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As shown in the statistics of the StateAdministration of Foreign Exchange (SAFE), in March 2020, the amount of foreign exchange settlementand sales by banks was RMB 1388.8 billion and RMB 1258.4 billion, respectively, with a settlement of RMB 130.5 billion. In the US dollarterms，the amount of foreign exchange settlement andsales by banks was USD 198.1 billion and USD 179.5 billion, respectively, with a settlement of USD 18.6 billion. In particular, the amount of foreign exchangesettlement and sales by banks for customers was RMB 1104.3 billion and RMB 1022.7 billion, respectively, with a settlement of RMB 81.6 billion; the amount of foreign exchangesettlement and sales for banks themselves was RMB 284.5 billion and RMB 235.7 billion, respectively, with a settlement of RMB 48.8 billion. During the period, newly signed contract amount of forward foreign exchange settlement and sales was RMB 225 billion and RMB 108.4 billion, respectively, with a net newly signedcontract amountof forward foreign exchange settlement of RMB 116.5 billion. At the end of March, outstanding amount of forward foreign exchange settlement and sales by the end of the current period was RMB 633.3 billion and RMB 477.7 billion, respectively, with a net outstanding amount of forward foreign exchange settlement of RMB 155.5 billion; the net Delta exposure ofoutstanding options was RMB -267.4 billion. During January to March 2020, the accumulative amount of foreign exchangesettlement and sales by banks was RMB 3429.8 billion and RMB 3156.8 billion, with an accumulative settlement ofRMB 273 billion. In the US dollar terms, the accumulative amount of foreign exchangesettlement and sales by banks was USD 491.5 billion and USD 452.5 billion, with an accumulative settlement ofUSD 39.1 billion. In particular, the accumulative amount offoreign exchange settlement and sales by banks for customers was RMB 2787.2 billion and RMB 2644 billion, respectively, with an accumulativesettlement of RMB 143.2 billion; the accumulative amount of foreign exchangesettlement and sales for banks themselves was RMB 642.6 billion and RMB 512.9 billion, respectively, with an accumulativesettlement of RMB 129.8 billion. During the period, newly signed contract amountof forward foreign exchange settlement and sales was RMB 482.8 billion and RMB 193.9 billion, respectively, with a net newlysigned contract amount of forward foreign exchange settlement of RMB 288.8 billion. InMarch 2020, the amount of cross-border receiptsand payments by non-bankingsectors was RMB 2424.8 billion and RMB 2759.4 billion, respectively, with a deficit of RMB 334.6 billion.DuringJanuary to March 2020, the accumulative amount of cross-border receipts and paymentsby non-banking sectorswas RMB 6389.4 billion and RMB 6605.8 billion, respectively, with an accumulative deficit of RMB 216.5 billion. In the US dollar terms, in March 2020, the amount of cross-border receiptsand payments by non-bankingsectors was USD 345.8 billion and USD 393.5 billion, respectively, with a deficit of USD 47.7 billion.DuringJanuary to March 2020, the accumulative amount of cross-border receipts and paymentsby non-banking sectorswas USD 915.9 billion and USD 946.7 billion, respectively, with an accumulative deficit of USD 30.7 billion. In addition, the State Administration of ForeignExchange revised the data on foreign exchange settlement and sales by banks anddata on cross-border receipts and payments by non-banking sectors in January andFebruary 2020 based on the latest data, and released it through the “Data andStatistics” section of the official website of the State Administration ofForeign Exchange. Addendum: Glossaryand relevant definitions Balance of payments(BOP) refers to all economic transactionsbetween residents and non-residents. Foreignexchange settlement and sales by banks refers to settlement and sale transaction that bank executes for customersand for the banks themselves, including statistic data onsettlements of forward contracts for foreign exchange settlementand sales and the exercises of option, and excludingthe transactions in the interbank foreign exchange market. The statistic reporting date of Foreign exchangesettlement and sales by banks should be the trade day of theForeignexchange settlement and sales transaction. By definition, foreignexchange settlement means foreign exchange holders sell foreignexchange to designated foreign exchange bank, and foreignexchange sales means designated bank sells foreign exchange to foreign exchange buyers. The net position of foreign exchange settlement andforeign exchange sales could be position squared throughtransactions on the inter-bank foreign exchange market, and it is one ofthe major contributors to the country’sforeign exchange reserve fluctuation, though it is not equal to netchange in foreign exchange reserves during the same period Unlikethe principle of balance-of-payments statistics, which cover the transactionsbetween residents and non-residents, foreign exchange settlement and sales bybanks only cover transactions of RMB and foreign currencies between banks and customers or on banks for themselves. Thenewly signed contract amount of forward foreign exchange settlement and sales refers to the binding forward contract between designated foreignexchange bank and client that predetermines foreign exchange currency, amount,exchange rate and tenor which to