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Q: The State Administration of Foreign Exchange (SAFE) has just released the latest data regarding China’s foreign exchange reserves. Could you explain the causes for the changes in foreign exchange reserves of February 2022? What will be the future trends? A: By the end of February 2022, China’s foreign exchange reserves stood at US$3.2138 trillion, down by US$7.8 billion, or 0.24%, from the end of January. In February 2022, cross-border capital flows were in a stable and orderly manner, while supply and demand of China’s foreign exchange market were basically balanced. In the international financial market, influenced by factors like geopolitical situation and the expectations of monetary policies in major countries, the US dollar index rose slightly, and global financial asset prices fell. Denominated in the US dollar, China’s foreign exchange reserves declined this month due to the combined effects of currency translation and asset price changes. At present, the external situation is complex and severe, as the COVID-19 pandemic is still spreading around the world, and volatility in international financial markets has increased significantly. However, China has coordinated epidemic prevention and control with economic and social development. By prioritizing stability and seeking progress while maintaining stability, China has kept the economy operating within an appropriate range, which is conducive to the overall stability of the foreign exchange reserves. 2022-03-07/en/2022/0307/1937.html
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External Financial Assets and Liabilities of China's Banking Sector(As of December 31, 2021) 2022-03-24/en/2022/0324/1941.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 2022-01-28/en/2021/0203/1935.html
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In first two months of 2022, the export and import of China’s international trade in goods and services totalled RMB 6812.7 billion, up 15 percent over the same time last year. Of this, the export of goods recorded RMB 3232.0 billion and the import recorded RMB 2683.7 billion, resulting in a surplus of RMB 548.3 billion. The export of services recorded RMB 411.0 billion and the import recorded RMB 485.9 billion, resulting in a deficit of RMB 74.9 billion. In terms of the major items, the export and import of transport, other business services, travel and telecommunications, computer and information services registered RMB 346.8 billion, RMB 157.2 billion, RMB 149.8 billion and RMB 100.2 billion respectively. In the US dollar terms, in first two months of 2022, the export and import of China’s international trade in goods and services were USD 573.4 billion and USD 498.9 billion respectively, with a surplus of USD 74.5 billion. (End) International Trade in Goods and Services of China January to February 2022 Item In 100 million of RMB In 100 million of USD Goods and services 4734 745 Credit 36430 5734 Debit -31697 -4989 1. Goods 5483 863 Credit 32320 5087 Debit -26837 -4224 2. Services -749 -118 Credit 4110 647 Debit -4859 -765 2.1Manufacturing services on physical inputs owned by others 133 21 Credit 142 22 Debit -9 -1 2.2Maintenance and repair services n.i.e 40 6 Credit 76 12 Debit -37 -6 2.3Transport 109 17 Credit 1788 281 Debit -1679 -264 2.4Travel -1295 -204 Credit 101 16 Debit -1397 -220 2.5Construction 46 7 Credit 143 23 Debit -97 -15 2.6Insurance and pension services -207 -33 Credit 39 6 Debit -246 -39 2.7Financial services 7 1 Credit 41 7 Debit -34 -5 2.8Charges for the use of intellectual property -255 -40 Credit 123 19 Debit -378 -60 2.9Telecommunications, computer and information services 134 21 Credit 568 89 Debit -434 -68 2.10Other business services 542 85 Credit 1057 166 Debit -515 -81 2.11Personal, cultural, and recreational services -8 -1 Credit 12 2 Debit -19 -3 2.12Government goods and services n.i.e 5 1 Credit 18 3 Debit -13 -2 Notes: 1. The trade in goods and services in this table refers to the transactions between residents and non-residents, based on the same standard as that for BOP statement. The monthly data are preliminary and may be inconsistent with the quarterly data in the BOP statement. 