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In the fourth quarter of 2024, China's current account registered a surplus of RMB 1293.3 billion, including a surplus of RMB 1786.6 billion under trade in goods, a deficit of RMB 338.3 billion under trade in services, a deficit of RMB 188.1 billion under primary income and a surplus of RMB 33.1 billion under secondary income. The capital and financial accounts (including net errors and omissions for the quarter) recorded a deficit of RMB 1293.3 billion. In 2024, China's current account registered a surplus of RMB 3011.7 billion, including a surplus of RMB 5481.2 billion under trade in goods, a deficit of RMB 1634.0 billion under trade in services, a deficit of RMB 941.2 billion under primary income, and a surplus of RMB 105.7 billion under secondary income. The capital and financial accounts (including net errors and omissions for the fourth quarter) recorded a deficit of RMB 3154.6 billion. In the US dollar terms, in the fourth quarter of 2024, China's current account registered a surplus of USD 180.7 billion, including a surplus of USD 249.6 billion under trade in goods, a deficit of USD 47.3 billion under trade in services, a deficit of USD 26.3 billion under primary income and a surplus of USD 4.6 billion under secondary income. The capital and financial accounts (including net errors and omissions for the quarter) recorded a deficit of USD 180.7 billion. In the US dollar terms, in 2024, China's current account recorded a surplus of USD 422.0 billion, including a surplus of USD 767.9 billion under trade in goods, a deficit of USD 228.8 billion under trade in services, a deficit of USD 131.9 billion under primary income, and a surplus of USD 14.8 billion under secondary income. The capital and financial accounts (including net errors and omissions for the fourth quarter) recorded a deficit of USD 441.6 billion. In SDR terms, in the fourth quarter of 2024, China's current account registered a surplus of SDR 136.7 billion, including a surplus of SDR 188.9 billion under trade in goods, a deficit of SDR 35.8 billion under trade in services, a deficit of SDR 19.9 billion under primary income and a surplus of SDR 3.5 billion under secondary income. The capital and financial accounts (including net errors and omissions for the quarter) recorded a deficit of SDR 136.7 billion. In SDR terms, in 2024, China posted a surplus of SDR 317.6 billion under the current account, including a surplus of SDR 578.2 billion under trade in goods, a deficit of SDR 172.4 billion under trade in services, a deficit of SDR 99.5 billion under primary income and a surplus of SDR 11.1 billion under secondary income.The capital and financial accounts (including net errors and omissions for the fourth quarter) recorded a deficit of SDR 332.2 billion. (End) China's Balance of Payments, Q4 2024 (Preliminary Data) Item Line No. RMB 100 million USD 100 million SDR 100 million 1. Current account 1 12933 1807 1367 Credit 2 81231 11349 8587 Debit 3 -68297 -9543 -7220 1. A Goods and Services 4 14483 2023 1531 Credit 5 74707 10438 7897 Debit 6 -60224 -8415 -6366 1.A.a Goods 7 17866 2496 1889 Credit 8 67019 9364 7084 Debit 9 -49153 -6868 -5196 1.A.b Services 10 -3383 -473 -358 Credit 11 7688 1074 813 Debit 12 -11071 -1547 -1171 1.A.b.1 Processing services 13 210 29 22 Credit 14 232 32 25 Debit 15 -22 -3 -2 1.A.b.2 Maintenance and Repair Services 16 87 12 9 Credit 17 236 33 25 Debit 18 -148 -21 -16 1.A.b.3 Transport 19 -647 -90 -68 Credit 20 2342 327 248 Debit 21 -2989 -418 -316 1.A.b.4 Travel 22 -3735 -522 -395 Credit 23 864 121 91 Debit 24 -4599 -642 -486 1.A.b.5 Construction 25 222 31 23 Credit 26 366 51 39 Debit 27 -145 -20 -15 1.A.b.6 Insurance and Pension Services 28 -196 -27 -21 Credit 29 11 2 1 Debit 30 -207 -29 -22 1.A.b.7 Financial Services 31 -3 0 0 Credit 32 76 11 8 Debit 33 -79 -11 -8 1.A.b.8 Charges for the Use of Intellectual Property 34 -716 -100 -76 Credit 35 99 14 11 Debit 36 -816 -114 -86 1.A.b.9 Telecommunications, Computer, and Information Services 37 635 89 67 Credit 38 1354 189 143 Debit 39 -720 -101 -76 1.A.b.10 Other Business Services 40 848 118 90 Credit 41 2027 283 214 Debit 42 -1179 -165 -125 1.A.b.11 Personal, Cultural, and Recreational Services 43 -63 -9 -7 Credit 44 51 7 5 Debit 45 -114 -16 -12 1.A.b.12 Government Goods and Services n.i.e 46 -24 -3 -3 Credit 47 30 4 3 Debit 48 -54 -8 -6 1.B Primary Income 49 -1881 -263 -199 Credit 50 5780 807 611 Debit 51 -7660 -1070 -810 1.C Secondary Income 52 331 46 35 Credit 53 744 104 79 Debit 54 -413 -58 -44 2. Capital and Financial Accounts (Including Net Errors and Omissions for the Quarter) 55 -12933 -1807 -1367 2.1 Capital Account 56 3 0 0 Credit 57 6 1 1 Debit 58 -3 0 0 2.2. Financial Account (Including Net Errors and Omissions for the Quarter) 59 -12937 -1807 -1368 2.2.1 Financial Account (Excluding Reserve Assets, But Including Net Errors and Omissions for the Quarter) 60 -15110 -2111 -1598 Including: 2.2.1.1 Direct Investment 61 -865 -120 -92 2.2.1.1.1 Assets 62 -2113 -295 -223 2.2.1.1.1.1 Equity and investment fund shares 63 -2204 -308 -233 2.2.1.1.1.2 Debt instruments 64 91 13 10 2.2.1.1.2 Liabilities 65 1247 175 132 2.2.1.1.2.1 Equity and investment fund shares 66 1776 248 188 2.2.1.1.2.2 Debt instruments 67 -528 -74 -56 2.2.2 Reserve Assets 68 2173 304 230 2.2.2.1 Monetary gold 69 0 0 0 2.2.2.2 Special drawing rights 70 156 22 16 2.2.2.3 Reserve position in the IMF 71 28 4 3 2.2.2.4 Foreign exchange reserves 72 1990 278 210 2.2.2.5 Other reserves 73 0 0 0 3. Net Errors and Omissions 74 / / / 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 period average central parity rate of RMB against USD. The SDR denominated quarterly BOP statement is converted from the USD denominated BOPstatement 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.According to preliminary statistics, in the fourth quarter of 2024, the equity other than reinvestment of earnings under direct investment liabilities (credit) was USD 30.5 billion (RMB 218.8 billion). 