be executed upon maturity. Thenewly signed forward contract enables corporate to lock inadvance the exchange rate for the purchase or sale of a currency on a futuredate to manage relevant foreign exchange risk arising fromRMB volatility. In general, bank will hedge its foreign exchange risk exposures arise from the newly signed forward contract in the Interbank foreign exchange market. For example,when bank has net foreign exchange long position, bankwill short the equivalent amount of foreign exchange in the Interbank foreignexchange market in advance, or vice versa. Therefore, the newly signedcontract amount of forward foreign exchange settlement and sales is also one of contributors to China’s foreign exchange reserve fluctuation. Theunwind amount of forward foreign exchange settlement and sales refers to, where client is unable to perform the original forwardcontract due to change in its real demand, client to fully or partially closeits forward position by executing another deal with opposite direction to theoriginal contract. Therolling amount of forward foreign exchange settlement and sales refers to client to adjust the settlement date of original contract dueto change in its real demand. Theoutstanding amount of forward foreign exchange settlement and sales by the endof the current period refers to the total amount of forwardcontracts accumulated from all non-matured forward contracts with client. Thenewly signed contractamount and the outstanding amount should satisfy the equationthat: theoutstanding amount of forward foreign exchange settlement and sales by the endof the current period = theoutstanding amount of forward foreign exchange settlement and sales at the endof the previous period + the newly signed contract amount of forward foreignexchange settlement and sales for the period - settlements of forwardcontracts for foreign exchange settlement and sales for the period - the unwindamount of forward foreign exchange settlement and sales for the period. The net Deltaexposure of outstanding options refers to the implied foreignexchange spot risk exposure from outstanding option contracts that bank executedwith client. Bank shall hedge such risk in the foreign exchange market for risk management during deal life cycle. The cross-borderreceipts and payments bynon-banking sectors refers to the receipts andpayments between domestic non-banking sectors (including institutional and individual residents)and non-residentsthrough domestic banks, excluding receipts and payments in cash. In particular,the statisticsincludescross-border receipts and payments between non-banking sectors andnon-residents through domestic banks (including RMB and foreign currency), and domesticreceipts and payments between non-banking sectors and non-residents throughdomestic banks (temporarily excluding domestic receipts and payments in RMBbetween individual residents and non-resident individuals). Data are collected whencustomers conduct receipts and payments with non-resident counterparties atdomestic banks. Specifically, the receipts refer to the capitalof non-bankingsectors received fromnon-residents via domestic banks; the payments refer to the capitalof non-bankingsectors paid to non-residents via domestic banks. The cross-border receiptsand payments by non-banking sectors is based on cash basis, different from the accrual basis required by the Balance of Payments Statistics. The statistics merely reflects the cash flows between non-bankingsectors and non-residents and does not include bartertransactions or transactions with non-residents conducted by the banks themselves. Therefore, the scope of the statistics is narrowerthan that of the Balance of Payments Statistics. 2020-04-17/en/2020/0417/1667.html
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In order to implement the deployment of the central government on further opening up China’s financial market, the People’s Bank of China (PBOC) and the State Administration of Foreign Exchange (SAFE) issued the Regulations on Funds of Securities and Futures Investment by Foreign Institutional Investors (PBOC & SAFE Announcement〔2020〕No. 2, hereinafter referred to as the Regulations), to standardize and simplify administrative requirements on the remittance and repatriation of funds as well as currency exchanges by foreign institutional investors, aiming to better facilitate foreign investors’ participation in China’s financial market. The key points of the Regulations are as follows: Firstly, restrictions on investment quota of Qualified Foreign Institutional Investors and RMB Qualified Foreign Institutional Investors (hereinafter referred to as Qualified Investors) are removed. Qualified Investors will no longer need to apply for any investment quota from SAFE. Instead, they shall entrust their main custodians to make a registration with the SAFE. Secondly, Qualified Investors may choose currencies and the timing of inward remittance on their own decisions. Thirdly, the procedures for Qualified Investors’ repatriation of securities investment income are significantly simplified, replacing special audit report on investment returns issued by a Chinese certified public accountant and tax clearance or tax filing certificates with Tax Commitment Letters signed by Qualified Investors. Fourthly, the limits on the number of custodians are scrapped. A single Qualified Investor may choose multiple domestic custodians, and appoint one custodian as the main custodian. Fifthly, foreign exchange risk and investment risk management mechanism for Qualified Investors' domestic securities investment are further improved. Lastly, the PBOC and the SAFE will strengthen the on-going and ex-post supervision. 2020-05-07/en/2020/0507/1677.html
