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In April 2024, the export and import of China’s international trade in goods and services totalled RMB 4111.3 billion, up 13 percent over the same time last year. Of this, the export of goods recorded RMB 1906.1 billion and the import recorded RMB 1624.6 billion, resulting in a surplus of RMB 281.5 billion. The export of services recorded RMB 205.9 billion and the import recorded RMB 374.7 billion, resulting in a deficit of RMB 168.8 billion. In terms of the major items, the export and import of travel, transport, other business services, telecommunications, computer and information services registered RMB 179.9 billion, RMB 155.3 billion, RMB 95.7 billion and RMB 60.3 billion respectively. In the US dollar terms, in April 2024, the export and import of China’s international trade in goods and services were USD 297.4 billion and USD 281.6 billion respectively, with a surplus of USD 15.9 billion.(End) International Trade in Goods and Services of China April 2024 Item In 100 million of RMB In 100 million of USD Goods and services 1127 159 Credit 21120 2974 Debit -19993 -2816 1. Goods 2815 396 Credit 19061 2684 Debit -16246 -2288 2. Services -1688 -238 Credit 2059 290 Debit -3747 -528 2.1Manufacturing services on physical inputs owned by others 62 9 Credit 69 10 Debit -7 -1 2.2Maintenance and repair services n.i.e 11 2 Credit 63 9 Debit -52 -7 2.3Transport -435 -61 Credit 559 79 Debit -994 -140 2.4Travel -1352 -190 Credit 224 31 Debit -1576 -222 2.5Construction 2 0 Credit 80 11 Debit -78 -11 2.6Insurance and pension services -56 -8 Credit 3 0 Debit -59 -8 2.7Financial services 4 1 Credit 23 3 Debit -19 -3 2.8Charges for the use of intellectual property -179 -25 Credit 97 14 Debit -276 -39 2.9Telecommunications, computer and information services 106 15 Credit 354 50 Debit -249 -35 2.10Other business services 184 26 Credit 570 80 Debit -386 -54 2.11Personal, cultural, and recreational services -18 -3 Credit 8 1 Debit -27 -4 2.12Government goods and services n.i.e -17 -2 Credit 9 1 Debit -25 -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. 2024-05-31/en/2024/0531/2207.html
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As shown in the statistics of the State Administration of Foreign Exchange (SAFE), in May 2024, the amount of foreign exchange settlement and sales by banks was RMB 1250.5 billion and RMB 1363.8 billion, respectively. During January to May 2024, the accumulative amount of foreign exchange settlement and sales by banks was RMB 6335.4 billion and RMB 6895.0 billion, respectively. In the US dollar terms, in May 2024, the amount of foreign exchange settlement and sales by banks was USD 176.0 billion and USD 191.9 billion, respectively. During January to May 2024, the accumulative amount of foreign exchange settlement and sales by banks was USD 891.9 billion and USD 970.7 billion, respectively. In May 2024, the amount of cross-border receipts and payments by non-banking sectors was RMB 4155.7 billion and RMB 4157.5 billion, respectively. During January to May 2024, the accumulative amount of cross-border receipts and payments by non-banking sectors was RMB 20140.6 billion and RMB 20391.4 billion, respectively. In the US dollar terms, in May 2024, the amount of cross-border receipts and payments by non-banking sectors was USD 584.8 billion and USD 585.1 billion, respectively. During January to May 2024, the accumulative amount of cross-border receipts and payments by non-banking sectors was USD 2835.5 billion and USD 2870.9 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. 2024-06-17/en/2024/0617/2210.html
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China's External Portfolio Investment Assets at the End of 2023 2024-05-31/en/2024/0531/2209.html
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The State Administration of Foreign Exchange (SAFE) recently released preliminary data on the Balance of Payments (BOP) for the first quarter of 2024. SAFE Deputy Administrator and Press Spokesperson Wang Chunying answered media questions on relevant issues. Q: Could you brief us on China’s BOP for the first quarter of 2024? A: The preliminary data shows that in the first quarter of 2024, China maintained a basic equilibrium in its BOP. The current account surplus registered USD 39.2 billion in the first quarter of the year, with its ratio to Gross Domestic Product (GDP) reaching 0.9%, thus maintaining within a reasonable and balanced range. Meanwhile, cross-border capital flows in both directions were kept reasonable and well-organized. First, trade in goods continued to maintain a surplus. In the first quarter of 2024, trade in goods in terms of BOP recorded a surplus of USD 121.1 billion. Specifically, exports of goods amounted to USD 751.1 billion, marking a 2% year-on-year increase, while imports of goods totaled USD 630 billion, representing a 3% year-on-year increase. This is mainly because China's economy has witnessed a positive start since the onset of 2024 and, with constant progress in industrial transformation and upgrades, new growth drivers, modes and forms of trade have been expanding and the structure of trade has been optimizing. Secondly, a deficit was recorded for trade in services. On one hand, the travel deficit rose by 34% year-on-year to USD 53.8 billion, as travel-related income and expenditures steadily returned to pre-pandemic levels. On the other hand, the surplus in key service trade sectors continued to expand. Notably, the surplus in consulting, advertising, and other business services reached USD 12 billion, reaching historically high levels. Meanwhile, the surplus in telecommunications, computer, and information services grew by 30% year-on-year