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Distinguished Party Secretary Yin Li, Mayor Yin Yong, Deputy Director Wang Jiang, Governor Pan Gongsheng, Minister Li Yunze, Chairman Wu Qing, President Fu Hua, and dear guests, Good morning! It’s my great pleasure to attend the annual conference of Financial Street Forum. Today, I would like to share some thoughts on implementing the guidelines of the third plenary session of the 20th Communist Party of China (CPC) Central Committee to deepen reforms in the foreign exchange sector and better serve China’s modernization in light of the current situation in the foreign exchange market. Since the beginning of this year, our foreign exchange market has faced increasing risks and challenges. Global economic growth momentum has weakened, trade protectionism has intensified, and expectations regarding monetary policies in major advanced economics have been frequently adjusted. Meanwhile, international financial markets have been remarkably volatile, geopolitical risks have risen, and uncertainties and instabilities have increased. In the face of these risks and challenges, our foreign exchange market has generally withstood the test and demonstrated strong resilience. The RMB exchange rate has remained basically stable as it moves in both directions, and trading in the foreign exchange market has been rational and orderly. China’s balance of payments has maintained a basic equilibrium, with the ratio of current account surplus to GDP staying within a reasonable and balanced range. Notably, since H2 this year, with improvements in both internal and external environments, our foreign exchange market has gradually stabilized and improved. The RMB exchange rate against the US dollar has stabilized and rebounded, foreign direct investment (FDI) has seen some improvement, foreign capital has been more active in allocating RMB assets, and enterprises’ foreign investment activities have become more stable and orderly. Looking ahead, the sound operation of China’s foreign exchange market and the basic equilibrium of the balance of payments will remain the underlying principle of future developments. The recent meeting of the Political Bureau of the CPC Central Committee has made important arrangements for economic work, and multiple departments have launched a series of incremental policies accordingly to boost market confidence and promote economic rebound. The foundation for the stable development of our foreign exchange market has become more solid, and the structure of the balance of payments will continue to improve through reform and opening-up. First, the current account will continue to play a fundamental role in maintaining the balance of payments. By accelerating the development of new quality productive forces, enhancing the resilience of industrial and supply chains, and supporting global trading partners in sharing China’s development opportunities, we will promote balanced growth in cross-border trade. Second, the stability of cross-border capital flows is expected to strengthen. Ongoing reforms in the management of foreign and outbound investments and the two-way opening-up of financial markets will facilitate balanced two-way flows of cross-border capital. Third, the resilience of the foreign exchange market will continue to improve. The RMB exchange rate will move in both directions with enhanced flexibility, playing its role as an auto stabilizer in macroeconomic management and for the balance of payments. Enterprises are enhancing their awareness and ability to manage exchange rate risks, increasingly using RMB for cross-border receipts and payments to better adapt to changes in the external environment. Fourth, foreign exchange reserves will continue to serve as a “stabilizer” for maintaining national economic and financial stability. Our foreign exchange reserves remain basically stable in size, and we make diversified investments based on market-oriented principles. In the future, we will further promote capacity building in specialized investment, technological operations, and market-based institutional governance so as to ensure the safety and liquidity of foreign exchange reserve assets as well as to maintain and increase their value. Ladies and gentlemen, The current environment of China’s foreign exchange market is undergoing marginal changes, creating favorable conditions for us to promote reform and development through opening-up. We will earnestly implement the guidelines of the third plenary session of the 20th CPC Central Committee, actively carry out the decisions and arrangements made at the meeting of the Political Bureau of the CPC Central Committee, coordinate development and security, and effectively advance in-depth reforms and high-level opening-up. We will improve the foreign exchange management system to align with a new system for higher-level open economy, and facilitate Chinese’s path to modernization with “four focuses” of foreign exchange management. First, we will focus on promoting economic recovery and high-quality development while advancing reform and innovation in foreign exchange management. On the one hand, we will place greater emphasis on system integration and intensify efforts to improve the quality and coverage of banks’ foreign exchange operations reforms. In recent years, we have explored the reengineering of commercial banks’ foreign exchange business processes. The efforts have not only mitigated risks but also boosted productivity, as the average time required for pilot banks to handle foreign exchange services for premium clients has been reduced by over 50 percent. Moving forward, adhering to the