6.This table employs rounded-off numbers. China's Balance of Payments, 2024 (Preliminary Data) Item Line No. RMB 100 million USD 100 million SDR 100 million 1. Current account 1 30117 4220 3176 Credit 2 294432 41236 31061 Debit 3 -264315 -37016 -27886 1. A Goods and Services 4 38472 5391 4059 Credit 5 270851 37932 28572 Debit 6 -232379 -32541 -24514 1.A.a Goods 7 54812 7679 5782 Credit 8 243421 34091 25679 Debit 9 -188609 -26412 -19897 1.A.b Services 10 -16340 -2288 -1724 Credit 11 27430 3840 2893 Debit 12 -43770 -6129 -4617 1.A.b.1 Processing services 13 818 115 86 Credit 14 901 126 95 Debit 15 -83 -12 -9 1.A.b.2 Maintenance and Repair Services 16 265 37 28 Credit 17 796 111 84 Debit 18 -531 -74 -56 1.A.b.3 Transport 19 -3971 -556 -419 Credit 20 8039 1126 848 Debit 21 -12010 -1682 -1267 1.A.b.4 Travel 22 -15018 -2102 -1584 Credit 23 2842 398 300 Debit 24 -17860 -2501 -1884 1.A.b.5 Construction 25 601 84 63 Credit 26 1202 168 127 Debit 27 -601 -84 -63 1.A.b.6 Insurance and Pension Services 28 -859 -120 -90 Credit 29 175 24 18 Debit 30 -1033 -145 -109 1.A.b.7 Financial Services 31 26 4 3 Credit 32 290 41 31 Debit 33 -264 -37 -28 1.A.b.8 Charges for the Use of Intellectual Property 34 -2542 -356 -268 Credit 35 724 101 76 Debit 36 -3266 -457 -345 1.A.b.9 Telecommunications, Computer, and Information Services 37 1768 248 187 Credit 38 4644 650 490 Debit 39 -2875 -402 -303 1.A.b.10 Other Business Services 40 2963 415 312 Credit 41 7574 1060 799 Debit 42 -4612 -646 -487 1.A.b.11 Personal, Cultural, and Recreational Services 43 -282 -40 -30 Credit 44 136 19 14 Debit 45 -418 -59 -44 1.A.b.12 Government Goods and Services n.i.e 46 -109 -15 -11 Credit 47 108 15 11 Debit 48 -217 -30 -23 1.B Primary Income 49 -9412 -1319 -995 Credit 50 20882 2926 2204 Debit 51 -30293 -4245 -3199 1.C Secondary Income 52 1057 148 111 Credit 53 2700 378 285 Debit 54 -1643 -230 -173 2. Capital and Financial Accounts (Including Net Errors and Omissions for the Quarter) 55 -31546 -4416 -3322 2.1 Capital Account 56 -4 -1 0 Credit 57 14 2 1 Debit 58 -18 -3 -2 2.2. Financial Account (Including Net Errors and Omissions for the Quarter) 59 -31542 -4415 -3322 2.2.1 Financial Account (Excluding Reserve Assets, But Including Net Errors and Omissions for the Quarter) 60 -35956 -5038 -3793 Including: 2.2.1.1 Direct Investment 61 -12005 -1684 -1271 2.2.1.1.1 Assets 62 -12333 -1728 -1303 2.2.1.1.1.1 Equity and investment fund shares 63 -9296 -1302 -981 2.2.1.1.1.2 Debt instruments 64 -3037 -426 -322 2.2.1.1.2 Liabilities 65 327 45 32 2.2.1.1.2.1 Equity and investment fund shares 66 4177 585 439 2.2.1.1.2.2 Debt instruments 67 -3850 -540 -407 2.2.2 Reserve Assets 68 4414 623 472 2.2.2.1 Monetary gold 69 0 0 0 2.2.2.2 Special drawing rights 70 65 9 7 2.2.2.3 Reserve position in the IMF 71 -1 0 0 2.2.2.4 Foreign exchange reserves 72 4350 614 465 2.2.2.5 Other reserves 73 0 0 0 3. Net Errors and Omissions 74 1429 196 146 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 period average central parity rate of RMB against USD. The SDR denominated quarterly BOP statement is converted from the USD denominated BOP statement for the quarter using the period average exchange rate of SDR against USD. 4.The preliminary amount for 2024 is the sum of the official amounts of the BOP for 2024Q1, 2024Q2, 2024Q3 and the preliminary amount for 2024Q4. 5.According to preliminary statistics, in 2024, the equity other than reinvestment of earnings under direct investment liabilities (credit) was USD 90.8 billion (RMB 648.8 billion). 6.This table employs rounded-off numbers. 2025-02-14/en/2025/0214/2282.html
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In December 2024, the export and import of China’s international trade in goods and services totalled RMB 4889.3 billion, up 13 percent over the same time last year. Of this, the export of goods recorded RMB 2404.9 billion and the import recorded RMB 1744.0 billion, resulting in a surplus of RMB 660.9 billion. The export of services recorded RMB 298.6 billion and the import recorded RMB 441.8 billion, resulting in a deficit of RMB 143.3 billion. In terms of the major items, the export and import of travel, transport, other business services, telecommunications, computer and information services registered RMB 224.6 billion, RMB 190.3 billion, RMB 127.7 billion and RMB 82.9 billion respectively. In the US dollar terms, in December 2024, the export and import of China’s international trade in goods and services were USD 376.1 billion and USD 304.1 billion respectively, with a surplus of USD 72.0 billion.(End) International Trade in Goods and Services of China December 2024 Item In 100 million of RMB In 100 million of USD Goods and services 5176 720 Credit 27034 3761 Debit -21859 -3041 1. Goods 6609 919 Credit 24049 3345 Debit -17440 -2426 2. Services -1433 -199 Credit 2986 415 Debit -4418 -615 2.1Manufacturing services on physical inputs owned by others 76 11 Credit 84 12 Debit -8 -1 2.2Maintenance and repair services n.i.e 24 3 Credit 89 12 Debit -66 -9 2.3Transport -181 -25 Credit 861 120 Debit -1042 -145 2.4Travel -1623 -226 Credit 312 43 Debit -1934 -269 2.5Construction 112 16 Credit 176 24 Debit -64 -9 2.6Insurance and pension services -94 -13 Credit -6 -1 Debit -88 -12 2.7Financial services 1 0 Credit 32 4 Debit -31 -4 2.8Charges for the use of intellectual property -344 -48 Credit 39 5 Debit -384 -53 2.9Telecommunications, computer and information services 304 42 Credit 567 79 Debit -262 -37 2.10Other business services 320 44 Credit 798 111 Debit -479 -67 2.11Personal, cultural, and recreational services -32 -4 Credit 20 3 Debit -52 -7 2.12Government goods and services n.i.e 4 1 Credit 13 2 Debit -9 -1 Notes: 1. The international trade in goods and services in this table refers to the transactions between residents and non-residents, based on the same standard as that for BOP statement. The monthly data are preliminary and may be inconsistent with the quarterly data in the BOP statement. 