to USD 4.8 billion. Thirdly, two-way direct investment was conducted in an orderly manner. In the first quarter of 2024, enterprises exhibited stable practices of “going global” with a net outflow of outbound foreign direct investment in the form of equity investment reaching USD 25.7 billion. Conversely, there was a net inflow of USD 19 billion of foreign direct investment in China in the form of equity investment, involving an increase of USD 21 billion in capital inflow, indicating the overall stability of foreign capital in establishing and operating businesses in China. Overall, despite the growing complexity, severity, and uncertainty of the external environment, China is accelerating the construction of the new development paradigm and promoting high-quality development. China’s economy has a solid foundation, marked by many advantages, strong resilience, and vast potential, which will continue to provide fundamental support for the country's basic equilibrium in the balance of payments. 2024-05-10/en/2024/0510/2205.html
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As at the end of March 2024, China's banking sector recorded external financial assets of USD 1507.9 billion, external liabilities of USD 1416.5 billion, and net external assets of USD 91.4 billion, including net RMB liabilities of USD 302.2 billion and net foreign currency assets of USD 393.6 billion. Among the external financial assets of the banking sector, by instrument, deposits and loans were USD 931.8 billion, bonds investment, USD 352.3 billion, and other assets including equity, USD 223.8 billion, accounting for 62 percent, 23 percent and 15 percent of the sector's total external financial assets respectively. By currency, RMB assets were USD 380.4 billion, USD assets were USD 798.4 billion, and other currency assets were USD 329.1 billion, accounting for 25 percent, 53 percent and 22 percent respectively. By counterpart sector, the amount invested in the overseas banking sector was USD 747.9 billion, accounting for 50 percent; the amount invested in the overseas non-banking sector was USD 760.0 billion, accounting for 50 percent. Among the external liabilities of the banking sector, by instrument, deposits and loans were USD 753.5 billion, bonds investment, USD 306.6 billion, and other liabilities including equity, USD 356.4 billion, accounting for 53 percent, 22 percent and 25 percent of the sector's total external liabilities respectively. By currency, RMB liabilities were USD 682.6 billion, USD liabilities, USD 439.9 billion, and other currency liabilities, USD 294.1 billion, accounting for 48 percent, 31 percent and 21 percent respectively. By counterpart sector, USD 635.7 billion was from overseas banking sector, accounting for 45 percent; while USD 780.8 billion was from overseas non-banking sector, accounting for 55 percent. (End) 2024-06-27/en/2024/0627/2212.html
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Recently, the State Administration of Foreign Exchange (SAFE) releases data on China's external portfolio investment assets by country/region and by sector of resident holder at the end of 2023. The statistics show that China's external portfolio investment assets (excluding reserve assets) amounted to USD 1098.4 billion by the end of 2023, including USD 622.6 billion in equity investments and USD 475.8 billion in bond investments. The top 5 recipients of Chinese investments were Hong Kong SAR, the United States, Cayman Islands, the British Virgin Islands and the United Kingdom, with the amounts being USD 418.7 billion, USD 256.7 billion, USD 95.9 billion, USD 76.3 billion and USD 35.8 billion respectively. By the end of 2023, other financial corporations (non-bank financial institutions), bank and non-financial sector were the main sectors holding external portfolio investment assets, with the amounts being USD 620.8 billion, USD 353.2 billion and USD 124.3 billion respectively, accounting for 57 percent, 32 percent and 11 percent of China’s total external portfolio investment assets. (End) 2024-05-31/en/2024/0531/2208.html
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External Financial Assets and Liabilities of China's Banking Sector(As of March 31, 2024) 2024-06-27/en/2024/0627/2211.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 23.04 trillion (equivalent to USD 3.24 trillion) in April 2024. In terms of markets, the transactions volume of client market was RMB 3.46 trillion (equivalent to USD 0.49 trillion), and the transactions volume of interbank market was RMB 19.58 trillion (equivalent to USD 2.76 trillion). In terms of products, the cumulative transactions volume of the spot market was RMB 7.39 trillion (equivalent to USD 1.04 trillion), and that of the derivatives market was RMB 15.65 trillion (equivalent to USD 2.20 trillion). From January to April 2024, a total of RMB 89.21 trillion (equivalent to USD 12.56 trillion) was traded in the Chinese foreign exchange market. 2024-05-24/en/2024/0524/2206.html
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According to the statistics by the State Administration of Foreign Exchange (SAFE), by the end of April 2024, China’s foreign exchange reserves totaled USD 3.2008 trillion, down by USD 44.8 billion or 1.38% from March 2024. In April 2024, the US dollar index rose, while global financial asset prices witnessed a widespread fall, influenced by factors such as monetary policy expectations and macroeconomic data in major economies. China’s foreign exchange reserves decreased this month due to the combined effect of currency translation and changes in asset prices. China’s economy has a solid foundation, numerous advantages, great resilience, and enormous potential, which will continue to support the general stability of China’s foreign exchange reserves. 2024-05-07/en/2024/0507/2204.html