principle of being both flexible and well-regulated, we will leverage operational reforms to comprehensively optimize the management framework, which consists of ex-ante due diligence, differentiated reviews during transactions, and ex-post monitoring and reporting. We will enable more banks to benefit from the improvement and create a foreign exchange policy environment where “the more trustworthy you are, the more convenient services will be”. On the other hand, we will put greater emphasis on highlighting key priorities and improving the incentive and constraint mechanisms for foreign exchange services that support the real economy. Focusing on developing new quality productive forces, we aim to make significant efforts in the areas of technology finance, green finance, inclusive finance, old-age finance and digital finance by prioritizing financial support for sci-tech enterprises as well as micro, small and medium-sized enterprises, enhancing the full chain of foreign exchange services for major strategies, key areas, and weak links. By upgrading the foreign exchange facilitation policy system in an iterative and integrated way, we seek to improve the quality and efficiency of such policies as facilitating trade-related foreign exchange payments and receipts and cash pooling for multinational companies. By expanding pilot programs like streamlined foreign debt registration and Facilitation of Foreign Exchange for Research Funding, we will support the healthy development of new trade models and explore more facilitation measures to stimulate the vitality of business entities. Additionally, we will advance the diversified use of foreign exchange reserves, and adhere to commercial principles to coordinate the support for major landmark projects and “small yet beautiful” projects related to people’s well-being, thereby contributing to the deep and substantial progress of high-quality Belt and Road Initiative cooperation. Second, we will focus on high-level opening-up and strive to improve the quality of capital account liberalization. To begin with, we will develop a mid-term reform plan to facilitate foreign exchange for FDI. Efforts will be made to improve the convenience of FDI currency exchange, optimize the management requirements for foreign exchange registration, accounts, and fund usage, simplify business processes, and streamline management procedures. The aim of these efforts is to create a favorable environment for foreign-funded enterprises to start and expand business in China. Additionally, we will steadily advance the connectivity among financial markets. The qualified foreign institutional investor (QFII) program will be optimized to increase patient capital investment. We will make joint efforts with relevant agencies to advance the high-level opening-up of the bond market. Lastly, we will deepen reforms in cross-border financing management. We will serve well the national strategies by managing foreign debt in a differentiated manner. The cross-border financing facilitation policies will be optimized to include more asset-light start-ups and micro and small businesses, thereby broadening financing channels for enterprises. Third, we will focus on the effectiveness of policies and genuine feelings of the people about the policies to strengthen policy evaluation and market communication. Using criteria such as the alignment with national strategic positioning, relevance to local development realities, and actual benefits to enterprises and the public, we will comprehensively assess the implementation of key foreign exchange policies in major regions like Beijing, Shanghai, and Guangzhou, as well as in pilot free trade zones. The policies should be optimized and upgraded in a targeted manner, and be replicated and promoted at proper time. At the same time, we will enhance market communication and actively seek advice, thus identifying key points of the reform to achieve breakthroughs, so as to continually improve the sense of gain among business entities from these reforms. Fourth, we will focus on enhancing regulatory capabilities and risk management mechanisms along with the opening-up progress by strengthening the integrated regulation of the foreign exchange market from the perspectives of macro prudential management and micro regulation. On the macro level, we will improve the monitoring, early warning and response mechanism for cross-border capital flows, strengthen the macro-prudential management, and attach importance to guiding expectations, so as to keep the RMB exchange rate basically stable at an adaptive and equilibrium level. On the micro level, we will implement the requirements that regulation must be “sharp and thorny” with defined boundaries, make full use of regulatory technology, ensure all kinds of financial activities on the foreign exchange market are brought under regulation, and strictly crack down on illegal and irregular activities to uphold the sound order in the foreign exchange market. Ladies and gentlemen, As the capital, Beijing plays a pivotal role in further deepening reforms and advancing Chinese modernization. In recent years, the CPC Beijing Municipal Committee and the People’s Government of Beijing Municipality have achieved fruitful outcomes by promoting reforms across various sectors, elevating its governance systems and capabilities to a new level. Several pioneering foreign exchange reform measures have been implemented in Beijing, with the city’s total trade value in goods exceeding RMB3 trillion for three consecutive years. Additionally, its scale of trade in services ranks among the top three in China. Over the past four years, more than 7,000 