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To implement the requirements of the Central Committee of the Communist Part of China (CPC) on coordinating the novel coronavirus epidemic prevention and control with economic and social development, the State Administration of Foreign Exchange (SAFE) has recently released the Circular on Optimizing Foreign Exchange Administration to Support Foreign-related Business Growth (SAFE Document No. 8 [2020]) (Hereinafter referred to as Circular), with the aim of simplifying foreign exchange business processes, optimizing foreign exchange services, improving cross-border trade and investment facilitation, and supporting resumption of work to drive high-quality growth of the foreign-related economy. The Circular is outlined as follows: first, rolling out nationwide the facilitation reform for receipts and payments under the capital account. Second, cancelling registration for special foreign exchange refunding. Third, simplifying registration management for some capital account businesses. Fourth, relaxing the requirements on exporters for paying domestic foreign exchange loans with foreign exchange purchased. Fifth, facilitating the use of the electronic data interchange (EDI) for foreign exchange businesses. Sixth, optimizing foreign exchange settlement by banks for cross-border e-commerce. Seventh, simplifying endorsement procedures for business reviews. Eighth, supporting banks to innovate financial services. Following the decisions and plans of the CPC Central Committee and the State Council, the SAFE will continue to deepen the foreign exchange reform and step upimplementation of facilitation policies to boost the growth of the real economy. 2020-04-14/en/2020/0414/1670.html
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Q: The State Administration of Foreign Exchange (SAFE) has just released the latest foreign exchange reserve data. Could you explain why China's foreign exchange reserves for March 2020 changed? What would you say about the future trends of China's foreign exchange reserves? A: As of March 2020, China posted USD 3.0606 trillion in foreign exchange reserves, down by USD 47.3 billion or 1.5% from the beginning of the year. Along with the accelerated global spread of the coronavirus and plummeting global crude oil prices, global financial markets became highly volatile in March. The US Dollar Index rose, selected non-USD currencies were devalued against the US dollar, and asset prices were dramatically adjusted in major countries. Nonetheless, China's foreign exchange market remained generally stable and the supply and demand of foreign exchange were in balance. But due to the combined impact of exchange rate conversion and asset price changes, China's foreign exchange reserves contracted. Under the impact from the coronavirus and geopolitics, the world economy and trade are expected to be seriously hurt and global financial markets, increasingly volatile. As China's efforts to push ahead with epidemic prevention and control along with its economic and social development are paying off, with resumption of work sped up and the real economy recovering and improving, China's economy will remain sound over the long term and continue to shore up the overall stability of China's foreign exchange reserves. 2020-04-07/en/2020/0407/1665.html
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According to the statisticsof the State Administration of Foreign Exchange (SAFE), the Chinese foreignexchange market (excluding foreign currency pairs, the same below) recorded totaltransaction of RMB 17.36 trillion (equivalent to USD 2.48 trillion) in March 2020.Specifically, the transaction volume of the bank to customer market was RMB 3.22trillion (equivalent to USD 458.8 billion), the transaction volume of interbankmarket was RMB 14.15 trillion (equivalent to USD 2.02 trillion), the cumulativetransaction volume of the spot market was RMB 7.05 trillion (equivalent to USD 1.00trillion), and that of the derivatives market was RMB 10.32 trillion(equivalent to USD 1.47 trillion). From January to March 2020, a total of RMB 43.01trillion (equivalent to USD 6.17 trillion) was traded in the Chinese foreignexchange market. In addition, the StateAdministration of Foreign Exchange revised the data on the transaction volumeof the bank to customer market in February 2020 based on the latest data, andreleased it through the “Data and Statistics” section of the official websiteof the State Administration of Foreign Exchange. 2020-04-24/en/2020/0424/1671.html
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国际储备与外币流动性数据模板 Template on International Reserves and Foreign Currency Liquidity 01 02 03 04 05 06 07 08 09 10 11 12 2026-05-29/en/2021/0203/1799.html
