbank market was RMB 18.55 trillion (equivalent to USD 2.59 trillion). In terms of products, the cumulative transactions volume of the spot market was RMB 9.15 trillion (equivalent to USD 1.28 trillion), and that of the derivatives market was RMB 12.74 trillion (equivalent to USD 1.78 trillion). From January to June 2023, a total of RMB 123.76 trillion (equivalent to USD 17.85 trillion) was traded inthe Chinese foreign exchange market. 2023-07-28/en/2023/0728/2106.html
-
According to the statistics of the State Administration of Foreign Exchange (SAFE), the Chinese foreign exchange market (excluding foreign currency pairs, the same below) recorded total transactions of RMB 23.57 trillion (equivalent to USD 3.29 trillion) in July 2023. In terms of markets, the transactions volume of client market was RMB 2.95 trillion (equivalent to USD 0.41 trillion), and the transactions volume of interbank market was RMB 20.62 trillion (equivalent to USD 2.88 trillion). In terms of products, the cumulative transactions volume of the spot market was RMB 8.95 trillion (equivalent to USD 1.25 trillion), and that of the derivatives market was RMB 14.62 trillion (equivalent to USD 2.04 trillion). From January to July 2023, a total of RMB 147.33 trillion (equivalent to USD 21.15 trillion) was traded in the Chinese foreign exchange market. 2023-08-25/en/2023/0825/2110.html
-
In order to further improve the macro-prudential management of cross-border financing, continue to expand enterprises and financial institutions’ funding sources, and guide them to optimize their asset-liability structure, the People's Bank of China and the State Administration of Foreign Exchange decided to raise the macro-prudential adjustment parameter for cross-border financing for enterprises and financial institutions from 1.25 to 1.5, which will come into effect on July 20, 2023. 2023-07-20/en/2023/0720/2102.html
-
The Twelfth Tripartite Governors' Meeting among the People's Bank of China (PBC), the Bank of Japan (BOJ), and the Bank of Korea (BOK) was held in Yokohama, Japan on July 23, 2023. The meeting, which was held for the first time after four years, was chaired by Governor RHEE Changyong of the BOK. Head of the PBC PAN Gongsheng and Governor UEDA Kazuo of the BOJ also attended. They exchanged views on recent economic and financial developments. The Thirteenth Tripartite Governors' Meeting will be hosted by PBC in 2024. 2023-07-23/en/2023/0723/2103.html
-
On July 24th 2023, Pan Gong Sheng, Head of the People's Bank of China, attended the 28th Executives' Meeting of East Asia-Pacific Central Banks (EMEAP) Governors' Meeting in Yokohama, Japan. The attendees exchanged views on regional economic and financial developments, sustainable finance and other topics. 2023-07-24/en/2023/0724/2104.html
-
As at the end of June 2023, China recorded RMB 17.5862 trillion in outstanding external debt denominated in both domestic and foreign currencies(equivalent to USD 2433.8 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 7665 billion (equivalent to USD1060.8 billion), accounting for 44 percent; while the outstanding short-term external debt was RMB 9921.2 billion (equivalent to USD 1373 billion), taking up 56 percent, of which 36 percent was trade-related credit. In terms of institutional sectors, the outstanding debt of general government totaled RMB 2914.4 billion (equivalent to USD 403.3 billion), accounting for 17 percent;the outstanding debt of the central bank totaled RMB 574.9 billion(equivalent to USD 79.6 billion), accounting for 3 percent;the outstanding debt of banks totaled RMB 7562.2 billion (equivalent to USD 1046.6 billion), accounting for 43 percent;the outstanding debt of other sectors (including inter-company lending under direct investments) totaled RMB 6534.7 billion (equivalent to USD 904.3 billion), accounting for 37 percent. In terms of debt instruments, the balance of loans was RMB 2907.5 billion (equivalent to USD 402.4 billion), accounting for 16 percent;the outstanding trade credit and prepayment was RMB 2688.7 billion (equivalent to USD 372.1 billion), accounting for 15 percent;the outstanding currency and deposits was RMB 3835.9 billion (equivalent to USD 530.9 billion), accounting for 22 percent;the outstanding debt securities was RMB 4906 billion (equivalent to USD 679 billion), accounting for 28 percent;the Special Drawing Rights (SDR) allocation amounted to RMB 348 billion(equivalent to USD 48.1 billion), accounting for 2 percent; the balance of inter-company lending under direct investments totaled RMB 2223.8 billion(equivalent to USD 307.7 billion), accounting for 13 percent;and the balance of other debt liabilities was RMB 676.3 billion (equivalent to USD 93.6 billion), accounting for 4 percent. With respect to currency structures, the outstanding external debt in domestic currency totaled RMB 7809.6 billion (equivalent to USD 1080.8 billion), accounting for 44 percent;the outstanding external debt in foreign currencies (including SDR allocation) totaled RMB 9776.6 billion (equivalent to USD 1353 billion), accounting for 56 percent. In the outstanding registered external debt in foreign currencies, the USD debt accounted for 85 percent, the Euro debt accounted for 7 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. Since all major external debt indicators were within the internationally recognized thresholds, China’s external debt risk is under control. Appendix Definition of 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 advances, it also involves other kinds of credit provided for trade activities. According to its definition,trade-related credit includes trade credit and advances, bank trade financing, trade related bills, and so forth. In particular, trade credit and advances 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 prepayments made by buyers (e.g., overseas importers) for goods, services, and work that is in progress (or work 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. Annexed table：China’s Gross External Debt Position by Sector, End of June 2023 End of June 2023 End of June 2023 （Unit:100 million RMB） （Unit:100 million US dollars） General Government 29144 4033 Short-term 1630 226 Currency and deposits 0 0 Debt securities 1630 226 Loans 0 0 Trade credit and advances 0 0 Other debt liabilities 0 0 Long-term 27513 3808 Special drawing rights (allocations) 0 0 Currency and deposits 0 0 Debt securities 23575 3263 Loans 3938 545 Trade credit and advances 0 0 Other debt liabilities 0 0 Central Bank 5749 796 Short-term 1975 273 Currency and deposits 1159 160 Debt securities 816 113 Loans 0 0 Trade credit and advances 0 0 Other debt liabilities 0 0 Long-term 3774 522 Special drawing rights (allocations) 3480 482 Currency and deposits 0 0 Debt securities 0 0 Loans 0 0 Trade credit and advances 0 0 Other debt liabilities 294 41 Other Depository Corporations 75622 10466 Short-term 60030 8308 Currency and deposits 37186 5146 Debt securities 5083 703 Loans 16389 2268 Trade credit and advances 0 0 Other debt liabilities 1371 190 Long-term 15593 2158 Currency and deposits 0 0 Debt securities 11841 1639 Loans 3666 507 Trade credit and advances 0 0 Other debt liabilities 85 12 Other Sectors 43109 5966 Short-term 30495 4220 Currency and deposits 14 2 Debt securities 121 17 Loans 1750 242 Trade credit and advances 26417 3656 Other debt liabilities 2193 304 Long-term 12614 1746 Currency and deposits 0 0 Debt securities 5994 829 Loans 3331 461 Trade credit and advances 471 65 Other debt liabilities 2819 390 Direct Investment: Intercompany Lending 22238 3078 Debt liabilities of direct investment enterprises to direct investors 12004 1661 Debt liabilities of direct investors to direct investment enterprises 1301 180 Debt liabilities to fellow enterprises 8933 1236 Gross External Debt Position 175862 24338 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. 2023-09-28/en/2023/0922/2116.html