foreign-funded enterprises have been attracted to the city. Moving forward, the State Administration of Foreign Exchange will intensify its support for the development of Beijing as the “political center, cultural center, international exchange center and technological innovation center” and the “national comprehensive demonstration zone for expanding the opening-up in service sector and (pilot) free trade zone”. It will continue to initiate pioneering foreign exchange reform measures in Beijing, facilitate cross-border trade and investment, and make significant efforts in the areas of technology finance, green finance, inclusive finance, old-age finance and digital finance, thereby contributing further to Beijing taking the lead in achieving socialist modernization. Finally, I wish this annual conference of Financial Street Forum a complete success. Thank you! 2024-10-18/en/2024/1113/2249.html
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In the third quarter of 2024, China's current account registered a surplus of RMB 1044.1 billion, including a surplus of RMB 1634.2 billion under trade in goods, a deficit of RMB 416.1 billion under trade in services, a deficit of RMB 202.7 billion under primary income and a surplus of RMB 28.7 billion under secondary income. The capital and financial accounts (including net errors and omissions for the quarter) recorded a deficit of RMB 1044.1 billion. In the first three quarters of 2024, China's current account registered a surplus of RMB 1713.0 billion, including a surplus of RMB 3693.5 billion under trade in goods, a deficit of RMB 1294.9 billion under trade in services, a deficit of RMB 758.0 billion under primary income, and a surplus of RMB 72.4 billion under secondary income. The capital and financial accounts (including net errors and omissions for the third quarter) recorded a deficit of RMB 1922.9 billion. In the US dollar terms, in the third quarter of 2024, China's current account registered a surplus of USD 146.9 billion, including a surplus of USD 229.8 billion under trade in goods, a deficit of USD 58.5 billion under trade in services, a deficit of USD 28.5 billion under primary income and a surplus of USD 4.0 billion under secondary income. The capital and financial accounts (including net errors and omissions for the quarter) recorded a deficit of USD 146.9 billion. In the US dollar terms, in the first three quarters of 2024, China's current account recorded a surplus of USD 240.6 billion, including a surplus of USD 518.2 billion under trade in goods, a deficit of USD 181.4 billion under trade in services, a deficit of USD 106.3 billion under primary income, and a surplus of USD 10.2 billion under secondary income. The capital and financial accounts (including net errors and omissions for the third quarter) recorded a deficit of USD 269.7 billion. In SDR terms, in the third quarter of 2024, China's current account registered a surplus of SDR 109.6 billion, including a surplus of SDR 171.5 billion under trade in goods, a deficit of SDR 43.7 billion under trade in services, a deficit of SDR 21.3 billion under primary income and a surplus of SDR 3.0 billion under secondary income. The capital and financial accounts (including net errors and omissions for the quarter) recorded a deficit of SDR 109.6 billion. In SDR terms, in the first three quarters of 2024, China posted a surplus of SDR 180.3 billion under the current account, including a surplus of SDR 389.2 billion under trade in goods, a deficit of SDR 136.5 billion under trade in services, a deficit of SDR 80.1 billion under primary income and a surplus of SDR 7.6 billion under secondary income. The capital and financial accounts (including net errors and omissions for the third quarter) recorded a deficit of SDR 202.1 billion. (End) China's Balance of Payments, Q3 2024 (Preliminary Data) Item Line No. RMB 100 million USD 100 million SDR 100 million 1. Current account 1 10441 1469 1096 Credit 2 77299 10866 8119 Debit 3 -66858 -9398 -7024 1. A Goods and Services 4 12181 1713 1278 Credit 5 70556 9918 7411 Debit 6 -58375 -8205 -6133 1.A.a Goods 7 16342 2298 1715 Credit 8 63539 8932 6674 Debit 9 -47197 -6634 -4959 1.A.b Services 10 -4161 -585 -437 Credit 11 7017 986 737 Debit 12 -11178 -1571 -1174 1.A.b.1 Processing services 13 209 29 22 Credit 14 233 33 24 Debit 15 -24 -3 -2 1.A.b.2 Maintenance and Repair Services 16 66 9 7 Credit 17 201 28 21 Debit 18 -135 -19 -14 1.A.b.3 Transport 19 -701 -98 -74 Credit 20 2293 322 241 Debit 21 -2994 -421 -314 1.A.b.4 Travel 22 -3915 -550 -411 Credit 23 735 103 77 Debit 24 -4650 -653 -488 1.A.b.5 Construction 25 76 11 8 Credit 26 225 32 24 Debit 27 -149 -21 -16 1.A.b.6 Insurance and Pension Services 28 -229 -32 -24 Credit 29 62 9 6 Debit 30 -291 -41 -31 1.A.b.7 Financial Services 31 15 2 2 Credit 32 76 11 8 Debit 33 -62 -9 -6 1.A.b.8 Charges for the Use of Intellectual Property 34 -693 -97 -73 Credit 35 117 16 12 Debit 36 -810 -114 -85 1.A.b.9 Telecommunications, Computer, and Information Services 37 422 59 44 Credit 38 1156 162 121 Debit 39 -733 -103 -77 1.A.b.10 Other Business Services 40 741 104 78 Credit 41 1863 262 196 Debit 42 -1122 -158 -118 1.A.b.11 Personal, Cultural, and Recreational Services 43 -113 -16 -12 Credit 44 32 4 3 Debit 45 -145 -20 -15 1.A.b.12 Government Goods and Services n.i.e 46 -39 -5 -4 Credit 47 25 3 3 Debit 48 -64 -9 -7 1.B Primary Income 49 -2027 -285 -213 Credit 50 6039 849 635 Debit 51 -8066 -1134 -847 1.C Secondary Income 52 287 40 30 Credit 53 703 99 74 Debit 54 -416 -59 -44 2. Capital and Financial Accounts (Including Net Errors and Omissions for the Quarter) 55 -10441 -1469 -1096 2.1 Capital Account 56 1 0 0 Credit 57 3 0 0 Debit 