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The 2025 National Foreign Exchange Administration Work Conference was convened in Beijing from January 3 to 4, 2025. During the conference, participants comprehensively implemented the guiding principles of the 20th CPC National Congress, the Second and Third Plenary Sessions of the 20th CPC Central Committee, and the Central Economic Work Conference. They also summarized the foreign exchange administration work in the year 2024, analyzed the current financial and foreign exchange situation, and made deployments of the key tasks for 2025. Zhu Hexin, Secretary of the CPC Leadership Group of the State Administration of Foreign Exchange (the SAFE) and the Administrator of the SAFE, delivered a work report. Members of the CPC SAFE Leadership Group and the Deputy Administrators as well as the Chief Accountant of the SAFE attended the conference. During the conference, it was pointed out that in 2024, the SAFE unwaveringly implemented the decisions and arrangements of the CPC Central Committee and the State Council, enhanced overall planning by seizing the opportunity of accepting the third round of discipline inspections of the 20th CPC Central Committee, advanced progress in a steady manner, took practical actions to overcome difficulties, and achieved new results in all aspects of work. It was noted that the year 2024 witnessed a basic equilibrium in the balance of payments, while the operation of the foreign exchange market remained relatively resilient amidst a complex and challenging landscape. Firstly, the Party building has been comprehensively strengthened with political construction as the guide. The SAFE firmly regarded the study and implementation of the guiding principle of General Secretary Xi Jinping’s keynote speeches and important instructions as the primary political task, consolidated and expanded the outcomes of thematic education, and seriously carried out study and education on Party discipline. The SAFE also rigorously and resolutely undertook rectification tasks assigned by central discipline inspections, and took concrete actions to resolutely advocate the establishment of both Comrade Xi Jinping’s core position within the Party Central Committee and the Party as a whole, as well as the guiding role of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, and resolutely achieved the Two Upholds. Secondly, there has been a continual enhancement in the quality and effectiveness of foreign exchange supporting the real economy. The SAFE implemented the guiding principles of the meeting of the Political Bureau of the CPC Central Committee meeting on September 26, 2024, and promoted the expansion of three cross-border investment and financing facilitation pilots, including the direct handling of foreign debt registration by banks. The SAFE further improved the facilitation of cross-border trade, investment and financing, and effectively developed technology finance, green finance, inclusive finance, pension finance, and digital finance by focusing on supporting sci-tech enterprises. The SAFE canceled the administrative license for the registration on the List of Enterprises Making Foreign Exchange Receipts and Payments under Trade, expanded coverage and improve quality of policies facilitating foreign exchange receipts and payments for high-quality enterprises, supported the development of new trade formats, and optimized the foreign exchange services for foreigners in China. The SAFE also promoted the expansion of reform of the banking sector’s foreign exchange operations, and improved the supporting systems. Thirdly, the high-level opening-up of the foreign exchange sector has been steadily promoted. The SAFE promoted the quality of capital account opening, worked with the People’s Bank of China to revise provisions on the Regulations on the Domestic Securities and Futures Investment Capital of Foreign Institutional Investors, supported domestic institutions to carry out cross-border securities investment in an orderly manner, and optimized the pilot policy for the integrated capital pool for multinational corporations’ domestic and foreign currencies. The SAFE further advanced the construction of the foreign exchange market, optimized enterprise exchange rate risk management services, supported the opening-up and development of key regions, and expanded the pilot for the high-level opening-up of cross-border trade and investment. Fourthly, the supervision capacity and level under the conditions of opening-up have been further improved. The SAFE strengthened macro-prudential management, strengthened counter-cyclical adjustment and expectation guidance, and promoted the balance between supply and demand in the foreign exchange market. The SAFE also intensified in-process and ex-post supervision, enhanced the off-site supervision work mechanism, and severely cracked down on illegal foreign exchange activities such as underground banks, cross-border gambling, and export tax fraud. Fifthly, the SAFE has been improving the operation and management of foreign exchange reserves, with the total reserve size stably maintained above USD 3.2 trillion since the beginning of the year. The conference emphasized that in 2025, foreign exchange administration work should be guided by Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era. It called for the thorough implementation of the guiding principles of the 20th CPC National Congress and the Second and Third Plenary Sessions of the 20th CPC Central Committee. Furthermore, the decisions and arrangements established at the Central