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In the fourth quarter of 2020, China's current account registered a surplus of RMB 860.1 billion, including a surplus of RMB 1278.8 billion under trade in goods, a deficit of RMB 187.8 billion under trade in services, a deficit of RMB 258.2 billion under primary income, and a surplus of RMB 27.3 billion under secondary income. In the capital and financial accounts, direct investments recorded a surplus of RMB 378.4 billion, and reserve assets increased by RMB 162.8 billion. In 2020, China's current account registered a surplus of RMB 2043.7 billion, including a surplus of RMB 3661.1 billion under trade in goods, a deficit of RMB 1004 billion under trade in services, a deficit of RMB677.6 billion under primary income, and a surplus of RMB 64.2 billion under secondary income. In the capital and financial accounts, direct investments recorded a surplus of RMB 699.1 billion, and reserve assets increased by RMB 187.8 billion. In the US dollar terms, in the fourth quarter of 2020, China's current account recorded a surplus of USD 130.2 billion, including a surplus of USD 193.6 billion under trade in goods, a deficit of USD 28.4 billion under trade in services, a deficit of USD 39.1 billion under primary income, and a surplus of USD 4.1 billion under secondary income. In the capital and financial accounts, direct investments recorded a surplus of USD 57.3 billion, and reserve assets increased by USD 24.6 billion. In the US dollar terms, in 2020,China's current account recorded a surplus of USD 298.9 billion, including a surplus of USD 533.8 billion under trade in goods, a deficit of USD 145.3 billion under trade in services, a deficit of USD 99 billion under primary income, and a surplus of USD 9.4 billion under secondary income. In the capital and financial accounts, direct investments recorded a surplus of USD 103.4 billion, and reserve assets increased by USD 28 billion. In SDR terms, in the fourth quarter of 2020, China posted a surplus of SDR 91.4 billion under the current account, including a surplus of SDR 135.9 billion under trade in goods, a deficit of SDR 20 billion under trade in services. In the capital and financial accounts, direct investments recorded a surplus of SDR 40.2 billion, and reserve assets increased by SDR 17.3 billion. In SDR terms, in 2020, China posted a surplus of SDR 212.5 billion under the current account, including a surplus of SDR 381.7 billion under trade in goods, a deficit of SDR 105.1 billion under trade in services. In the capital and financial accounts, direct investments recorded a surplus of SDR 73.6 billion, and reserve assets increased by SDR 19.3 billion. (End) China's Balance of Payments (Preliminary Data) Unit:RMB 100 million Item Line No. 2020 Q4 2020 1. Current account 1 8,601 20,437 Credit 2 58,732 207,292 Debit 3 -50,130 -186,855 1. A Goods and Services 4 10,911 26,571 Credit 5 54,032 188,526 Debit 6 -43,122 -161,955 1.A.a Goods 7 12,788 36,611 Credit 8 49,565 172,337 Debit 9 -36,777 -135,726 1.A.b Services 10 -1,878 -10,040 Credit 11 4,467 16,189 Debit 12 -6,345 -26,229 1.A.b.1 Processing services 13 217 876 Credit 14 226 910 Debit 15 -9 -34 1.A.b.2 Maintenance and Repair Services 16 72 296 Credit 17 136 528 Debit 18 -64 -232 1.A.b.3 Transport 19 -501 -2,629 Credit 20 1,186 3,892 Debit 21 -1,688 -6,521 1.A.b.4 Travel 22 -1,701 -8,022 Credit 23 206 984 Debit 24 -1,907 -9,005 1.A.b.5 Construction 25 128 314 Credit 26 282 869 Debit 27 -154 -555 1.A.b.6 Insurance and Pension Services 28 -95 -481 Credit 29 110 370 Debit 30 -205 -851 1.A.b.7 Financial Services 31 19 66 Credit 32 82 294 Debit 33 -63 -228 1.A.b.8 Charges for the Use of Intellectual Property 34 -496 -2,014 Credit 35 155 589 Debit 36 -651 -2,603 1.A.b.9 Telecommunications, Computer, and Information Services 37 132 403 Credit 38 716 2,675 Debit 39 -585 -2,272 1.A.b.10 Other Business Services 40 381 1,360 Credit 41 1,306 4,835 Debit 42 -925 -3,475 1.A.b.11 Personal, Cultural, and Recreational Services 43 -40 -137 Credit 44 19 70 Debit 45 -59 -207 1.A.b.12 Government Goods and Services n.i.e 46 6 -73 Credit 47 42 173 Debit 48 -36 -246 1.B Primary Income 49 -2,582 -6,776 Credit 50 4,013 16,195 Debit 51 -6,595 -22,971 1.C Secondary Income 52 273 642 Credit 53 686 2,571 Debit 54 -413 -1,929 2. Capital and Financial Accounts (Including Net Errors and Omissions for the Quarter) 55 -8,601 -13,762 2.1 Capital Account 56 3 -6 Credit 57 4 11 Debit 58 -1 -17 2.2. Financial Account (Including Net Errors and Omissions for the Quarter) 59 -8,604 -13,756 2.2.1 Financial Account (Excluding Reserve Assets, But Including Net Errors and Omissions for the Quarter) 60 -6,976 -11,878 Including: 2.2.1.1 Direct Investment 61 3,784 6,991 2.2.1.1.1 Assets 62 -1,944 -7,553 2.2.1.1.2 Liabilities 63 5,728 14,544 2.2.2 Reserve Assets 64 -1,628 -1,878 2.2.2.1 Monetary gold 65 0 0 2.2.2.2 Special drawing rights 66 -4 7 2.2.2.3 Reserve position in the IMF 67 -56 -132 2.2.2.4 Foreign exchange reserves 68 -1,567 -1,753 2.2.2.5 Other reserves 69 0 0 3. Net Errors and Omissions 70 0 -6,676 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 amount for 2020 is the sum of the official amounts of the BOP from 2020Q1 to 2020 Q3, and the preliminary amount for 2020Q4. 