58 -2 0 0 2.2. Financial Account (Including Net Errors and Omissions for the Quarter) 59 -10441 -1469 -1096 2.2.1 Financial Account (Excluding Reserve Assets, But Including Net Errors and Omissions for the Quarter) 60 -12394 -1743 -1301 Including: 2.2.1.1 Direct Investment 61 -2990 -419 -315 2.2.1.1.1 Assets 62 -2411 -339 -253 2.2.1.1.1.1 Equity and investment fund shares 63 -2374 -334 -249 2.2.1.1.1.2 Debt instruments 64 -37 -5 -4 2.2.1.1.2 Liabilities 65 -578 -81 -62 2.2.1.1.2.1 Equity and investment fund shares 66 528 75 55 2.2.1.1.2.2 Debt instruments 67 -1106 -155 -116 2.2.2 Reserve Assets 68 1953 274 205 2.2.2.1 Monetary gold 69 0 0 0 2.2.2.2 Special drawing rights 70 -121 -17 -13 2.2.2.3 Reserve position in the IMF 71 -28 -4 -3 2.2.2.4 Foreign exchange reserves 72 2102 295 221 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 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.According to preliminary statistics, in the third quarter of 2024, the equity other than reinvestment of earnings under direct investment liabilities (credit) was USD 19.3 billion (RMB 137.3 billion). 6.This table employs rounded-off numbers. China's Balance of Payments, First Three Quarters of 2024 (Preliminary Data) Item Line No. RMB 100 million USD 100 million SDR 100 million 1. Current account 1 17130 2406 1803 Credit 2 213151 29879 22469 Debit 3 -196021 -27473 -20666 1. A Goods and Services 4 23986 3368 2527 Credit 5 196142 27493 20675 Debit 6 -172156 -24126 -18147 1.A.a Goods 7 36935 5182 3892 Credit 8 176405 24728 18595 Debit 9 -139470 -19546 -14703 1.A.b Services 10 -12949 -1814 -1365 Credit 11 19736 2766 2080 Debit 12 -32686 -4580 -3445 1.A.b.1 Processing services 13 608 85 64 Credit 14 669 94 71 Debit 15 -61 -9 -6 1.A.b.2 Maintenance and Repair Services 16 177 25 19 Credit 17 560 79 59 Debit 18 -383 -54 -40 1.A.b.3 Transport 19 -3310 -463 -349 Credit 20 5696 799 600 Debit 21 -9006 -1262 -949 1.A.b.4 Travel 22 -11295 -1582 -1190 Credit 23 1967 276 207 Debit 24 -13262 -1858 -1398 1.A.b.5 Construction 25 379 53 40 Credit 26 836 117 88 Debit 27 -457 -64 -48 1.A.b.6 Insurance and Pension Services 28 -663 -93 -70 Credit 29 163 23 17 Debit 30 -826 -116 -87 1.A.b.7 Financial Services 31 36 5 4 Credit 32 220 31 23 Debit 33 -185 -26 -19 1.A.b.8 Charges for the Use of Intellectual Property 34 -1826 -256 -193 Credit 35 624 87 66 Debit 36 -2450 -343 -258 1.A.b.9 Telecommunications, Computer, and Information Services 37 1134 159 120 Credit 38 3289 461 347 Debit 39 -2155 -302 -227 1.A.b.10 Other Business Services 40 2113 296 222 Credit 41 5547 777 584 Debit 42 -3434 -481 -362 1.A.b.11 Personal, Cultural, and Recreational Services 43 -219 -31 -23 Credit 44 85 12 9 Debit 45 -304 -43 -32 1.A.b.12 Government Goods and Services n.i.e 46 -84 -12 -9 Credit 47 78 11 8 Debit 48 -162 -23 -17 1.B Primary Income 49 -7580 -1063 -801 Credit 50 15055 2112 1588 Debit 51 -22635 -3175 -2389 1.C Secondary Income 52 724 102 76 Credit 53 1955 274 206 Debit 54 -1230 -172 -130 2. Capital and Financial Accounts (Including Net Errors and Omissions for the Quarter) 55 -19229 -2697 -2021 2.1 Capital Account 56 -8 -1 -1 Credit 57 8 1 1 Debit 58 -15 -2 -2 2.2. Financial Account (Including Net Errors and Omissions for the Quarter) 59 -19222 -2696 -2021 2.2.1 Financial Account (Excluding Reserve Assets, But Including Net Errors and Omissions for the Quarter) 60 -21463 -3015 -2263 Including: 2.2.1.1 Direct Investment 61 -11080 -1555 -1173 2.2.1.1.1 Assets 62 -10179 -1428 -1076 2.2.1.1.1.1 Equity and investment fund shares 63 -7039 -987 -743 2.2.1.1.1.2 Debt instruments 64 -3141 -441 -333 2.2.1.1.2 Liabilities 65 -900 -127 -97 2.2.1.1.2.1 Equity and investment fund shares 66 2387 334 250 2.2.1.1.2.2 Debt instruments 67 -3287 -461 -348 2.2.2 Reserve Assets 68 2241 319 242 2.2.2.1 Monetary gold 69 0 0 0 2.2.2.2 Special drawing rights 70 -90 -13 -9 2.2.2.3 Reserve position in the IMF 71 -29 -4 -3 2.2.2.4 Foreign exchange reserves 72 2360 336 254 2.2.2.5 Other reserves 73 0 0 0 3. Net Errors and Omissions 74 2099 291 219 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 the first three quarters of 2024 is the sum of the official amounts of the BOP for 2024Q1 and 2024Q2 and the preliminary amount for 2024Q3. 5.According to preliminary statistics, in the first three quarters of 2024, the equity other than reinvestment of earnings under direct investment liabilities (credit) was USD 60.0 billion (RMB 428.3billion). 6.This table employs rounded-off numbers. 2024-11-08/en/2024/1108/2245.html
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In September 2024, the export and import of China’s international trade in goods and services totalled RMB 4478.2 billion, up 5 percent over the same time last year. Of this, the export of goods recorded RMB 2249.5 billion and the import recorded RMB 1622.7 billion, resulting in a surplus of RMB 626.8 billion.The export of services recorded RMB 242.0 billion and the import recorded RMB 364.0 billion, resulting in a deficit of RMB 121.9 billion. In terms of the major items, the export and import of transport, travel, other business services, telecommunications, computer and information services registered RMB 177.0 billion, RMB 171.6 billion, RMB 101.5 billion and RMB 62.5 billion respectively. In the US dollar terms, in September 2024, the export and import of China’s international trade in goods and services were USD 352.0 billion and USD 280.6 billion respectively, with a surplus of USD 71.3 billion.