2. The data on international trade in goods and services are prepared in USD, and the RMB data for the current month is derived by converting the USD data at the monthly average central parity rate of the RMB against the USD. 3. This table employs rounded-off numbers. Definition of Indicators: Goods and Services: refers to the trade in goods and services between residents and non-residents, which is based on the same standard as that for the BOP statement. 1. Goods: refers to transactions in goods whereby the economic ownership is transferred between the Chinese residents and non-residents. The credit side records export of goods, while the debit side records import of goods. The data of goods account are mainly from the customs statistics of imports and exports, but differ from the statistics of the customs mainly in the following aspects:first, the goods in the BOP statement only reflect the goods whose ownership has been transferred (e.g. goods under the trade modes such as general trade and processing trade with imported materials), while the goods whose ownershipis 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 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-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 postaland 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. 2022-03-31/en/2022/0331/1947.html
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In the first quarter of 2022, China's current account registered a surplus of RMB 568.5 billion, including a surplus of RMB 920.5 billion under trade in goods, a deficit of RMB 115.6 billion under trade in services, a deficit of RMB 272 billion under primary income and a surplus of RMB 35.6 billion under secondary income. In the capital and financial accounts, direct investment recorded a surplus of RMB 412.6 billion, reserve assets increased by RMB 249.8 billion. In the US dollar terms, in the first quarter of 2022, China's current account registered a surplus of USD 89.5 billion, including a surplus of USD 145 billion under trade in goods, a deficit of USD 18.2 billion under trade in services, a deficit of USD 42.8 billion under primary income and a surplus of USD 5.6 billion under secondary income. In the capital and financial accounts, direct investment recorded a surplus of USD 65 billion, reserve assets increased by USD 39.3 billion. In SDR terms, in the first quarter of 2022, China's current account registered a surplus of SDR 64.3 billion, including a surplus of SDR 104 billion under trade in goods, a deficit of SDR 13.1 billion under trade in services, a deficit of SDR 30.7 billion under primary income and a surplus of SDR 4 billion under secondary income. In the capital and financial accounts, direct investment recorded a surplus of SDR 46.7 billion, reserve assets increased by SDR 28.2 billion. (End) China's Balance of Payments (Preliminary Data) Unit: RMB 100 million Item Line No. Q1 2022 1. Current account 1 5685 Credit 2 61091 Debit 3 -55406 1. A Goods and Services 4 8049 Credit 5 57211 Debit 6 -49162 1.A.a Goods 7 9205 Credit 8 50989 Debit 9 -41784 1.A.b Services 10 -1156 Credit 11 6222 Debit 12 -7378 1.A.b.1 Processing services 13 204 Credit 14 217 Debit 15 -13 1.A.b.2 Maintenance and Repair Services 16 54 Credit 17 115 Debit 18 -61 1.A.b.3 Transport 19 181 Credit 20 2640 Debit 21 -2459 1.A.b.4 Travel 22 -1869 Credit 23 147 Debit 24 -2016 1.A.b.5 Construction 25 60 Credit 26 197 Debit 27 -137 1.A.b.6 Insurance and Pension Services 28 -338 Credit 29 94 Debit 30 -432 1.A.b.7 Financial Services 31 16 Credit 32 75 Debit 33 -59 1.A.b.8 Charges for the Use of Intellectual Property 34 -491 Credit 35 203 Debit 36 -694 1.A.b.9 Telecommunications, Computer, and Information Services 37 280 Credit 38 932 Debit 39 -651 1.A.b.10 Other Business Services 40 762 Credit 41 1553 Debit 42 -791 1.A.b.11 Personal, Cultural, and Recreational Services 43 -11 Credit 44 22 Debit 45 -34 1.A.b.12 Government Goods and Services n.i.e 46 -3 Credit 47 28 Debit 48 -31 1.B Primary Income 49 -2720 Credit 50 2933 Debit 51 -5653 1.C Secondary Income 52 356 Credit 53 947 Debit 54 -591 2. Capital and Financial Accounts (Including Net Errors and Omissions for the Quarter) 55 -5685 2.1 Capital Account 56 -16 Credit 57 4 Debit 58 -20 2.2. Financial Account (Including Net Errors and Omissions for the Quarter) 59 -5669 2.2.1 Financial Account (Excluding Reserve Assets, But Including Net Errors and Omissions for the Quarter) 60 -3172 Including: 2.2.1.1 Direct Investment 61 4126 2.2.1.1.1 Assets 62 -2668 2.2.1.1.2 Liabilities 63 6795 2.2.2 Reserve Assets 64 -2498 2.2.2.1 Monetary gold 65 0 2.2.2.2 Special drawing rights 66 -6 2.2.2.3 Reserve position in the IMF 67 14 2.2.2.4 Foreign exchange reserves 68 -2505 2.2.2.5 Other reserves 69 0 3. Net Errors and Omissions 70 / Note: 1. The table is compiled accordingto 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 period average central parity rate of RMB against USD. 4.Since net errors and omissions are included, the amount of the capital and financial accounts is the opposite number of the difference in the current account. 