5. This table employs rounded-off numbers. China's Balance of Payments (Preliminary Data) Unit: USD 100 million Item Line No. 2020 Q4 2020 1. Current account 1 1,302 2,989 Credit 2 8,889 30,134 Debit 3 -7,587 -27,145 1. A Goods and Services 4 1,651 3,885 Credit 5 8,178 27,412 Debit 6 -6,527 -23,527 1.A.a Goods 7 1,936 5,338 Credit 8 7,502 25,060 Debit 9 -5,566 -19,722 1.A.b Services 10 -284 -1,453 Credit 11 676 2,352 Debit 12 -960 -3,805 1.A.b.1 Processing services 13 33 127 Credit 14 34 132 Debit 15 -1 -5 1.A.b.2 Maintenance and Repair Services 16 11 43 Credit 17 21 77 Debit 18 -10 -34 1.A.b.3 Transport 19 -76 -381 Credit 20 180 566 Debit 21 -255 -947 1.A.b.4 Travel 22 -257 -1,162 Credit 23 31 142 Debit 24 -289 -1,305 1.A.b.5 Construction 25 19 46 Credit 26 43 127 Debit 27 -23 -81 1.A.b.6 Insurance and Pension Services 28 -14 -70 Credit 29 17 54 Debit 30 -31 -123 1.A.b.7 Financial Services 31 3 10 Credit 32 12 43 Debit 33 -9 -33 1.A.b.8 Charges for the Use of Intellectual Property 34 -75 -292 Credit 35 24 86 Debit 36 -99 -378 1.A.b.9 Telecommunications, Computer, and Information Services 37 20 59 Credit 38 108 389 Debit 39 -88 -330 1.A.b.10 Other Business Services 40 58 198 Credit 41 198 702 Debit 42 -140 -504 1.A.b.11 Personal, Cultural, and Recreational Services 43 -6 -20 Credit 44 3 10 Debit 45 -9 -30 1.A.b.12 Government Goods and Services n.i.e 46 1 -11 Credit 47 6 25 Debit 48 -5 -36 1.B Primary Income 49 -391 -990 Credit 50 607 2,348 Debit 51 -998 -3,339 1.C Secondary Income 52 41 94 Credit 53 104 373 Debit 54 -63 -279 2. Capital and Financial Accounts (Including Net Errors and Omissions for the Quarter) 55 -1,302 -2,040 2.1 Capital Account 56 0 -1 Credit 57 1 2 Debit 58 0 -2 2.2. Financial Account (Including Net Errors and Omissions for the Quarter) 59 -1,302 -2,039 2.2.1 Financial Account (Excluding Reserve Assets, But Including Net Errors and Omissions for the Quarter) 60 -1,056 -1,759 Including: 2.2.1.1 Direct Investment 61 573 1,034 2.2.1.1.1 Assets 62 -294 -1,096 2.2.1.1.2 Liabilities 63 867 2,130 2.2.2 Reserve Assets 64 -246 -280 2.2.2.1 Monetary gold 65 0 0 2.2.2.2 Special drawing rights 66 -1 1 2.2.2.3 Reserve position in the IMF 67 -9 -19 2.2.2.4 Foreign exchange reserves 68 -237 -262 2.2.2.5 Other reserves 69 0 0 3. Net Errors and Omissions 70 0 -949 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 2020 is the sum of the official amounts of the BOP from 2020Q1 to 2020 Q3, and the preliminary amount for 2020Q4. 4.This table employs rounded-off numbers. China's Balance of Payments (Preliminary Data) Unit:SDR 100 million Item Line No. 2020 Q4 2020 1. Current account 1 914 2,125 Credit 2 6,241 21,670 Debit 3 -5,327 -19,545 1. A Goods and Services 4 1,159 2,766 Credit 5 5,741 19,714 Debit 6 -4,582 -16,948 1.A.a Goods 7 1,359 3,817 Credit 8 5,267 18,019 Debit 9 -3,908 -14,202 1.A.b Services 10 -200 -1,051 Credit 11 475 1,695 Debit 12 -674 -2,746 1.A.b.1 Processing services 13 23 92 Credit 14 24 95 Debit 15 -1 -4 1.A.b.2 Maintenance and Repair Services 16 8 31 Credit 17 14 55 Debit 18 -7 -24 1.A.b.3 Transport 19 -53 -275 Credit 20 126 407 Debit 21 -179 -682 1.A.b.4 Travel 22 -181 -841 Credit 23 22 103 Debit 24 -203 -945 1.A.b.5 Construction 25 14 33 Credit 26 30 91 Debit 27 -16 -58 1.A.b.6 Insurance and Pension Services 28 -10 -50 Credit 29 12 39 Debit 30 -22 -89 1.A.b.7 Financial Services 31 2 7 Credit 32 9 31 Debit 33 -7 -24 1.A.b.8 Charges for the Use of Intellectual Property 34 -53 -210 Credit 35 17 62 Debit 36 -69 -272 1.A.b.9 Telecommunications, Computer, and Information Services 37 14 42 Credit 38 76 280 Debit 39 -62 -238 1.A.b.10 Other Business Services 40 40 143 Credit 41 139 506 Debit 42 -98 -363 1.A.b.11 Personal, Cultural, and Recreational Services 43 -4 -14 Credit 44 2 7 Debit 45 -6 -22 1.A.b.12 Government Goods and Services n.i.e 46 1 -8 Credit 47 4 18 Debit 48 -4 -26 1.B Primary Income 49 -274 -709 Credit 50 426 1,687 Debit 51 -701 -2,396 1.C Secondary Income 52 29 67 Credit 53 73 269 Debit 54 -44 -202 2. Capital and Financial Accounts (Including Net Errors and Omissions for the Quarter) 55 -914 -1,442 2.1 Capital Account 56 0 -1 Credit 57 0 1 Debit 58 0 -2 2.2. Financial Account (Including Net Errors and Omissions for the Quarter) 59 -914 -1,442 2.2.1 Financial Account (Excluding Reserve Assets, But Including Net Errors and Omissions for the Quarter) 60 -741 -1,249 Including: 2.2.1.1 Direct Investment 61 402 736 2.2.1.1.1 Assets 62 -207 -788 2.2.1.1.2 Liabilities 63 609 1,524 2.2.2 Reserve Assets 64 -173 -193 2.2.2.1 Monetary gold 65 0 0 2.2.2.2 Special drawing rights 66 0 1 2.2.2.3 Reserve position in the IMF 67 -6 -14 2.2.2.4 Foreign exchange reserves 68 -167 -180 2.2.2.5 Other reserves 69 0 0 3. Net Errors and Omissions 70 0 -682 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 statement is converted from the USD denominated BOP statement for the quarter using the quarterly average exchange rate of SDR against USD. 4.The preliminary amount for 2020 is the sum of the official amounts of the BOP from 2020Q1 to 2020 Q3, and the preliminary amount for 2020Q4. 5.This table employs rounded-off numbers. 2021-02-19/en/2021/0219/1800.html
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In December 2020, China’s international trade in goods and services recorded receipts of RMB 1913 billion and payments of RMB 1520.1 billion based on statistics of balance of payments (BOP), registering a surplus of RMB 392.9 billion. Specifically, trade in goods registered receipts of RMB 1719.7 billion, payments of RMB 1269.9 billion, recording a surplus of RMB 449.8 billion; trade in services recorded receipts of RMB 193.3 billion, payments of RMB 250.1 billion, resulting in a deficit of RMB 56.9 billion. In the US dollar terms, in December 2020, China's BOP-based receipts and payments of international trade in goods and services were USD 292.4 billion and USD 232.3 billion respectively, registering a surplus of USD 60.1 billion. Specifically, the receipts and payments from trade in goods were