(End) International Trade in Goods and Services of China September 2024 Item In 100 million of RMB In 100 million of USD Goods and services 5049 713 Credit 24915 3520 Debit -19866 -2806 1. Goods 6268 885 Credit 22495 3178 Debit -16227 -2292 2. Services -1219 -172 Credit 2420 342 Debit -3640 -514 2.1Manufacturing services on physical inputs owned by others 75 11 Credit 83 12 Debit -9 -1 2.2Maintenance and repair services n.i.e 19 3 Credit 69 10 Debit -51 -7 2.3Transport -176 -25 Credit 797 113 Debit -973 -137 2.4Travel -1199 -169 Credit 258 36 Debit -1458 -206 2.5Construction 19 3 Credit 72 10 Debit -53 -7 2.6Insurance and pension services -118 -17 Credit 30 4 Debit -148 -21 2.7Financial services 7 1 Credit 27 4 Debit -20 -3 2.8Charges for the use of intellectual property -234 -33 Credit 27 4 Debit -261 -37 2.9Telecommunications, computerand information services 171 24 Credit 398 56 Debit -227 -32 2.10Other business services 258 36 Credit 637 90 Debit -378 -53 2.11Personal, cultural, and recreational services -19 -3 Credit 15 2 Debit -34 -5 2.12Government goods and services n.i.e -20 -3 Credit 8 1 Debit -28 -4 Notes: 1. The international trade in goods and services in this table refers to the transactions between residents and non-residents, based on the same standard as that for BOP statement. The monthly data are preliminary and may be inconsistent with the quarterly data in the BOP statement. 2. The data on international trade in goods and services are prepared in USD, and the RMB data for the current month is derived by converting the USD data at the monthly average central parity rate of the RMB against the USD. 3. This table employs rounded-off numbers. Definition of Indicators: Goods and Services: refers to the trade in goods and services between residents and non-residents, which is based on the same standard as that for the BOP statement. 1. Goods: refers to transactions in goods whereby the economic ownership is transferred between the Chinese residents and non-residents. The credit side records export of goods, while the debit side records import of goods. The data of goods account are mainly from the customs statistics of imports and exports, but differ from the statistics of the customs mainly in the following aspects: first, the goods in the BOP statement only reflect the goods whose ownership has been transferred (e.g. goods under the trade modes such as general trade and processing trade with imported materials), while the goods whose ownership is not transferred (e.g. manufacturing services with supplied materials or with exported materials) are included in the statistics of trade in services instead of the statistics of trade in goods; second, as required by the BOP statistics, the goods imported and exported are valued on the FOB basis, but as required by the customs, the goods exported are valued on the FOB basis, whereas goods imported are on the CIF basis. Therefore, for the purpose of the BOP statistics, the international transport and insurance premiums are taken out from the value of imported goods and included in the trade in services; and third, the data on net export of goods in merchanting which are not included in the customs statistics are supplemented. 2. Services: includes manufacturing services on physical inputs owned by others, maintenance and repair services n.i.e, transport, travel, construction, insurance and pension services, financial services, charges for the use of intellectual property, telecommunications, computer and information services, other business services, personal, cultural and recreational services, and government goods and services n.i.e. The credit side records services supplied, while the debit side records services received. 2.1 Manufacturing services on physical owned by others: processor only provides processing, assembly, packaging and other services and charges service fee from the owner, while the ownership of the goods is not transferred between the owner and the processor. The credit side records the manufacturing services supplied by the Chinese residents on physical inputs owned by non-residents, and vice versa for debit side. 2.2 Maintenance and repair services: refer to the maintenance and repair services supplied by residents to non-residents or vice versa on goods and equipment (such as vessel, aircraft, and other transportation facility) owned by the receiving party. The credit side records the maintenance and repair services supplied by the Chinese residents to non-residents, and vice versa for debit side. 2.3 Transport: refers to the process of transporting people and goods from one place to another, and the relevant supporting and auxiliary services, as well as postal and delivery services. The credit side records the international transport, postal and delivery services supplied by residents to non-residents, and vice versa for debit side. 2.4 Travel: refers to goods consumed and services purchased by travelers in various economies as non-residents. The credit side records the goods and services provided by the Chinese residents to non-residents who have stayed in China for less than one year, as well as non-residents studying abroad and seeking medical treatment for indefinite period of stay. The debit side records the goods and services purchased by the Chinese residents when traveling, studying or seeking medical services abroad from non-residents. 2.5 Construction services: refer to the establishment, renovation, maintenance or expansion of fixed assets in the form of buildings, land improvement, roads, bridges and dams and other engineering buildings of engineering nature, relevant installation, assembly, painting, pipeline construction, demolition and project management,as well as site preparation, measurement and blasting and other special services. The credit side records the construction services provided by the Chinese residents outside the economic territory. The debit side records the construction services received by the Chinese residents in the Chinese economic territory from non-residents. 