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As at the end of June 2023, China recorded RMB 17.5862 trillion in outstanding external debt denominated in both domestic and foreign currencies(equivalent to USD 2433.8 billion, excluding those of Hong Kong SAR, Macao SAR, and Taiwan Province of China, the same below). In terms of maturity structure, the outstanding medium-and long-term external debt was RMB 7665 billion (equivalent to USD1060.8 billion), accounting for 44 percent; while the outstanding short-term external debt was RMB 9921.2 billion (equivalent to USD 1373 billion), taking up 56 percent, of which 36 percent was trade-related credit. In terms of institutional sectors, the outstanding debt of general government totaled RMB 2914.4 billion (equivalent to USD 403.3 billion), accounting for 17 percent;the outstanding debt of the central bank totaled RMB 574.9 billion(equivalent to USD 79.6 billion), accounting for 3 percent;the outstanding debt of banks totaled RMB 7562.2 billion (equivalent to USD 1046.6 billion), accounting for 43 percent;the outstanding debt of other sectors (including inter-company lending under direct investments) totaled RMB 6534.7 billion (equivalent to USD 904.3 billion), accounting for 37 percent. In terms of debt instruments, the balance of loans was RMB 2907.5 billion (equivalent to USD 402.4 billion), accounting for 16 percent;the outstanding trade credit and prepayment was RMB 2688.7 billion (equivalent to USD 372.1 billion), accounting for 15 percent;the outstanding currency and deposits was RMB 3835.9 billion (equivalent to USD 530.9 billion), accounting for 22 percent;the outstanding debt securities was RMB 4906 billion (equivalent to USD 679 billion), accounting for 28 percent;the Special Drawing Rights (SDR) allocation amounted to RMB 348 billion(equivalent to USD 48.1 billion), accounting for 2 percent; the balance of inter-company lending under direct investments totaled RMB 2223.8 billion(equivalent to USD 307.7 billion), accounting for 13 percent;and the balance of other debt liabilities was RMB 676.3 billion (equivalent to USD 93.6 billion), accounting for 4 percent. With respect to currency structures, the outstanding external debt in domestic currency totaled RMB 7809.6 billion (equivalent to USD 1080.8 billion), accounting for 44 percent;the outstanding external debt in foreign currencies (including SDR allocation) totaled RMB 9776.6 billion (equivalent to USD 1353 billion), accounting for 56 percent. In the outstanding registered external debt in foreign currencies, the USD debt accounted for 85 percent, the Euro debt accounted for 7 percent, the HKD debt accounted for 4 percent, the JPY debt accounted for 2 percent, the SDR and other foreign currency-denominated external debt accounted for 2 percent. Since all major external debt indicators were within the internationally recognized thresholds, China’s external debt risk is under control. Appendix Definition of terms and interpretations External debt classification by maturity structure. There are two methods to classify the external debt by maturity structure. One is on the basis of the contractual maturity, i.e. it is classified as medium- and long-term external debt if the contractual maturity is over one year, and classified as short-term external debt if the contractual maturity is one year or less;the other is on the basis of the remaining maturity, i.e., on the basis of the contractual maturity classification method above, the medium- and long-term external debt due within one year is classified as short-term external debt. In this news release, external debt is divided into medium- and long-term external debt and short-term external debt based on the contractual maturity. Trade-related credit is a broad concept. In addition to trade credit and advances, it also involves other kinds of credit provided for trade activities. According to its definition,trade-related credit includes trade credit and advances, bank trade financing, trade related bills, and so forth. In particular, trade credit and advances refer to external liability arising from directly extending credit between the seller and buyer of goods transactions,specifically transactions between residents in the Chinese Mainland and overseas non-residents (including non-residents in Hong Kong SAR, Macao SAR,and Taiwan Province of China), i.e., the