USD 262.9 billion and USD 194.1 billion respectively, resulting in a surplus of USD 68.8 billion. Trade in services registered receipts and payments of USD 29.5 billion and USD 38.2 billion respectively, recording a deficit of USD 8.7 billion. (End) International Trade in Goods and Services of China (Based on the BOP statistics) December 2020 Item In 100 million of RMB In 100 million of USD Goods and services 3929 601 Credit 19130 2924 Debit -15201 -2323 1. Goods 4498 688 Credit 17197 2629 Debit -12699 -1941 2. Services -569 -87 Credit 1933 295 Debit -2501 -382 2.1Manufacturing services on physical inputs owned by others 85 13 Credit 88 13 Debit -4 -1 2.2Maintenance and repair services n.i.e 21 3 Credit 51 8 Debit -31 -5 2.3Transport -79 -12 Credit 510 78 Debit -589 -90 2.4Travel -676 -103 Credit 76 12 Debit -751 -115 2.5Construction 83 13 Credit 151 23 Debit -68 -10 2.6Insurance and pension services -25 -4 Credit 53 8 Debit -78 -12 2.7Financial services 14 2 Credit 32 5 Debit -18 -3 2.8Charges for the use of intellectual property -208 -32 Credit 79 12 Debit -288 -44 2.9Telecommunications, computer and information services 93 14 Credit 318 49 Debit -225 -34 2.10Other business services 136 21 Credit 542 83 Debit -406 -62 2.11Personal, cultural, and recreational services -18 -3 Credit 10 2 Debit -28 -4 2.12Government goods and services n.i.e 5 1 Credit 22 3 Debit -17 -3 Notes: 1. The trade in goods and services in this table refers to the transactions between residents and non-residents, based on the same standard as that for BOP statement. The monthly data are preliminary and may be inconsistent with the quarterly data in the BOP statement. 2. The data on international trade in goods and services are prepared in USD, and the RMB data for the current month is derived by converting the USD data at the monthly average central parity rate of the RMB against the USD. 3. This table employs rounded-off numbers. Definition of Indicators: Goods and Services: refers to the trade in goods and services between residents and non-residents, which is based on the same standard as that for the BOP statement. 1. Goods: refers to transactions in goods whereby the economic ownership is transferred between the Chinese residents and non-residents. The credit side records export of goods, while the debit side records import of goods. The data of goods account are mainly from the customs statistics of imports and exports, but differ from the statistics of the customs mainly in the following aspects: first, the goods in the BOP statement only reflect the goods whose ownership has been transferred (e.g. goods under the trade modes such as general trade and processing trade with imported materials), while the goods whose ownership is not transferred (e.g. manufacturing services with supplied materials or with exported materials) are included in the statistics of trade in services instead of the statistics of trade in goods; second, as required by the BOP statistics, the goods imported and exported are valued on the FOB basis, but as required by the customs, the goods exported are valued on the FOB basis, whereas goods imported are on the CIF basis. Therefore, for the purpose of the BOP statistics, the international transport and insurance premiums are taken out from the value of imported goods and included in the trade in services; and third, the data on net export of goods in merchanting which are not included in the customs statistics are supplemented. 2. Services: includes manufacturing services on physical inputs owned by others, maintenance and repair services n.i.e, transport, travel, construction, insurance and pension services, financial services, charges for the use of intellectual property, telecommunications, computer and information services, other business services, personal, cultural and recreational services, and government goods and services n.i.e. The credit side records services supplied, while the debit side records services received. 2.1 Manufacturing services on physical owned by others: processor only provides processing, assembly, packaging and other services and charges service fee from the owner, while the ownership of the goods is not transferred between the owner and the processor. The credit side records the manufacturing services supplied by the Chinese residents on physical inputs owned by non-residents, and vice versa for debit side. 2.2 Maintenance and repair services: refer to the maintenance and repair services supplied by residents to non-residents or vice versa on goods and equipment (such as vessel, aircraft, and other transportation facility) owned by the receiving party. The credit side records the maintenance and repair services supplied by the Chinese residents to non-residents, and vice versa for debit side. 2.3 Transport: refers to the process of transporting people and goods from one place to another, and the relevant supporting and auxiliary services, as well as postal and delivery services. The credit side records the international transport, postal and delivery services supplied by residents to non-residents, and vice versa for debit side. 2.4 Travel: refers to goods consumed and services purchased by travelers in various economies as non-residents. The credit side records the goods and services provided by the Chinese residents to non-residents who have stayed in China for less than one year, as well as non-residents studying abroad and seeking medical treatment for indefinite period of stay. The debit side records the goods and services purchased by the Chinese residents when traveling, studying or seeking medical services abroad from non-residents. 