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May 25, 2007 - The Balance of Payments Statistical Branch of the National Statistical Society of China (hereinafter referred to as the BOP Statistical Branch) was recently established in Beijing . The first leadership group and organizations were elected at the meeting. Mr. Li Dongrong, deputy administrator of the SAFE, was present and delivered a speech. Mr. Li Gang, secretary general of the National Statistical Society of China, and Mr. Tang Sining, head of the Financial Survey and Statistics Department of the PBOC, also attended the meeting and congratulated the BOP Statistical Branch on its establishment. Li Dongrong pointed out that the statistics in China 's balance of payments are facing new challenges as the international economy has witnessed an expanding scope and the demands from macro-economic decision-making have been increasing. First, the volume of statistical data has increased rapidly and accordingly the statistical methods and approaches require improvement. The task of maintaining integrated, accurate, and timely statistics has become more arduous. Second, the position of the balance of payments has become more and more complex, and its connections with the world economy and other aspects of the national economy have become closer. It is more difficult to master the development rules of the balance of payments and to solve in-depth economic issues. Third, the functions and social effects of serving the economy and society through statistical analysis of the balance of payments have not been fully utilized. The laws and regulations relevant to the reporting, collection, and application of statistical data need to be improved. Fourth, the development of China 's economy requires a team that is proficient in both theory and practice, and dedicated to a statistical analysis of the balance of payments. Therefore, the BOP Statistical Branch was set up at an appropriate time. It will infuse new effective strength into the statistical work of the balance of payments, provide a platform for studying academic theory, enhance the way of thinking on statistical work, enrich the statistical approaches, and improve the theoretical level of the statistics. Li Dongrong expressed hopes that the BOP Statistical Branch, serving as a stage, will create an academic atmosphere for research on the statistical analysis of the balance of payments, master the operations and change in the rules of the balance of payments through carrying out research on the economic phenomena and the internal reasons behind the statistical data, thus improving the intrinsic value of statistics in the balance of payments, providing a scientific basis for national macro-economic analysis and decision-making, and playing a consultative role in promoting an equilibrium in the balance of payments. He proposed several tasks for the work of the Branch, as follows: First, the Branch should always stick to the principles of seeking truth from facts and combining theory with practice, and achieve good results under the guidance of the principles. Second, the Branch should guarantee the positioning of its work and set a solid foundation for its development. Third, the Branch should strengthen analysis and research and make use of its advisory function in making policies on the national macro-economy and the balance of payments. Fourth, the Branch should establish service awareness and embody its own value in the development of market entities. Fifth, the Branch should carry on the spirit of unity and cooperation and establish a statistical analysis team with a solid theoretical foundation, rich experience in practice, and active ideas about innovation. Ms. Han Hongmei, head of the BOP Statistical Branch, presented a report entitled "Establish a Platform and Utilize the Advantages, Promote the Vigorous Development of Statistical Work in the Balance of Payments." She put forward that based on the ideas of pioneering and the principles of being practical and innovative, the BOP Statistical Branch would devote itself to the establishment of a professional platform which is full of a spirit of innovation, has a good incentive mechanism, and is oriented to statistical practices in the balance of payments. The Branch must reach achievements in four respects, such as making clear the urgency of the times, building up its professional authority, improving the popularity of its business, and increasing its ability for acceptance and inclusion. In 2007, the work of the Branch shall focus on the central target of promoting a general equilibrium in the balance of payments, carry out a scientific view of development in an in-depth manner, boost all the basic work, improve the Branchs organizational construction and functions, and develop various timely activities such as theoretical investigation and research and business training. 2007-05-25/en/2007/0525/841.html