2. The data on international trade in goods and services are prepared in USD, and the RMB data for the current month is derived by converting the USD data at the monthly average central parity rate of the RMB against the USD. 3. This table employs rounded-off numbers. Definition of Indicators: Goods and Services: refers to the trade in goods and services between residents and non-residents, which is based on the same standard as that for the BOP statement. 1. Goods: refers to transactions in goods whereby the economic ownership is transferred between the Chinese residents and non-residents. The credit side records export of goods, while the debit side records import of goods. The data of goods account are mainly from the customs statistics of imports and exports, but differ from the statistics of the customs mainly in the following aspects: first, the goods in the BOP statement only reflect the goods whose ownership has been transferred (e.g. goods under the trade modes such as general trade and processing trade with imported materials), while the goods whose ownership is not transferred (e.g. manufacturing services with supplied materials or with exported materials) are included in the statistics of trade in services instead of the statistics of trade in goods; second, as required by the BOP statistics, the goods imported and exported are valued on the FOB basis, but as required by the customs, the goods exported are valued on the FOB basis, whereas goods imported are on the CIF basis. Therefore, for the purpose of the BOP statistics, the international transport and insurance premiums are taken out from the value of imported goods and included in the trade in services; and third, the data on net export of goods in merchanting which are not included in the customs statistics are supplemented. 2. Services: includes manufacturing services on physical inputs owned by others, maintenance and repair services n.i.e, transport, travel, construction, insurance and pension services, financial services, charges for the use of intellectual property, telecommunications, computer and information services, other business services, personal, cultural and recreational services, and government goods and services n.i.e. The credit side records services supplied, while the debit side records services received. 2.1 Manufacturing services on physical owned by others: processor only provides processing, assembly, packaging and other services and charges service fee from the owner, while the ownership of the goods is not transferred between the owner and the processor. The credit side records the manufacturing services supplied by the Chinese residents on physical inputs owned by non-residents, and vice versa for debit side. 2.2 Maintenance and repair services: refer to the maintenance and repair services supplied by residents to non-residents or vice versa on goods and equipment (such as vessel, aircraft, and other transportation facility) owned by the receiving party. The credit side records the maintenance and repair services supplied by the Chinese residents to non-residents, and vice versa for debit side. 2.3 Transport: refers to the process of transporting people and goods from one place to another, and the relevant supporting and auxiliary services, as well as postal and delivery services. The credit side records the international transport, postal and delivery services supplied by residents to non-residents, and vice versa for debit side. 2.4 Travel: refers to goods consumed and services purchased by travelers in various economies as non-residents. The credit side records the goods and services provided by the Chinese residents to non-residents who have stayed in China for less than one year, as well as non-residents studying abroad and seeking medical treatment for indefinite period of stay. The debit side records the goods and services purchased by the Chinese residents when traveling, studying or seeking medical services abroad from non-residents. 2.5 Construction services: refer to the establishment, renovation, maintenance or expansion of fixed assets in the form of buildings, land improvement, roads, bridges and dams and other engineering buildings of engineering nature, relevant installation, assembly, painting, pipeline construction, demolition and project management,as well as site preparation, measurement and blasting and other special services. The credit side records the construction services provided by the Chinese residents outside the economic territory. The debit side records the construction services received by the Chinese residents in the Chinese economic territory from non-residents. 2.6 Insurance and pension services: refers to various insurance services and commission to agents related with insurance transaction. The credit side records the life insurance and annuity, non-lifeinsurance, reinsurance, standardized guarantee services and relevant supporting services supplied by the Chinese residents to non-residents, and vice versa for debit side. 2.7 Financial services: refer to financial intermediation and supporting services, excluding those covered by insurance and pension services. The credit side records the financial intermediation and supporting services supplied by the Chinese residents to non-residents, and vice versa for debit side. 2.8 Charges for the use of intellectual property: refer to licensed use of intangible, non-productive/non-financial assets and exclusive rights between residents and non-residents and the licensed use of existing original works or prototypes. The credit side records the intellectual property-related services supplied by the Chinese residents to non-residents, and vice versa for debit side. 2.9 Telecommunications, computer and information services: refer tocommunications services between residents and non-residents and transactions of services related to computer data and news, excluding commercial services delivered via