debt incurred due to the difference between the time of payment and the time of the goods ownership transfer, which include credit directly provided by the supplier (e.g., the overseas exporter)for goods and services, and prepayments made by buyers (e.g., overseas importers) for goods, services, and work that is in progress (or work to be undertaken). Bank trade financing refers to trade related loans that offered by a third party (e.g., banks) to exporters or importers, for instance, loans extended by foreign financial institutions or export credit agencies to buyers. Annexed table：China’s Gross External Debt Position by Sector, End of June 2023 End of June 2023 End of June 2023 （Unit:100 million RMB） （Unit:100 million US dollars） General Government 29144 4033 Short-term 1630 226 Currency and deposits 0 0 Debt securities 1630 226 Loans 0 0 Trade credit and advances 0 0 Other debt liabilities 0 0 Long-term 27513 3808 Special drawing rights (allocations) 0 0 Currency and deposits 0 0 Debt securities 23575 3263 Loans 3938 545 Trade credit and advances 0 0 Other debt liabilities 0 0 Central Bank 5749 796 Short-term 1975 273 Currency and deposits 1159 160 Debt securities 816 113 Loans 0 0 Trade credit and advances 0 0 Other debt liabilities 0 0 Long-term 3774 522 Special drawing rights (allocations) 3480 482 Currency and deposits 0 0 Debt securities 0 0 Loans 0 0 Trade credit and advances 0 0 Other debt liabilities 294 41 Other Depository Corporations 75622 10466 Short-term 60030 8308 Currency and deposits 37186 5146 Debt securities 5083 703 Loans 16389 2268 Trade credit and advances 0 0 Other debt liabilities 1371 190 Long-term 15593 2158 Currency and deposits 0 0 Debt securities 11841 1639 Loans 3666 507 Trade credit and advances 0 0 Other debt liabilities 85 12 Other Sectors 43109 5966 Short-term 30495 4220 Currency and deposits 14 2 Debt securities 121 17 Loans 1750 242 Trade credit and advances 26417 3656 Other debt liabilities 2193 304 Long-term 12614 1746 Currency and deposits 0 0 Debt securities 5994 829 Loans 3331 461 Trade credit and advances 471 65 Other debt liabilities 2819 390 Direct Investment: Intercompany Lending 22238 3078 Debt liabilities of direct investment enterprises to direct investors 12004 1661 Debt liabilities of direct investors to direct investment enterprises 1301 180 Debt liabilities to fellow enterprises 8933 1236 Gross External Debt Position 175862 24338 Notes: 1. The short-term and long-term herein are broken down by contractual (original) maturity. 2. The data in this table have been rounded off. 2023-09-28/en/2023/0922/2116.html
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As at the end of June 2023, China’s external financial assets reached USD 9367.0 billion, external financial liabilities reached USD 6591.3 billion, and net external assets totaled USD 2775.8 billion. In the external financial assets, direct investment assets amounted to USD 2833.0 billion, portfolio investment assets, USD 1081.7 billion, financial derivative assets, USD 20.2 billion, other investment assets, USD 2047.3 billion, and reserves assets, USD 3384.9 billion, accounting for 30 percent, 12 percent, 0.2 percent, 22 percent and 36 percent of external financial assets respectively. In external liabilities, direct investment liabilities were USD 3384.0 billion, portfolio investment liabilities, USD 1751.1 billion, financial derivative liabilities, USD 23.2 billion and other investment liabilities, USD 1432.9 billion, accounting for 51 percent, 27 percent, 0.4 percent and 22 percent of the external financial liabilities respectively. In SDR terms, China’s external financial assets and liabilities reached SDR 7042.5 billion and SDR 4955.6 billion respectively, and external net assets totaled SDR 2086.9 billion at the end of June 2023. In addition, in order to facilitate understanding of the data of Balance of Payments and International Investment Position among all data users, the BOP Analysis Team of the SAFE released China's Balance of Payments Report for the First Half of 2023.