2.6 Insurance and pension services: refers to various insurance services and commission to agents related with insurance transaction. The credit side records the life insurance and annuity, non-lifeinsurance, reinsurance, standardized guarantee services and relevant supporting services supplied by the Chinese residents to non-residents, and vice versa for debit side. 2.7 Financial services: refer to financial intermediation and supporting services, excluding those covered by insurance and pension services. The credit side records the financial intermediation and supporting services supplied by the Chinese residents to non-residents, and vice versa for debit side. 2.8 Charges for the use of intellectual property: refer to licensed use of intangible, non-productive/non-financial assets and exclusive rights between residents and non-residents and the licensed use of existing original works or prototypes. The credit side records the intellectual property-related services supplied by the Chinese residents to non-residents, and vice versa for debit side. 2.9 Telecommunications, computer and information services: refer tocommunications services between residents and non-residents and transactions of services related to computer data and news, excluding commercial services delivered via telephone, computer and Internet. The credit side records the telecommunications, computer and information services supplied by residents to non-residents, and vice versa for debit side. 2.10 Other business services: refer to other types of services between residents and non-residents, including research and development services, professional and management consulting services, technical and trade-related services. The credit side records the other business services supplied by the Chinese residents to non-residents, and vice versa for debit side. 2.11 Personal, cultural and recreational services: refer to transactions of personal, cultural and recreational services between residents and non-residents, including audiovisual and related services (films, radio, television programs and music recordings) and other personal, cultural and recreational services (health, education, etc.). The credit side records the related services supplied by the Chinese residents to non-residents, and vice versa for debit side. 2.12 Government goods and services n.i.e: refer to various goods and services provided and purchased by governments and international organizations not included in other categories of goods and services. The credit side records the goods and services not included elsewhere and supplied by the Chinese residents to non-residents, and vice versa for debit side. 2024-10-31/en/2024/1031/2243.html
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As shown in the statistics of the State Administration of Foreign Exchange (SAFE), in October 2024, the amount of foreign exchange settlement and sales by banks was RMB 1537.8 billion and RMB 1408.1 billion, respectively. During January to October 2024, the accumulative amount of foreign exchange settlement and sales by banks was RMB 13451.8 billion and RMB 14186.7 billion, respectively. In the US dollar terms, in October 2024, the amount of foreign exchange settlement and sales by banks was USD 216.4 billion and USD 198.2 billion, respectively. During January to October 2024, the accumulative amount of foreign exchange settlement and sales by banks was USD 1892.6 billion and USD1995.7 billion, respectively. In October 2024, the amount of cross-border receipts and payments by non-banking sectors was RMB 4330.5 billion and RMB 4097.6 billion, respectively. During January to October 2024, the accumulative amount of cross-border receipts and payments by non-banking sectors was RMB 41716.9 billion and RMB 41465.3 billion, respectively. In the US dollar terms, in October 2024, the amount of cross-border receipts and payments by non-banking sectors was USD 609.4 billion and USD 576.7 billion, respectively. During January to October 2024, the accumulative amount of cross-border receipts and payments by non-banking sectors was USD 5868.8 billion and USD 5833.2 billion, respectively. Addendum: Glossary and relevant definitions Balance of payments (BOP) refers to all economic transactions between residents and non-residents. Foreign exchange settlement and sales by banks refers to settlement and sale transaction that bank executes for customers and for the banks themselves, including statistic data on settlements of forward contracts for foreign exchange settlement and sales and the exercises of option, and excluding the transactions in the interbank foreign exchange market. The statistic reporting date of Foreign exchange settlement and sales by banks should be the trade day of the Foreign exchange settlement and sales transaction. By definition, foreign exchange settlement means that foreign exchange holders sell foreign exchange to banks, and foreign exchange sales means that banks sell foreign exchange to foreign exchange buyers. The newly signed contract amount of forward foreign exchange settlement and sales refers to the binding forward contract between a bank and its client that predetermines foreign exchange currency, amount, exchange rate and tenor which to be executed upon maturity. The unwind amount of forward foreign exchange settlement and sales refers to, where client is unable to perform the original forward contract due to change in its real demand, client to fully or partially close its forward position by executing