Economic Work Conference and the Central Financial Work Conference shall be diligently implemented. In accordance with the requirements of the national work conferences for the financial system, the SAFE shall persist in seeking progress while maintaining stability and promoting stability through progress, uphold fundamental principles and break new ground, pursuit system integration, better coordinate development and security, and anchor on the establishment and improvement of a “more convenient, more open, and secure” foreign exchange administration system and mechanism. The SAFE shall implement more proactive and effective foreign exchange administration policies, promote in-depth reform and high-level opening-up in the foreign exchange field, and prevent and resolve external shock risks, to make greater contributions to the high-quality completion of the goals and tasks of the 14th Five-Year Plan and the good start of the 15th Five-Year Plan. The conference outlined key tasks for foreign exchange administration in 2025. Firstly, the SAFE will promote comprehensive and strict governance over the Party members in depth. The SAFE will conscientiously implement the “First Agenda” system, promote the normalization and long-term effect of Party discipline study and education, take the lead in governance, play the three leading roles, and propel itself ahead to become a model government organization. Secondly, the SAFE will strictly and concretely implement the rectification tasks assigned by the central discipline inspections. The SAFE will adhere to problem-oriented rectification, deeply address both symptoms and root causes, and demonstrate political responsibility with the actual results of rectification. Thirdly, the SAFE will intensify efforts to promote foreign exchange facilitation reforms. The SAFE will continue to advance technology finance, green finance, inclusive finance, pension finance, and digital finance, include more sci-tech enterprises in the pilot of cross-border financing facilitation, and guide overseas high-quality capital to invest in domestic high-tech industries. In accordance with the requirements of being “both open and manageable”, the SAFE will orderly expand the coverage of the reform of bank foreign exchange operations. The SAFE will actively support the stabilization of foreign trade and foreign investment, promote the optimization and expansion of trade facilitation policies, improve the facilitation level of foreign exchange business in new trade formats, and promote the facilitation of foreign investment and foreign currency exchange. In addition, the SAFE will establish a mechanism for evaluating foreign exchange administration policies. Fourthly, the SAFE will intensify efforts to promote the institutional opening-up of the foreign exchange field. The SAFE will optimize the management of funds for IPOs of domestic enterprises, promote the reform of the management of foreign debts of enterprises, and continue to improve the capital pool policy of multinational corporations. The SAFE will build an open and diverse foreign exchange market with robust functions and orderly competition, guide financial institutions to improve the long-term mechanism of exchange rate risk management services, and optimize the infrastructure of the foreign exchange market. The SAFE will also support the upgrading strategy of the pilot free trade zones, support the construction of international financial centers in Shanghai and Hong Kong, and support the Hainan Free Trade Port and the Guangdong-Hong Kong-Macao Greater Bay Area to innovate foreign exchange administration. Fifthly, the SAFE will intensify efforts to maintain the basic stability of the foreign exchange market. The SAFE will strengthen the monitoring and judgment of the situation, improve the monitoring and early warning system for cross-border capital flows, and enhance the counter-cyclical adjustment and expectation management of the foreign exchange market. Sixthly, the SAFE will intensify efforts to build a complete and effective foreign exchange supervision system. The SAFE will establish and improve the working mechanism for in-process and ex-post supervision, and make full use of scientific and technological means to improve the efficiency of supervision. The SAFE will insist on a high-pressure policy for cracking down on illegal activities in the foreign exchange field, and work together to strengthen the governance of illegal cross-border financial activities at the source. Seventhly, the SAFE will intensify efforts to promote the high-quality development of the operation and management of foreign exchange reserves, and ensure the safety, liquidity, and value preservation and appreciation of China’s foreign exchange reserves. Eighthly, the SAFE will solidify the foundation of foreign exchange administration. This involves advancing the amendment of the Regulations of the People’s Republic of China on Foreign Exchange Administration, accelerating the establishment of a modernized international balance of payments statistical framework, exploring the implementation of smart foreign exchange administration, and empowering foreign exchange administration and service with technology and data. Head officials of relevant departments, provincial branches, and institutions of the SAFE, as well as colleagues accredited to the Discipline Inspection and Supervision Team, attended the conference. Representatives from the Office of the Central Financial and Economic Affairs Commission, the Office of the Central Financial Commission, the General Office of the State Council, and the National Audit Office were also present at the conference upon invitation. 2025-01-04/en/2025/0104/2283.html