(End) China's International Investment Position, End of June 2023 Item Line No. Position in 100 million USD Position in 100 million SDR Net Position 1 27758 20869 Assets 2 93670 70425 1 Direct Investment 3 28330 21300 1.1 Equity and Investment Fund Shares 4 24365 18318 1.2 Debt Instruments 5 3966 2982 1.a Financial Sectors 6 3908 2938 1.1.a Equity and Investment Fund Shares 7 3677 2765 1.2.a Debt Instruments 8 230 173 1.b Non-financial Sectors 9 24423 18362 1.1.b Equity and Investment Fund Shares 10 20687 15553 1.2.b Debt Instruments 11 3736 2809 2 Portfolio Investment 12 10817 8133 2.1 Equity and Investment Fund Shares 13 6063 4558 2.2 Debt Securities 14 4754 3574 3 Financial Derivatives (other than reserves) and Employee Stock Options 15 202 152 4 Other Investment 16 20473 15392 4.1 Other Equity 17 98 73 4.2 Currency and Deposits 18 4761 3580 4.3 Loans 19 8256 6207 4.4 Insurance, Pension, and Standardized Guarantee Schemes 20 269 202 4.5 Trade Credit and Advances 21 6112 4595 4.6 Others 22 976 734 5 Reserve Assets 23 33849 25449 5.1 Monetary Gold 24 1299 977 5.2 Special Drawing Rights 25 521 392 5.3 Reserve Position in the IMF 26 97 73 5.4 Foreign Currency Reserves 27 31930 24006 5.5 Other Reserve Assets 28 1 1 Liabilities 29 65913 49556 1 Direct Investment 30 33840 25442 1.1 Equity and Investment Fund Shares 31 30643 23039 1.2 Debt Instruments 32 3197 2404 1.a Financial Sectors 33 1925 1447 1.1.a Equity and Investment Fund Shares 34 1704 1281 1.2.a Debt Instruments 35 221 166 1.b Non-financial Sectors 36 31915 23995 1.1.b Equity and Investment Fund Shares 37 28939 21758 1.2.b Debt Instruments 38 2976 2238 2 Portfolio Investment 39 17511 13166 2.1 Equity and Investment Fund Shares 40 11350 8533 2.2 Debt Securities 41 6161 4632 3 Financial Derivatives (other than reserves) and Employee Stock Options 42 232 174 4 Other Investment 43 14329 10773 4.1 Other Equity 44 0 0 4.2 Currency and Deposits 45 5295 3981 4.3 Loans 46 3927 2952 4.4 Insurance, Pension, and Standardized Guarantee Schemes 47 267 201 4.5 Trade Credit and Advances 48 3721 2798 4.6 Others 49 638 480 4.7 Special Drawing Rights 50 482 362 Notes:1. This table employs rounded-off numbers. 2.Net International Investment Position refers to assets minus liabilities. Positive figure refers to net assets, and negative figure refers to net liabilities. 3.The SDR denominated data is converted from the USD denominated data, using the exchange rate of SDR against USD at the end of the quarter. 4.The IIP data is revised regularly; please find the latest data in “Data and Statistics”. 2023-09-28/en/2023/0928/2123.html
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As at the end of June 2023, China's banking sector recorded external financial assets of USD1502.6 billion, external liabilities of USD 1377.1 billion, and net external assets of USD 125.5 billion, including net RMB liabilities of USD 293.1 billion and net foreign currency assets of USD 418.6 billion. Among the external financial assets of the banking sector, by instrument, deposits and loans were USD 938.1 billion, bonds investment, USD 353.7 billion, and other assets including equity, USD 210.9 billion, accounting for 62 percent, 24 percent and 14 percent of the sector's total external financial assets respectively. By currency, RMB assets were USD 327.1 billion, USD assets were USD 868.3 billion, and other currency assets were USD 307.2 billion, accounting for 22 percent, 58 percent and 20 percent respectively. By counterpart sector, the amount invested in the overseas banking sector was USD 788.4 billion, accounting for 52 percent; the amount invested in the overseas non-banking sector was USD 714.2 billion, accounting for 48 percent. Among the external liabilities of the banking sector, by instrument, deposits and loans were USD 773.1 billion, bonds investment, USD 225.0 billion, and other liabilities including equity, USD 379.0 billion, accounting for 56 percent, 16 percent and 28 percent of the sector's total external liabilities respectively. By currency, RMB liabilities were USD 620.2 billion, USD liabilities, USD 462.1 billion, and other currency liabilities, USD 294.8 billion, accounting for 45 percent, 34 percent and 21 percent respectively. By counterpart sector, USD 545.4 billion was from overseas banking sector, accounting for 40 percent; while USD 831.7 billion was from overseas non-banking sector, accounting for 60 percent. (End) 2023-09-27/en/2023/0927/2118.html