2.5 Construction services: refer to the establishment, renovation, maintenance or expansion of fixed assets in the form of buildings, land improvement, roads, bridges and dams and other engineering buildings of engineering nature, relevant installation, assembly, painting, pipeline construction, demolition and project management, as well as site preparation, measurement and blasting and other special services. The credit side records the construction services provided by the Chinese residents outside the economic territory. The debit side records the construction services received by the Chinese residents in the Chinese economic territory from non-residents. 2.6 Insurance and pension services: refers to various insurance services and commission to agents related with insurance transaction. The credit side records the life insurance and annuity, non-life insurance, reinsurance, standardized guarantee services and relevant supporting services supplied by the Chinese residents to non-residents, and vice versa for debit side. 2.7 Financial services: refer to financial intermediation and supporting services, excluding those covered by insurance and pension services. The credit side records the financial intermediation and supporting services supplied by the Chinese residents to non-residents, and vice versa for debit side. 2.8 Charges for the use of intellectual property: refer to licensed use of intangible, non-productive/non-financial assets and exclusive rights between residents and non-residents and the licensed use of existing original works or prototypes. The credit side records the intellectual property-related services supplied by the Chinese residents to non-residents, and vice versa for debit side. 2.9 Telecommunications, computer and information services: refer to communications services between residents and non-residents and transactions of services related to computer data and news, excluding commercial services delivered via telephone, computer and Internet. The credit side records the telecommunications, computer and information services supplied by residents to non-residents, and vice versa for debit side. 2.10 Other business services: refer to other types of services between residents and non-residents, including research and development services, professional and management consulting services, technical and trade-related services. The credit side records the other business services supplied by the Chinese residents to non-residents, and vice versa for debit side. 2.11 Personal, cultural and recreational services: refer to transactions of personal, cultural and recreational services between residents and non-residents, including audiovisual and related services (films, radio, television programs and music recordings) and other personal, cultural and recreational services (health, education, etc.). The credit side records the related services supplied by the Chinese residents to non-residents, and vice versa for debit side. 2.12 Government goods and services n.i.e: refer to various goods and services provided and purchased by governments and international organizations not included in other categories of goods and services. The credit side records the goods and services not included elsewhere and supplied by the Chinese residents to non-residents, and vice versa for debit side. 2021-01-29/en/2021/0129/1793.html
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In January 2021, China’s international trade in services recorded receipts of RMB 154.2 billion, payments of RMB 212.3 billion, resulting in a deficit of RMB 58.1 billion. In the US dollar terms, in January 2021, China's international trade in services registered receipts and payments of USD 23.8 billion and USD 32.8 billion respectively, recording a deficit of USD 9 billion.(End) International Trade in Services of China (Based on the BOP statistics) January 2021 Item In 100 million of RMB In 100 million of USD 1. Services -581 -90 Credit 1542 238 Debit -2123 -328 1.1Manufacturing services on physical inputs owned by others 70 11 Credit 73 11 Debit -3 -1 1.2Maintenance and repair services n.i.e 23 4 Credit 40 6 Debit -17 -3 1.3Transport -117 -18 Credit 461 71 Debit -578 -89 1.4Travel -677 -105 Credit 64 10 Debit -741 -114 1.5Construction -6 -1 Credit 54 8 Debit -60 -9 1.6Insurance and pension services -30 -5 Credit 26 4 Debit -56 -9 1.7Financial services 16 3 Credit 36 6 Debit -20 -3 1.8Charges for the use of intellectual property -131 -20 Credit 38 6 Debit -169 -26 1.9Telecommunications, computer and information services 43 7 Credit 251 39 Debit -208 -32 1.10Other business services 236 36 Credit 487 75 Debit -251 -39 1.11Personal, cultural, and recreational services -5 -1 Credit 6 1 Debit -11 -2 1.12Government goods and services n.i.e -3 0 Credit 6 1 Debit -10 -1 Notes: 1. As the Customs statistics of trade in goods for January 2021 will be disseminated together with data for February 2021 in March 2021, international trade in goods for January 2021 will be disseminated together with data for February 2021 as well. 2. The trade in 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. 3. The data on international trade in 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. 