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August 6, 2007 - Recently, the SAFE Shenzhen Branch, together with the Shenzhen Public Security Bureau, successfully cracked down on large-scale underground money shops with an organized structure and a clear work division. Six criminal suspects including the money shop boss with the surname of Du were arrested on the spot and 55 accounts (about RMB 4.2 million) involved in the case were frozen. According to a preliminary investigation, Du illegally operated the money shop in Shenzhen for seven or eight years. From 2006 to May 2007, the trading amount of the Shenzhen office alone reached over RMB 4.3 billion. In the three corporate accounts controlled by Du, the accumulated trading amount from January 2006 to June 25, 2007 reached RMB 1.78 billion, which was comprised of revenue of RMB 970 million and expenditures of RMB 810 million. In terms of industries, the trading funds related to real estate reached RMB 130 million, and those related to the capital market reached RMB 105 million. Some industries like trade and marketing involved largest amount of RMB 453 million. In terms of the regional distribution, clients were in all 31 provinces and cities of the country and the main VIP clients were concentrated in the coastal areas, such as Guangdong (excluding Shenzhen), Jiangsu , and Zhejiang . In terms of trading entities, enterprises, even many well-known domestic large-scale state-owned enterprises, occupied the main position. In terms of the use of the funds, the funds were mainly related to the makeup of the processing fees, the receipt of export proceeds, fuel payments, home purchase payments, security deposits for the conveyance of land, portfolio investments, advance payments, and domestic guarantees, etc. At present, the SAFE is closely cooperating with the public security agencies to sort out the fund transactions under the accounts controlled by Du's money shop and to collect further evidence of the illegal transactions of the money shop. 2007-08-06/en/2007/0806/843.html
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China Everbright Bank's purchasing quota of foreign exchange for overseas investment services on behalf of its clients approved 2006-11-27/en/2006/1127/815.html
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Data of China 's external debts at the end of September, 2006 released 2006-12-28/en/2006/1228/818.html
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QFII investment quota of Schroder Investment Management Limited approved 2006-12-25/en/2006/1225/816.html
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QFII investment quota of INVESCO Asset Management Limited increased 2006-12-25/en/2006/1225/817.html
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QFII investment quota of Nomura Securities Co., Ltd increased 2006-11-15/en/2006/1115/814.html
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QFII investment quota of ING BANK N.V. increased. 2006-04-26/en/2006/0426/782.html
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September 28, 2007 -- After disclosing for the first time in 2006 the names of over 400 untraceable companies accused of foreign exchange fraud and in order to coincide with the 2007 nationwide Promotion of Honest Business Operations Month, the SAFE recently again disclosed cases of fraud by untraceable enterprises. Since April 2006, the SAFE has implemented a system of disclosure of information regarding illegal foreign exchange activities across the country, regularly revealing the information by means of public releases and online inquiries, in particular exposing information about fraud by untraceable enterprises both on the Web site of the SAFE and in the Financial Times. The 200 cases of fraud in the present disclosure had been discovered in foreign exchange management and law enforcement inspections in recent years. Specifically, about 20 enterprises were found to be involved in illegal transactions of foreign exchange and in illegal transactions of verification documents; most of the other cases involved illegal administrative behavior, such as violations of the foreign exchange verification rules. In their operations, these enterprises violated the relevant laws and regulations of the state regarding foreign exchange administration. In addition, they used their entity qualifications to engage in other illegal behavior or they failed to receive the annual inspection from the industrial and commercial departments according to the provisions. As a result, the foreign exchange administrative departments were unable to put them on record and administer punishment. These behaviors not only disrupted the normal business environment and the orderly competition in the foreign exchange market, but also resulted in hidden dangers to the financial security of the state. Through the disclosure of information on fraudulent activities of enterprises, on the one hand, the SAFE hopes to attract more attention from both enterprises and inspection departments to those entities that engage in illegal behavior, in order to prevent these entities from conducting other illegal activities and endangering enterprises that are involved in normal business activities. On the other hand, the SAFE hopes to caution the operating entities in the foreign exchange market, so as to strengthen the concept of honesty in the foreign exchange market, to guide foreign exchange-related entities to regulate their own businesses, and to create an honest, credible, healthy, and regulated foreign exchange market environment. 2007-09-28/en/2007/0928/855.html
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Shanghai Pudong Development Bank's purchasing quota of foreign exchange for overseas investment services on behalf of its clients approved 2007-08-31/en/2007/0831/849.html