5.This table employs rounded-off numbers. China's Balance of Payments (Preliminary Data) Unit: USD 100 million Item Line No. Q1 2022 1. Current account 1 895 Credit 2 9623 Debit 3 -8728 1. A Goods and Services 4 1268 Credit 5 9012 Debit 6 -7744 1.A.a Goods 7 1450 Credit 8 8032 Debit 9 -6582 1.A.b Services 10 -182 Credit 11 980 Debit 12 -1162 1.A.b.1 Processing services 13 32 Credit 14 34 Debit 15 -2 1.A.b.2 Maintenance and Repair Services 16 9 Credit 17 18 Debit 18 -10 1.A.b.3 Transport 19 28 Credit 20 416 Debit 21 -387 1.A.b.4 Travel 22 -294 Credit 23 23 Debit 24 -318 1.A.b.5 Construction 25 9 Credit 26 31 Debit 27 -22 1.A.b.6 Insurance and Pension Services 28 -53 Credit 29 15 Debit 30 -68 1.A.b.7 Financial Services 31 2 Credit 32 12 Debit 33 -9 1.A.b.8 Charges for the Use of Intellectual Property 34 -77 Credit 35 32 Debit 36 -109 1.A.b.9 Telecommunications, Computer, and Information Services 37 44 Credit 38 147 Debit 39 -103 1.A.b.10 Other Business Services 40 120 Credit 41 245 Debit 42 -125 1.A.b.11 Personal, Cultural, and Recreational Services 43 -2 Credit 44 4 Debit 45 -5 1.A.b.12 Government Goods and Services n.i.e 46 0 Credit 47 4 Debit 48 -5 1.B Primary Income 49 -428 Credit 50 462 Debit 51 -890 1.C Secondary Income 52 56 Credit 53 149 Debit 54 -93 2. Capital and Financial Accounts (Including Net Errors and Omissions for the Quarter) 55 -895 2.1 Capital Account 56 -2 Credit 57 1 Debit 58 -3 2.2. Financial Account (Including Net Errors and Omissions for the Quarter) 59 -893 2.2.1 Financial Account (Excluding Reserve Assets, But Including Net Errors and Omissions for the Quarter) 60 -499 Including: 2.2.1.1 Direct Investment 61 650 2.2.1.1.1 Assets 62 -420 2.2.1.1.2 Liabilities 63 1070 2.2.2 Reserve Assets 64 -393 2.2.2.1 Monetary gold 65 0 2.2.2.2 Special drawing rights 66 -1 2.2.2.3 Reserve position in the IMF 67 2 2.2.2.4 Foreign exchange reserves 68 -394 2.2.2.5 Other reserves 69 0 3. Net Errors and Omissions 70 / 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.Since net errors and omissions are included, the amount of the capital and financial accounts is the opposite number of the difference in the current account. 4.This table employs rounded-off numbers. China's Balance of Payments (Preliminary Data) Unit:SDR 100 million Item Line No. Q1 2022 1. Current account 1 643 Credit 2 6905 Debit 3 -6262 1. A Goods and Services 4 910 Credit 5 6466 Debit 6 -5556 1.A.a Goods 7 1040 Credit 8 5763 Debit 9 -4723 1.A.b Services 10 -131 Credit 11 703 Debit 12 -834 1.A.b.1 Processing services 13 23 Credit 14 25 Debit 15 -2 1.A.b.2 Maintenance and Repair Services 16 6 Credit 17 13 Debit 18 -7 1.A.b.3 Transport 19 20 Credit 20 298 Debit 21 -278 1.A.b.4 Travel 22 -211 Credit 23 17 Debit 24 -228 1.A.b.5 Construction 25 7 Credit 26 22 Debit 27 -15 1.A.b.6 Insurance and Pension Services 28 -38 Credit 29 11 Debit 30 -49 1.A.b.7 Financial Services 31 2 Credit 32 8 Debit 33 -7 1.A.b.8 Charges for the Use of Intellectual Property 34 -56 Credit 35 23 Debit 36 -79 1.A.b.9 Telecommunications, Computer, and Information Services 37 32 Credit 38 105 Debit 39 -74 1.A.b.10 Other Business Services 40 86 Credit 41 175 Debit 42 -89 1.A.b.11 Personal, Cultural, and Recreational Services 43 -1 Credit 44 3 Debit 45 -4 1.A.b.12 Government Goods and Services n.i.e 46 0 Credit 47 3 Debit 48 -3 1.B Primary Income 49 -307 Credit 50 332 Debit 51 -639 1.C Secondary Income 52 40 Credit 53 107 Debit 54 -67 2. Capital and Financial Accounts (Including Net Errors and Omissions for the Quarter) 55 -643 2.1 Capital Account 56 -2 Credit 57 0 Debit 58 -2 2.2. Financial Account (Including Net Errors and Omissions for the Quarter) 59 -641 2.2.1 Financial Account (Excluding Reserve Assets, But Including Net Errors and Omissions for the Quarter) 60 -359 Including: 2.2.1.1 Direct Investment 61 467 2.2.1.1.1 Assets 62 -302 2.2.1.1.2 Liabilities 63 769 2.2.2 Reserve Assets 64 -282 2.2.2.1 Monetary gold 65 0 2.2.2.2 Special drawing rights 66 -1 2.2.2.3 Reserve position in the IMF 67 2 2.2.2.4 Foreign exchange reserves 68 -283 2.2.2.5 Other reserves 69 0 3. Net Errors and Omissions 70 / 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 period average exchange rate of SDR against USD. 4.Since net errors and omissions are included, the amount of the capital and financial accounts is the opposite number of the difference in the current account. 5.This table employs rounded-off numbers. 2022-04-27/en/2022/0427/1951.html