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According to the statistics of the State Administration of Foreign Exchange (SAFE), the Chinese foreign exchange market (excluding foreign currency pairs, the same below) recorded total transactions of RMB 26.45 trillion (equivalent to USD 3.69 trillion) in August 2023. In terms of markets, the transactions volume of client market was RMB 3.45 trillion (equivalent to USD 0.48 trillion), and the transactions volume of interbank market was RMB 23.00 trillion (equivalent to USD 3.21 trillion). In terms of products, the cumulative transactions volume of the spot market was RMB 9.60 trillion (equivalent to USD 1.34 trillion), and that of the derivatives market was RMB 16.85 trillion (equivalent to USD 2.35 trillion). From January to August 2023, a total of RMB 173.78 trillion (equivalent to USD 24.83 trillion) was traded in the Chinese foreign exchange market. 2023-09-22/en/2023/0922/2117.html
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External Financial Assets and Liabilities of China's Banking Sector (As of June 30, 2023) 2023-09-27/en/2023/0927/2119.html
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On August 22 2023, Governor Pan Gongsheng met with South African Reserve Bank Governor Lesetja Kganyago in Pretoria. They exchanged views on issues including strengthening bilateral financial cooperation. 2023-08-28/en/2023/0828/2111.html
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On August 29, 2023, Governor Pan Gongsheng met with Michael Bloomberg, founder of the Bloomberg L.P.. They exchanged views on issues including China's bond market opening-up and sustainable finance. 2023-08-31/en/2023/0831/2112.html
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官方储备资产 Official reserve assets html xlsx pdf 2023-01-07/en/2021/0203/2113.html
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China Balance of Payment Report(2022) 2023-09-28/en/2023/0928/2122.html
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In August 2023, the export and import of China’s international trade in goods and services totalled RMB 4016.0 billion. Of this, the export of goods recorded RMB 1928.0 billion and the import recorded RMB 1543.4 billion, resulting in a surplus of RMB 384.6 billion. The export of services recorded RMB 187.1 billion and the import recorded RMB 357.5 billion, resulting in a deficit of RMB 170.5 billion. In terms of the major items, the export and import of transport, travel, other business services, telecommunications, computer and information services registered RMB 160.9 billion, RMB 152.4 billion, RMB 92.1 billion and RMB 57.4 billion respectively. In the US dollar terms, in August 2023, the export and import of China’s international trade in goods and services were USD 294.9 billion and USD 265.0 billion respectively, with a surplus of USD 29.9 billion. (End) International Trade in Goods and Servicesof China August 2023 Item In 100 million of RMB In 100 million of USD Goods and services 2142 299 Credit 21151 2949 Debit -19009 -2650 1. Goods 3846 536 Credit 19280 2688 Debit -15434 -2152 2. Services -1705 -238 Credit 1871 261 Debit -3575 -498 2.1Manufacturing services on physical inputs owned by others 65 9 Credit 70 10 Debit -5 -1 2.2Maintenance and repair services n.i.e 33 5 Credit 67 9 Debit -34 -5 2.3Transport -539 -75 Credit 535 75 Debit -1074 -150 2.4Travel -1342 -187 Credit 91 13 Debit -1433 -200 2.5Construction 12 2 Credit 63 9 Debit -51 -7 2.6Insurance and pension services -48 -7 Credit 17 2 Debit -65 -9 2.7Financial services -8 -1 Credit 23 3 Debit -31 -4 2.8Charges for the use of intellectual property -188 -26 Credit 63 9 Debit -250 -35 2.9Telecommunications, computer and information services 124 17 Credit 349 49 Debit -225 -31 2.10Other business services 235 33 Credit 578 81 Debit -343 -48 2.11Personal, cultural, and recreational services -18 -3 Credit 8 1 Debit -26 -4 2.12Government goods and services n.i.e -31 -4 Credit 7 1 Debit -38 -5 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 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: processoronly 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-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 byinsurance 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 theother 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 audio visual and related services (films, radio,television programs and music recordings) and other personal, cultural and recreational services (health, education, etc.). The credit side records therelated 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. 2023-09-28/en/2023/0928/2124.html