telephone, computer and Internet. The credit side records the telecommunications, computer and information services supplied by residents to non-residents, and vice versa for debit side. 2.10 Other business services: refer to other types of services between residents and non-residents, including research and development services, professional and management consulting services, technical and trade-related services. The credit side records the other business services supplied by the Chinese residents to non-residents, and vice versa for debit side. 2.11 Personal, cultural and recreational services: refer to transactions of personal, cultural and recreational services between residents and non-residents, including audiovisual and related services (films, radio, television programs and music recordings) and other personal, cultural and recreational services (health, education, etc.). The credit side records the related services supplied by the Chinese residents to non-residents, and vice versa for debit side. 2.12 Government goods and services n.i.e: refer to various goods and services provided and purchased by governments and international organizations not included in other categories of goods and services. The credit side records the goods and services not included elsewhere and supplied by the Chinese residents to non-residents, and vice versa for debit side. 2025-01-24/en/2025/0124/2278.html
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As at the end of September 2024, China recorded RMB 17.6371 trillion in outstanding external debt denominated in both domestic and foreign currencies (equivalent to USD 2516.9 billion, excluding those of Hong Kong SAR, Macao SAR, and Taiwan Province of China, the same below). In terms of maturity structure, the outstanding medium-and long-term external debt was RMB 7664.2 billion (equivalent to USD 1093.7 billion), accounting for 43 percent; while the outstanding short-term external debt was RMB 9972.9 billion (equivalent to USD 1423.2 billion), taking up 57 percent, of which 33 percent was trade-related credit. In terms of institutional sectors, the outstanding debt of general government totaled RMB 3018.6 billion (equivalent to USD 430.8 billion), accounting for 17 percent; the outstanding debt of the central bank totaled RMB 649.8 billion (equivalent to USD 92.7 billion), accounting for 4 percent; the outstanding debt of banks totaled RMB 7764.9 billion (equivalent to USD 1108.1 billion), accounting for 44 percent; the outstanding debt of other sectors (including inter-company lending under direct investments) totaled RMB 6203.7 billion (equivalent to USD 885.3 billion), accounting for 35 percent. In terms of debt instruments, the balance of loans was RMB 2567.8 billion (equivalent to USD 366.4 billion), accounting for 15 percent; the outstanding trade credits and advances was RMB 2700.7 billion (equivalent to USD 385.4 billion), accounting for 15 percent; the outstanding currency and deposits was RMB 3303.5 billion (equivalent to USD 471.4 billion), accounting for 19 percent; the outstanding debt securities was RMB 6183.8 billion (equivalent to USD 882.5 billion), accounting for 35 percent; the Special Drawing Rights (SDR) allocation amounted to RMB 344.1 billion (equivalent to USD 49.1 billion), accounting for 2 percent; the balance of inter-company lending under direct investments totaled RMB 1784.3 billion (equivalent to USD 254.6 billion), accounting for 10 percent; and the balance of other debt liabilities was RMB 752.9 billion (equivalent to USD 107.4 billion), accounting for 4 percent. With respect to currency structures, the outstanding external debt in domestic currency totaled RMB 8876.1 billion (equivalent to USD 1266.7 billion), accounting for 50 percent; the outstanding external debt in foreign currencies (including SDR allocation) totaled RMB 8761.0 billion (equivalent to USD 1250.2 billion), accounting for 50 percent. In the outstanding registered external debt in foreign currencies, the USD debt accounted for 80 percent, the Euro debt accounted for 8 percent, the JPY debt accounted for 5 percent, the HKD debt accounted for 4 percent, the SDR and other foreign currency-denominated external debt accounted for 3 percent. Since all major external debt indicators were within the internationally recognized thresholds, China’s external debt risk is under control. Appendix Definition of terms and interpretations External debt classification by maturity structure. There are two methods to classify the external debt by maturity structure. One is on the basis of the contractual maturity, i.e. it is classified as medium- and long-term external debt if the contractual maturity is over one year, and classified as short-term external debt if the contractual maturity is one year or less; the other is on the basis of the remaining maturity, i.e., on the basis of the contractual maturity classification method above, the medium- and long-term external debt due within one year is classified as short-term external debt. In this news release, external debt is divided into medium- and long-term external debt and short-term external debt based on the contractual maturity. Trade-related credit is a broad concept. In addition to trade credit and advances, it also involves other kinds of credit provided for trade activities. According to its definition, trade-related credit includes trade credit and advances, bank trade financing, trade related bills, and so forth. In particular, trade credit and advances refer to external liability arising from directly extending credit between the seller and buyer of goods transactions, specifically transactions between residents in the Chinese Mainland and overseas non-residents (including non-residents in Hong Kong SAR, Macao SAR, and Taiwan Province of China), i.e., the debt incurred due to the difference between the time of payment and the time of the goods ownership transfer, which include credit directly provided by the