4. This table employs rounded-off numbers. Definition of Indicators: 1. 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. 1.1 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. 1.2 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. 1.3 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. 1.4 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. 1.5 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. 1.6 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. 1.7 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. 1.8 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. 1.9 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. 1.10 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. 1.11 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. 1.12 Government goods and services n.i.e: refer to various goods and services provided and purchased by governments and international organizations not included in other categories of goods and services. The credit side records the goods and services not included elsewhere and supplied by the Chinese residents to non-residents, and vice versa for debit side. 2021-02-26/en/2021/0226/1804.html
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The State Administration of Foreign Exchange (SAFE) has recently released the Circular of the State Administration of Foreign Exchange on Amending the Guidelines for Interbank Foreign Exchange Market Makers (Huifa No.1 [2021], hereinafter referred to as the Guidelines). The SAFE deputy administrator and press spokesperson Wang Chunying answered media questions on the Guidelines. Q: In what context is the Guidelines amended? A: As an important supporting measure of the reform of the renminbi exchange rate regime in 2005, the market maker system was established by the SAFE for the interbank foreign exchange market. To adapt to market developments, the system was amended in 2010 and 2013 respectively. At present, market makers have become important participants in China’s foreign exchange market, making positive contributions to the stability of market. As the two-way opening-up of the financial market is advanced, it is pressing to further improve the market maker system. Therefore, on the basis of adequate surveys and opinions extensively solicited, the SAFE has amended the Guidelines again, with a view to improving the quality of market-based quotations and regulating trading behaviors to further boost the orderly development of the foreign exchange market. Q: What are the highlights of this amendment? A: The highlights of the amendment are as follows: encouraging dynamic competition, building a sound system of rewards and penalties, maintaining stability of scale, formulating transparent standards, and creating an open and fair environment. First, optimizing the structure of market makers. To give full play to the advantages of integrated market makers, market makers will no longer be divided by products and will be encouraged to strengthen their capabilities of comprehensive product trading and market making. Second, streamlining administrative approvals and delegating powers. The access and exist administration of trial market makers will be delegated to the China Foreign Exchange Trade System (CFETS), so as to lower the access thresholds and support more financial institutions to participate in quoting prices and provide liquidity. Third, regulating the trading behaviors of market makers. Efforts will be stepped up to monitor, evaluate and assess the daily activities of market markers, guide them to rely less on trading volumes and shift their focus to the improvement of quoting quality and the provision of liquidity. Fourth, emphasizing market makers’ responsibilities. Legal obligations of market makers are clarified, such as keeping quoted prices within the fluctuation range stipulated by the People's Bank of China (PBC) for the transaction prices of foreign exchange in the interbank foreign exchange market, complying with the codes of conduct and best practices in connection with the China Foreign Exchange Market Self-Regulatory Framework (SRF), and guiding customers to raise the risk-neutral awareness in relation to foreign exchange rates, with a view to raising their awareness of lawfully engaging in market making business and serving the real economy. Q: What impact will the improvement of the market maker system deliver on the development of the interbank foreign exchange market? A: First, the market structure will be more reasonable. The interbank foreign exchange market will be structurally optimized based on the competitive three-layer hierarchy of “market maker”, “trial market maker” and “common institution”. The first layer is composed of the integrated market makers that are in diverse forms and with strong market making capabilities. Given the current development of the foreign exchange market, the number of market makers is temporarily kept at 25, which will be adjusted going forward based on the evolution of the foreign exchange market. The second layer is made up of a large number of active product-specific trial market makers. The third consists enormous common institutions. Second, market liquidity will be more adequate. With the market maker structure optimized, market making forces expanded, and market making behaviors regulated, market makers’ quoting quality and their provision of liquidity will be improved. 2021-01-08/en/2021/0108/1795.html