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In March 2022, the export and import of China’s international trade in goods and services totalled RMB 3871.1 billion, up 15 percent over the same time last year. Of this, the export of goods recorded RMB 1868.7 billion and the import recorded RMB 1534.4 billion, resulting in a surplus of RMB 334.3 billion.The export of services recorded RMB 210.8 billion and the import recorded RMB 257.2 billion, resulting in a deficit of RMB 46.3 billion. In terms of the major items, the export and import of transport, other business services, travel and telecommunications, computer and information services registered RMB 169.1 billion, RMB 77.5 billion, RMB 65.8 billion and RMB 58.1 billion respectively. In the US dollar terms, in March 2022, the export and import of China’s international trade in goods and services were USD 327.7 billion and USD 282.3 billion respectively, with a surplus of USD 45.4 billion.(End) International Trade in Goods and Services of China March 2022 Item In 100 million of RMB In 100 million of USD Goods and services 2880 454 Credit 20795 3277 Debit -17915 -2823 1. Goods 3343 527 Credit 18687 2945 Debit -15344 -2418 2. Services -463 -73 Credit 2108 332 Debit -2572 -405 2.1Manufacturing services on physical inputs owned by others 71 11 Credit 76 12 Debit -5 -1 2.2Maintenance and repair services n.i.e 15 2 Credit 39 6 Debit -24 -4 2.3Transport 1 0 Credit 846 133 Debit -845 -133 2.4Travel -567 -89 Credit 46 7 Debit -612 -97 2.5Construction 15 2 Credit 54 9 Debit -39 -6 2.6Insurance and pension services -131 -21 Credit 54 9 Debit -185 -29 2.7Financial services 14 2 Credit 34 5 Debit -19 -3 2.8Charges for the use of intellectual property -236 -37 Credit 80 13 Debit -316 -50 2.9Telecommunications, computer and information services 146 23 Credit 364 57 Debit -217 -34 2.10Other business services 220 35 Credit 497 78 Debit -277 -44 2.11Personal, cultural, and recreational services -4 -1 Credit 11 2 Debit -14 -2 2.12Government goods and services n.i.e -8 -1 Credit 9 1 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 ownershipis 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 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-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 postaland 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. 2022-04-29/en/2022/0429/1952.html
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As shown in the statistics of the State Administration of Foreign Exchange (SAFE), in March 2022, the amount of foreign exchange settlement and sales by banks was RMB 1637.4 billion and RMB 1467.6 billion, respectively, with a surplus of RMB 169.9 billion. During January to March 2022, the accumulative amount of foreign exchange settlement and sales by banks was RMB 4193.3 billion and RMB 3820.2 billion, respectively, with an accumulative surplus of RMB 373.1 billion. In the US dollar terms, in March 2022, the amount of foreign exchange settlement and sales by banks was USD 258.0 billion and USD 231.3 billion, respectively, with a surplus of USD 26.8 billion. During January to March 2022, the accumulative amount of foreign exchange settlement and sales by banks was USD 660.3 billion and USD 601.5 billion, respectively, with an accumulative surplus of USD 58.7 billion. In March 2022, the amount of cross-border receipts and payments by non-banking sectors was RMB 3670.0 billion and RMB 3604.4 billion, respectively, with a surplus of RMB 65.6 billion. During January to March 2022, the accumulative amount of cross-border receipts and payments by non-banking sectors was RMB 10013.8 billion and RMB 9618.1 billion, respectively, with an accumulative surplus of RMB 395.7 billion. In the US dollar terms, in March 2022, the amount of cross-border receipts and payments by non-banking sectors was USD 578.3 billion and USD 568.0 billion, respectively, with a surplus of USD 10.3 billion. During January to March 2022, the accumulative amount of cross-border receipts and payments by non-banking sectors was USD 1576.7 billion and USD 1514.5 billion, respectively, with an accumulative surplus of USD 62.2 billion. Please note that foreign exchange settlement and sales data for few banks is incomplete due to COVID-19. 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. 2022-04-22/en/2022/0422/1950.html