supplier (e.g., the overseas exporter) for goods and services, and prepayments made by buyers (e.g., overseas importers) for goods, services, and work that is in progress (or work to be undertaken). Bank trade financing refers to trade related loans that offered by a third party(e.g., banks) to exporters or importers, for instance, loans extended by foreign financial institutions or export credit agencies to buyers. Annexed table：China’s Gross External Debt Position by Sector, End of September 2024 End of September 2024 End of September 2024 （Unit:100 million RMB） （Unit:100 million US dollars） General Government 30186 4308 Short-term 1746 249 Currency and deposits 0 0 Debt securities 1746 249 Loans 0 0 Trade credit and advances 0 0 Other debt liabilities 0 0 Long-term 28439 4059 Special drawing rights (allocations) 0 0 Currency and deposits 0 0 Debt securities 24664 3520 Loans 3775 539 Trade credit and advances 0 0 Other debt liabilities 0 0 Central Bank 6498 927 Short-term 2722 388 Currency and deposits 1342 191 Debt securities 1379 197 Loans 0 0 Trade credit and advances 0 0 Other debt liabilities 0 0 Long-term 3777 539 Special drawing rights (allocations) 3441 491 Currency and deposits 0 0 Debt securities 0 0 Loans 0 0 Trade credit and advances 0 0 Other debt liabilities 336 48 Other Depository Corporations 77649 11081 Short-term 59900 8548 Currency and deposits 31684 4522 Debt securities 12658 1806 Loans 15069 2150 Trade credit and advances 0 0 Other debt liabilities 489 70 Long-term 17749 2533 Currency and deposits 0 0 Debt securities 14453 2063 Loans 3210 458 Trade credit and advances 0 0 Other debt liabilities 86 12 Other Sectors 44194 6307 Short-term 31576 4506 Currency and deposits 9 1 Debt securities 210 30 Loans 1101 157 Trade credit and advances 26534 3787 Other debt liabilities 3723 531 Long-term 12619 1801 Currency and deposits 0 0 Debt securities 6726 960 Loans 2523 360 Trade credit and advances 473 68 Other debt liabilities 2896 413 Direct Investment: Intercompany Lending 17843 2546 Debt liabilities of direct investment enterprises to direct investors 9451 1349 Debt liabilities of direct investors to direct investment enterprises 1456 207 Debt liabilities to fellow enterprises 6936 990 Gross External Debt Position 176371 25169 Notes: 1. The short-term and long-term herein are broken down by contractual (original) maturity. 2. The data in this table have been rounded off. 2024-12-27/en/2024/1227/2273.html
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To implement the guidelines of the third plenary session of the 20th Communist Party of China Central Committee and the Central Economic Work Conference, further comprehensively deepen reforms, expand high-standard opening-up, and facilitate the sweep of funds by multinational corporations, the People’s Bank of China (PBOC) and the State Administration of Foreign Exchange (SAFE) recently announced the decision to optimize the pilot policies for integrated RMB and foreign currency cash pooling for multinational corporations in 10 provinces and cities, namely Shanghai, Beijing, Jiangsu, Zhejiang, Guangdong, Hainan, Shaanxi, Ningbo, Qingdao and Shenzhen. The main contents are as follows. First, cross-currency lending for current account cross-border payments will be allowed among onshore participant companies of multinational corporations, reducing the financing costs for enterprises. Second, the filing process and the review of materials related to foreign receipts and payments will be streamlined, thus facilitating cross-border receipts and payments. Third, multinational corporations will be permitted to determine the proportion of external debt and overseas lending based on macro-prudential principles by themselves, simplifying the management of cross-border capital operations. Fourth, multinational corporations’ leading company will be supported to manage, for offshore participant companies, the centralized payments and receipts between offshore participant companies and onshore participant companies or offshore entities through their domestic funding concentration accounts, to further enhance the efficiency in fund use. Moving forward, the PBOC and the SAFE will continue to optimize cross-border capital management policies for multinational corporations, and increase support for the facilitation of cross-border investment and financing, thus better serving the high-quality development of the real economy. 2024-12-17/en/2024/1217/2275.html
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According to the statistics of the State Administration of Foreign Exchange (SAFE), the Chinese foreign exchange market (excluding foreign currency pairs, the same below) recorded total transactions of RMB 26.89 trillion (equivalent to USD 3.75 trillion) in November 2024. In terms of markets, the transactions volume of client market was RMB 3.67 trillion (equivalent to USD 0.51 trillion), and the transactions volume of interbank market was RMB 23.21 trillion (equivalent to USD 3.24 trillion). In terms of products, the cumulative transactions volume of the spot market was RMB 9.47 trillion (equivalent to USD 1.32 trillion), and that of the derivatives market was RMB 17.41 trillion (equivalent to USD 2.43 trillion). From January to November 2024, a total of RMB 266.32 trillion (equivalent to USD 37.43 trillion) was traded in the Chinese foreign exchange market. 2024-12-27/en/2024/1227/2274.html
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According to the statistics of the State Administrationof Foreign Exchange (SAFE), the Chinese foreign exchange market (excluding foreign currency pairs, the same below) recorded total transactions of RMB 26.69 trillion (equivalent to USD 3.71 trillion) in December 2024. In terms of markets, the transactions volume of clientmarket was RMB 4.07 trillion(equivalent to USD 0.57 trillion), and the transactions volume of interbank market was RMB 22.62 trillion (equivalent to USD 3.15 trillion).In terms of products, the cumulative transactions volume of the spot market was RMB 8.86 trillion (equivalent to USD 1.23 trillion), and that of the derivatives market was RMB 17.83 trillion (equivalent to USD 2.48 trillion). From January to December 2024, a total of RMB 293.01 trillion (equivalent to USD 41.14 trillion) was traded inthe Chinese foreign exchange market. 2025-01-24/en/2025/0124/2279.html