another deal with opposite direction to the original contract. The rolling amount of forward foreign exchange settlement and sales refers to client to adjust the settlement date of original contract due to change in its real demand. The outstanding amount of forward foreign exchange settlement and sales by the end of the current period refers to the total amount of forward contracts accumulated from all non-matured forward contracts with client. The net Delta exposure of outstanding options refers to the implied foreign exchange spot risk exposure from outstanding option contracts that bank executed with client. The cross-border receipts and payments by non-banking sectors refers to the receipts and payments between domestic non-banking sectors (including institutional and individual residents) and non-residents through domestic banks, excluding receipts and payments in cash. In particular, the statistics includes cross-border receipts and payments between non-banking sectors and non-residents through domestic banks (including RMB and foreign currency), and domestic receipts and payments between non-banking sectors and non-residents through domestic banks (temporarily excluding domestic receipts and payments in RMB between individual residents and non-resident individuals). Data are collected when customers conduct receipts and payments with non-resident counterparties at domestic banks. Specifically, the receipts refer to the capital of non-banking sectors received from non-residents via domestic banks; the payments refer to the capital of non-banking sectors paid to non-residents via domestic banks. 2024-11-15/en/2024/1115/2250.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 24.84 trillion (equivalent to USD 3.51 trillion) in September 2024. In terms of markets, the transactions volume of client market was RMB 3.93 trillion (equivalent to USD 0.56 trillion), and the transactions volume of interbank market was RMB 20.90 trillion (equivalent to USD 2.95 trillion). In terms of products, the cumulative transactions volume of the spot market was RMB 9.59 trillion (equivalent to USD 1.35 trillion), and that of the derivatives market was RMB 15.25 trillion (equivalent to USD 2.15 trillion). From January to September 2024, a total of RMB 215.17 trillion (equivalent to USD 30.27 trillion) was traded in the Chinese foreign exchange market. 2024-10-25/en/2024/1025/2242.html
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PhD in Economics, born in January 1976 Member of the CPC State Administration of Foreign Exchange (SAFE) Leadership Group, and Deputy Administrator of the SAFE. 2024-11-06/en/2024/0126/2244.html
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China Balance of Payment Report(First half of 2023) 2023-12-29/en/2024/1118/2251.html
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China Balance of Payment Report(2023) 2024-06-28/en/2024/0628/2252.html
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In August 2025, the export and import of China’s international trade in goods and services totaled RMB 4281.8 billion, up 2 percent over the same time last year. Of this, the export of goods recorded RMB 2139.5 billion and the import recorded RMB 1520.2 billion, resulting in a surplus of RMB 619.3 billion. The export of services recorded RMB 254.6 billion and the import recorded RMB 367.5 billion, resulting in a deficit of RMB 112.9 billion. In terms of the major items, the export and import of travel, transport, other business services, telecommunications, computer and information services registered RMB 188.7 billion, RMB 174.5 billion, RMB 99.6 billion and RMB 58.3 billion respectively. In the US dollar terms, in August 2025, the export and import of China’s international trade in goods and services were USD 335.7 billion and USD 264.7 billion respectively, with a surplus of USD 71.0 billion. (End) International Trade in Goods and Services of China August 2025 Item In 100 million of RMB In 100 million of USD Goods and services 5065 710 Credit 23941 3357 Debit -18877 -2647 1. Goods 6193 868 Credit 21395 3000 Debit -15202 -2132 2. Services -1129 -158 Credit 2546 357 Debit -3675 -515 2.1Manufacturing services on physical inputs owned by others 65 9 Credit 84 12 Debit -20 -3 2.2Maintenance and repair services n.i.e 37 5 Credit 82 12 Debit -45 -6 2.3Transport -288 -40 Credit 729 102 Debit -1017 -143 2.4Travel -1241 -174 Credit 323 45 Debit -1564 -219 2.5Construction 66 9 Credit 114 16 Debit -48 -7 2.6Insurance and pension services -40 -6 Credit 21 3 Debit -61 -9 2.7Financial services 3 0 Credit 29 4 Debit -27 -4 2.8Charges for the use of intellectual property -99 -14 Credit 159 22 Debit -258 -36 2.9Telecommunications, computer and information services 132 19 Credit 358 50 Debit -225 -32 2.10Other business services 267 37 Credit 632 89 Debit -365 -51 2.11Personal, cultural, and recreational services -22 -3 Credit 7 1 Debit -29 -4 2.12Government goods and services n.i.e -9 -1 Credit 8 1 Debit -17 -2 Notes: 1. The international trade in goods and services in this table refers to the transactions between residents and non-residents, based on the same standard as that for BOP statement. The monthly data are preliminary and may be inconsistent with the quarterly data in the BOP statement. 2. The data on international trade in goods and services are prepared in USD, and the RMB data for the current month is derived by converting the USD data at the monthly average central parity rate of the RMB against the USD. 3. This table employs rounded-off numbers. Definition of Indicators: The International Trade in Goods and Services: refers to the trade in goods and services between residents and non-residents, which is based on the same standardas 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 enterprise survey, which 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. 