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The State Administration of Foreign Exchange (SAFE) has recently released data on China’s external debt at the end of 2021. The SAFE Deputy Administrator and Press Spokesperson Wang Chunying answered media questions on the relevant issues. Q: Could you brief us on China’s external debt at the end of 2021? A: China’s external debt continued to grow steadily in the fourth quarter of 2021. By the end of 2021, China’s external debt (including domestic and foreign currencies) stood at US$2.7466 trillion, which was US$50.1 billion higher than it was at the end of September 2021, with an increase of 1.8%. The rise in external debt mainly resulted from foreign investors increasing their holdings of RMB-denominated bonds. The structure of China’s external debt was further improved. In terms of foreign currency structure, at the end of 2021, the proportion of external debts in domestic currency accounted for 45% of China’s full-scale external debt, an increase of 1% from the end of September 2021. The increase in the proportion of external debts in the domestic currency is conducive to reducing the currency mismatch risk of China’s external debt. From the perspective of the maturity structure of external debt, the proportion of medium and long-term debt was 47% at the end of 2021, flat with the level recorded at the end of September. Q: What would you say about current China’s external debt situations? A: China’s continued economic growth and opening-up efforts contributed to the rise of external debts. In 2021, China’s GDP grew by 8.1% year on year, ranking top among major economies in the world. China’s total economic volume exceeded 110 trillion yuan, maintaining its position as the world’s second-largest economy. The amount of foreign investment attracted reached a new high, with the actual use of foreign investment reaching 1.1494 trillion yuan, up by 14.9% year on year. The volume and quality of trade in goods increased, with total imports and exports of goods reaching 39.1 trillion yuan, a year-on-year increase of 21.4%. The reform of external debt management gave strong support to the development of the real economy. In 2021, the SAFE has further expanded the trial of external debt facilitation quota for high-tech enterprises and the pilot program of external debt registration management reform. The SAFE has also taken multiple measures to facilitate cross-border financing for enterprises and reduce financing costs, so as to help easing the financing difficulties of enterprises, especially micro, small and medium-sized enterprises and private enterprises, which has effectively provided support for the development of the real economy. China’s external debt risks were under control on the whole. By the end of 2021, the liability ratio (or the ratio of outstanding external debt to GDP) was 15.5%. The debt ratio (or the ratio of outstanding external debt to export revenue from trade) was 77.3%. The debt servicing ratio (or the ratio of the payments of the principal and interest on external debt to the export revenue from trade) was 5.9%. And the ratio of short-term external debt to foreign exchange reserves was 44.5%. These indicators were within internationally recognized thresholds (20%, 100%, 20% and 100% respectively), indicating the external debt risks facing China were under control on the whole. At present, with COVID-19 continuing to spread across the world, the external environment has become more complex, severe and uncertain. China has adhered to the principle of prioritizing stability, and making progress while maintaining stability, and as a result China’s national economy has continued to recover steadily and the two-way opening-up of the financial market has made steady progress. It is expected that China’s external debt will continue to maintain a steady momentum. 2022-03-25/en/2022/0325/1948.html