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As shown in the statistics of the State Administration of Foreign Exchange (SAFE), in December 2024, the amount of foreign exchange settlement and sales by banks was RMB 1627.2 billion and RMB 1704.0 billion, respectively. During January to December 2024, the accumulative amount of foreign exchange settlement and sales by banks was RMB 16544.8 billion and RMB 17331.7 billion, respectively. In the US dollar terms, in December 2024, the amount of foreign exchange settlement and sales by banks was USD 226.4 billion and USD 237.0 billion, respectively. During January to December 2024, the accumulative amount of foreign exchange settlement and sales by banks was USD 2323.3 billion and USD 2433.6 billion, respectively. In December 2024, the amount of cross-border receipts and payments by non-banking sectors was RMB 5121.0 billion and RMB 4720.1 billion, respectively. During January to December 2024, the accumulative amount of cross-border receipts and payments by non-banking sectors was RMB 51092.5 billion and RMB 50580.0 billion, respectively. In the US dollar terms, in December 2024, the amount of cross-border receipts and payments by non-banking sectors was USD 712.4 billion and USD 656.6 billion, respectively. During January to December 2024, the accumulative amount of cross-border receipts and payments by non-banking sectors was USD 7174.4 billion and USD 7102.5 billion, respectively. Addendum: Glossary and relevant definitions Balance of payments (BOP) refers to all economic transactions between residents and non-residents. Foreign exchange settlement and sales by banks refers to settlement and sale transaction that bank executes for customers and for the banks themselves, including statistic data on settlements of forward contracts for foreign exchange settlement and sales and the exercises of option, and excluding the transactions in the interbank foreign exchange market. The statistic reporting date of Foreign exchange settlement and sales by banks should be the trade day of the Foreign exchange settlement and sales transaction. By definition, foreign exchange settlement means that foreign exchange holders sell foreign exchange to banks, and foreign exchange sales means that banks sell foreign exchange to foreign exchange buyers. The newly signed contract amount of forward foreign exchange settlement and sales refers to the binding forward contract between a bank and its client that predetermines foreign exchange currency, amount, exchange rate and tenor which to be executed upon maturity. The unwind amount of forward foreign exchange settlement and sales refers to, where client is unable to perform the original forward contract due to change in its real demand, client to fully or partially close its forward position by executing another deal with opposite direction to the original contract. The rolling amount of forward foreign exchange settlement and sales refers to client to adjust the settlement date of original contract due to change in its real demand. The outstanding amount of forward foreign exchange settlement and sales by the end of the current period refers to the total amount of forward contracts accumulated from all non-matured forward contracts with client. The net Delta exposure of outstanding options refers to the implied foreign exchange spot risk exposure from outstanding option contracts that bank executed with client. The cross-border receipts and payments by non-banking sectors refers to the receipts and payments between domestic non-banking sectors (including institutional and individual residents) and non-residents through domestic banks, excluding receipts and payments in cash. In particular, the statistics includes cross-border receipts and payments between non-banking sectors and non-residents through domestic banks (including RMB and foreign currency), and domestic receipts and payments between non-banking sectors and non-residents through domestic banks (temporarily excluding domestic receipts and payments in RMB between individual residents and non-resident individuals). Data are collected when customers conduct receipts and payments with non-resident counterparties at domestic banks. Specifically, the receipts refer to the capital of non-banking sectors received from non-residents via domestic banks; the payments refer to the capital of non-banking sectors paid to non-residents via domestic banks. 2025-01-14/en/2025/0114/2277.html
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China Balance of Payment Report(First half of 2024) 2025-02-14/en/2025/0214/2281.html
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A recent symposium attended by the director-generals of the branches of the State Administration of Foreign Exchange (SAFE) was held in Hohhot, capital of the Inner Mongolia Autonomous Region. The participants earnestly carried out the decisions and planning of the Party Central Committee and the State Council on the current economic situation and the economic work for the latter half of this year, reviewed and summarized foreign exchange administration work from the beginning of 2010, conducted in-depth analyses of the current economic, financial, and foreign exchange situations both at home and abroad, and studied and mapped out the major tasks for foreign exchange administration during the next stage. Mr. Yi Gang, deputy governor of the Peoples Bank of China and administrator of the SAFE, delivered a work report. Deputy director-generals, chief economists, and chief accountants of the SAFE were also present