2.1Manufacturing 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. 2.2Maintenance 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. 2.3Transport: 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. 2.4Travel: 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. 2.5Construction services: refer to the establishment, renovation, maintenance or expansion of fixed assets in the form of buildings, land improvement, roads, bridges and dams and other engineering buildings of engineering nature, relevant installation, assembly, painting, pipeline construction, demolition and project management, as well as site preparation, measurement and blasting and other special services. The credit side records the construction services provided by the Chinese residents outside the economic territory. The debit side records the construction services received by the Chinese residents in the Chinese economic territory from non-residents. 2.6 Insurance and pension services: refers to various insurance services and commission to agents related with insurance transaction. The credit side records the life insurance and annuity, non-life insurance, reinsurance, standardized guarantee services and relevant supporting services supplied by the Chinese residents to non-residents, and vice versa for debit side. 2.7 Financial services: refer to financial intermediation and supporting services, excluding those covered by insurance and pension services. The credit side records the financial intermediation and supporting services supplied by the Chinese residents to non-residents, and vice versa for debit side. 2.8 Charges for the use of intellectual property: refer to licensed use of intangible, non-productive/non-financial assets and exclusive rights between residents and non-residents and the licensed use of existing original works or prototypes. The credit side records the intellectual property-related services supplied by the Chinese residents to non-residents, and vice versa for debit side. 2.9 Telecommunications, computer and information services: refer to communications services between residents and non-residents and transactions of services related to computer data and news, excluding commercial services delivered via telephone, computer and Internet. The credit side records the telecommunications, computer and information services supplied by residents to non-residents, and vice versa for debit side. 2.10 Other business services: refer to other types of services between residents and non-residents, including research and development services, professional and management consulting services, technical and trade-related services. The credit side records the other business services supplied by the Chinese residents to non-residents, and vice versa for debit side. 2.11 Personal, cultural and recreational services: refer to transactions of personal, cultural and recreational services between residents and non-residents, including audiovisual and related services (films, radio, television programs and music recordings) and other personal, cultural and recreational services (health, education, etc.). The credit side records the related services supplied by the Chinese residents to non-residents, and vice versa for debit side. 2.12 Government goods and services n.i.e: refer to various goods and services provided and purchased by governments and international organizations not included in other categories of goods and services. The credit side records the goods and services not included elsewhere and supplied by the Chinese residents to non-residents, and vice versa for debit side. 2025-09-26/en/2025/0926/2338.html
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As shown in the statistics of the State Administration of Foreign Exchange (SAFE), in August 2025, the amount of foreign exchange settlement and sales by banks was RMB 1510.3 billion and RMB 1405.8 billion, respectively. During January to August 2025, the accumulative amount of foreign exchange settlement and sales by banks was RMB 11393.8 billion and RMB 11307.8 billion, respectively. In the US dollar terms, in August 2025, the amount of foreign exchange settlement and sales by banks was USD 211.8 billion and USD 197.1 billion, respectively. During January to August 2025, the accumulative amount of foreign exchange settlement and sales by banks was USD 1588.6 billion and USD 1576.5 billion, respectively. In August 2025,the amount of cross-border receipts and payments by non-banking sectors was RMB 4551.5 billion and RMB 4528.4 billion, respectively. During January to August 2025, the accumulative amount of cross-border receipts and payments by non-banking sectors was RMB 37221.9 billion and RMB 36340.0 billion, respectively. In the US dollar terms, in August 2025, the amount of cross-border receipts and payments by non-banking sectors was USD 638.3 billion and USD 635.0 billion, respectively. During January to August 2025, the accumulative amount of cross-border receipts and payments by non-banking sectors was USD 5189.3 billion and USD 5066.5 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 cash transactions and bank’s own cross-border receipts and payments. 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/institutional 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 funds received by non-banking sectors from non-residents via domestic banks; the payments refer to funds paid by non-banking sectors to non-residents via domestic banks. 2025-09-19/en/2025/0919/2336.html