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The State Administration of Foreign Exchange (SAFE) has recently released data on foreign exchange settlement and sales by banks as well as cross-border receipts and payments by non-banking sectors in February 2022. The SAFE Deputy Administrator and Press Spokesperson Wang Chunying answered media questions on China’s foreign exchange receipts and payments of February 2022. Q: Could you brief us on China’s foreign exchange receipts and payments in February 2022? A: In general, China’s foreign exchange market operates smoothly. In February, the foreign exchange settlement and sales by banks recorded a surplus of US$4.2 billion. Taking into account of factors like forward settlement and sale of foreign exchange and option trading, the supply and demand of domestic foreign exchange were basically in balance. The cross-border receipts and payments by non-banking sectors, including enterprises, recorded a small deficit of US$6.5 billion. As of the end of February, the balance of foreign exchange reserves stood at US$3.2138 trillion, basically stable compared with the end of January. Cross-border capital related to the real economy, such as trade and investment, continued to see net inflows. In February, the cross-border trade surplus in goods was US$25.7 billion, up by 41% year on year. The surplus of cross-border direct investment was US$8.8 billion, among which the net capital inflow of foreign direct investment in China remained relatively large and grew steadily year on year. As for the foreign exchange inflow brought by the above-mentioned trade and investment activities, part is to be settled by the domestic entities, while the other part will be held in the form of foreign currency deposits. From January to February, the settlement ratio (the ratio of foreign exchanges sold by clients to banks to their foreign-related foreign exchange receipts) reached 62.4%, down by 3.2% year on year. Meanwhile, the sales ratio (the ratio of foreign exchange bought by clients from banks to their foreign-related foreign exchange payments) reached 61%, down by 0.5% year on year. At present, facing external complexities, COVID-19 pandemic and mounting inflation made it more difficult for countries to adjust their monetary policies, and high valuations also increased the vulnerability of international financial markets. However, China adheres to the general principle of seeking progress while maintaining stability. As a result, China’s economy continues to recover steadily, its fundamentals will continue to serve as a solid foundation for the basic equilibrium of balance of payment and overall stability of the foreign exchange market. 2022-03-18/en/2022/0318/1946.html
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Q: The State Administration of Foreign Exchange (SAFE) has just released the latest data regarding China’s foreign exchange reserves. Could you explain the causes for the changes in foreign exchange reserves of March 2022? What will be the future trends? A: By the end of March 2022, China’s foreign exchange reserves stood at US$3.1880 trillion, seeing a decline of US$25.8 billion, or 0.8% lower from the end of February. In March 2022, China’s cross-border capital inflows generally picked up, and supply and demand in the foreign exchange market remained basically balanced. The international financial market witnessed a rise in the US dollar index and a fall in bond prices of major countries due to the monetary policies of major countries, geopolitical situation, and COVID-19 pandemic. Denominated in the US dollar, China’s foreign exchange reserves declined this month due to the combined effects of currency translation and asset price changes. At present, the world still faces a protracted COVID-19 pandemic, increasingly complex external circumstances, and the volatile global financial market. However, by adhering to the general principle of prioritizing stability and seeking progress while maintaining stability, China will continue to coordinate COVID-19 response and economic development, and keep its strong economic resilience and sound long-term economic fundamentals unchanged, which will help to stabilize the foreign exchange reserves. 2022-04-07/en/2022/0407/1949.html