at the meeting. It was pointed out at the meeting that since the beginning of 2010, the foreign exchange administration departments have earnestly carried out the scientific outlook on development, transformed conscientiously the concepts and methods of foreign exchange administration, promoted progressively reform in major areas and in key aspects of foreign exchange administration, and implemented various tasks according to the established plans. The progress can be encapsulated in the following seven points: (1) Constantly promoting trade facilitation, carrying out pilot reforms of verification and writing-off systems for imports, realizing the transformation from deal-by-deal verification to aggregate inspection, from on-site verification to off-site verification, as well as from behavioral supervision to entity supervision; (2) Launching special intensive campaigns intensively to crack down on the inflow of hot money,by which 3.47 million deals of cross-border transactions involving an accumulated amount of over USD440 billion were examined. So far, 197 cases of suspected regulation violations have been ascertained, among which 150 cases have been filed and 42 have been settled. As to other cases, efforts are being made to determine the nature of the relevant illegal acts in an orderly manner and to impose corresponding penalties; (3) Further improving the transparency of foreign exchange administration, intensifying efforts to integrate and sort out foreign exchange administration laws and regulations, making great efforts to publicize and disseminate basic knowledge about foreign exchange administration, interpreting foreign exchange administration policies, and responding actively to social concerns; (4) Further facilitating foreign exchange receipts and payments and transactions of market entities, streamlining administrative procedures for the examination and approval of foreign exchange businesses under the capital account, carrying out pilot operations of exchange settlements and sales for individuals via e-banking, and providing the Green Channel as a preferential policy for combating earthquakes, carrying out relief work, and ensuring the success of the World Expo 2010 Shanghai; (5) Strengthening the statistics and monitoring of cross-border fund flows, standardizing foreign exchange administration for overseas direct investments by domestic banks, and completing implementation of systems for assessments of bank compliance with the regulations of foreign exchange administration on a nationwide scale; (6) Perfecting the operation and management of foreign exchange reserves, strengthening risk management and internal controls, and constantly enhancing the level of operations and management of foreign exchange reserves; (7) Strengthening the construction of an honest and clean party work style and government, and enhancing internal management and construction of personnel internal control systems. It was pointed out at the meeting that under the macro-economic circumstances both at home and abroad, the first half of 2010 saw relatively brisk foreign exchange receipt and payment activities. On the whole, compared to expectations the appreciation of the Renminbi has been slackening. It is estimated that during the latter half of 2010, the country will still confront a complex situation for foreign exchange receipts and payments, combined with a certain degree of uncertainty. For this reason, efforts shall be made to closely monitor the situation, to carry out in-depth assessments of the risks, as well as to formulate effective programs and measures to cope with the situation. It was proposed at the meeting that during the next stage foreign exchange administration departments at all levels should speed up the transformation of the concepts and methods for the administration of foreign exchange, and make great efforts to promote reform in the major areas of foreign exchange administration. Efforts should be made in the following eight areas: (1) Implementing on a wider scale the reform of the verification and writing-off for imports and exports, earnestly summarizing experiences from the pilot reforms of verification and writing-off of foreign exchange imports, which shall be implemented on a nationwide scale when the essential requirements are satisfied; initiating reform of verification and writing-off of foreign exchange collection from exports with the appropriate timing, and continuing to promote trade facilitation; (2) Continuing to fulfill duties to ascertain and impose penalties on cases ferreted out by the special campaigns to crack down on the inflow of hot money, and maintaining the seriousness of combating hot money; (3) Promoting the integration of data and systems and enhancing the level of comprehensive utilization, monitoring, and analysis of the relevant data, so as to meet the requirements for statistical monitoring, analysis, and early warning, management, inspections, and so forth; (4) Promoting the reform of the capital account with a special focus on selected items required to keep risks under control; (5) Actively promoting the development of the foreign exchange market in coordination with the reform of the RMB exchange rate formation mechanism, studying the addition of transaction instruments that meet the requirements of the market, and strengthening supervision and guidance over market makers; (6) Further improving the transparency of foreign exchange administration and continuing to promote the integration and sorting out of the laws and regulations, so as to perfect the overall legal framework; further enhancing communication with the media and the general public on popular issues of social concern; (7) Strengthening the operation and management of foreign exchange reserves, further expanding and perfecting investment channels and platform construction, and optimizing the currency and capital structure; (8) Implementing the gist of the National Talent Work Conference, continuing to enhance construction of honest and clean party work styles, government, cadre ranks, and control systems. 2010-08-04/en/2010/0804/946.html
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At the end of June 2010, China's outstanding external debt reached USD513.81 billion (excluding that of Hong Kong SAR, Macao SAR, and Taiwan Province), of which the outstanding registered external debt was USD307.21 billion and the balance of trade credit was USD206.6 billion. With respect to the terms, the outstanding long- and medium-term external debt (with the remaining term) was USD170.022 billion, accounting for 33.09 percent of the outstanding external debt. The outstanding short-term external debt (with the remaining term) was USD343.788 billion, accounting for 66.91 percent of the outstanding external debt. Specifically, the outstanding registered short-term external debt (with the remaining term) was USD137.188 billion and the balance of trade credit was USD206.6 billion. In terms of the composition of the debt, trade credit and trade financing (e.g., credit support for foreign trade provided by banks) accounted for 60.10 percent and 18.48 percent of the outstanding short-term external debt (the remaining term) respectively. Together, the two accounted for 78.58 percent of the outstanding short-term external debt (the remaining term). The data are closely related to the dramatic growth of Chinas foreign trade during recent years. Because trade credit and trade financing transactions are conducted based on the real background in foreign trade, they will not result in additional external debt risks. In terms of the types of debtor, the outstanding sovereign debt borrowed by ministries under the State Council was USD38.209 billion, accounting for 12.44 percent of the outstanding registered external debt; the outstanding debt of Chinese-funded financial institutions was USD123.094 billion, accounting for 40.07 percent; the outstanding debt of foreign-funded enterprises was USD95.816 billion, accounting for 31.19 percent; the outstanding debt of foreign-funded financial institutions in China was USD43.806 billion, accounting for 14.26 percent; the outstanding debt of Chinese-funded enterprises was USD5.958 billion, accounting for 1.94 percent; and the outstanding debt of other institutions was USD327 million, accounting for 0.10 percent. In terms of the types of debt, the balance of international commercial loans amounted to USD237.25 billion, accounting for 77.23 percent of the outstanding registered external debt, with the relevant proportion rising by 2.8 percentage points compared with that at the end of 2009. The balance of foreign government loans and loans granted by international financial organizations amounted to USD69.96 billion, accounting for 22.77 percent of the outstanding registered external debt. In terms of the currency structure, the debt in U.S. dollars accounted for 72.10 percent of the outstanding registered external debt, representing an increase of 4.34 percentage points compared with that at the end of 2009. The debt in Japanese yen accounted for 10.11 percent, representing a decline of 1.78 percentage points compared with that at the end of 2009. The debt in euro accounted for 4.51 percent, a decline of1.87 percentage points compared with that at the end of 2009; other kinds of debt including SDRs and HKD accounted for 13.28 percent of the outstanding registered external debt, a decline of 0.69 percentage point compared with that at the end of 2009. In terms of sectors in which the debts were invested, with reference to the Industrial Classification of the National Economy, USD41.467 billion was invested in the manufacturing sector, accounting for 21.58 percent of the medium- and long-term outstanding registered external debt (based on contractual terms); USD24.687 billion was invested in the communications and transportation sector, the warehousing sector, and the postal-services sector, accounting for 12.85 percent of the total; USD17.192 billion was invested in the production and supply of electric power, gas, and water, accounting for 8.95 percent; USD11.771 billion was invested in the information technology services sector, accounting for 6.13 percent; and USD11.038 billion was invested in the real estate sector, accounting for 5.74 percent. From January to June 2010, medium- and long-term external borrowing totaled USD19.776 billion, a year-on-year increase of USD10.443 billion or 111.89 percent. The principal repayment was USD12.395 billion, a year-on-year decrease of USD7.077 billion, or 36.34 percent. The interest payment was USD1.443 billion, a year-on-year decrease of USD641 million, or 30.76 percent. Addendum: Definition of terms and interpretation Trade credit refers to the external liability arising from directly extending credit between the seller and buyer of goods, specifically transactions between residents in Mainland China and foreign non-residents (including non-residents in Hong Kong SAR, Macao SAR, and Taiwan province), i.e., the debt incurred due to the difference between the time of payment and that of the transfer of ownership of the goods. Trade credit includes credit directly provided by the supplier (e.g., the overseas exporter) for commodity transactions and services, and advance payments made by buyers (e.g., overseas importers) for goods, services, and on-going business (or business to be undertaken). Trade financing refers to loans extended by a third party (e.g., banks) related to trade to exporters or importers, for instance, loans extended by foreign financial institutions or export credit agencies to buyers. Trade-related credit is a broad concept. In addition to trade credit, it also includes other kinds of credit provided for trade activities. According to the definition, trade-related credit includes trade credit, trade financing, short-term notes related to trade, and so forth. 2010-10-09/en/2010/1009/954.html