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In the fourth quarter of 2022, China's current account registered a surplus of RMB 732.7 billion, and the capital and financial accounts recorded a deficit of RMB 602.2 billion. The financial account (excluding reserve assets) recorded a deficit of RMB 300.8 billion, and reserve assets increased by RMB 301.5 billion. In 2022, China's current account registered a surplus of RMB 2717.7 billion, and the capital and financial accounts recorded a deficit of RMB 2116.4 billion. The financial account (excluding reserve assets) recorded a deficit of RMB 1429.4 billion, and reserve assets increased by RMB 685.0 billion. In the US dollar terms, in the fourth quarter, China's current account recorded a surplus of USD 103.1 billion, including a surplus of USD 161.3 billion under trade in goods, a deficit of USD 30.6 billion under trade in services, a deficit of USD 30.4 billion under primary income and a surplus of USD 2.7 billion under secondary income. The capital and financial accounts registered a deficit of USD 84.2 billion, including a surplus of USD 21.6 million under the capital account, and a deficit of USD 41.9 billion under the financial account (excluding reserve assets), and reserve assets increased by USD 42.3 billion. In the US dollar terms, in 2022, China's current account recorded a surplus of USD 401.9 billion, including a surplus of USD 668.6 billion under trade in goods, a deficit of USD 92.3 billion under trade in services, a deficit of USD 193.6 billion under primary income and a surplus of USD 19.1 billion under secondary income. The capital and financial accounts recorded a deficit of USD 311.3 billion, including a deficit of USD 309.9 million under the capital account, a deficit of USD 211.0 billion under the financial account (excluding reserve assets), and reserve assets increased by USD 100.0 billion. In SDR terms, in the fourth quarter, China posted a surplus of SDR 79.1 billion under the current account, and a deficit of SDR 65.2 billion under the capital and financial accounts. The financial account (excluding reserve assets) registered a deficit of SDR 32.6 billion, and reserve assets increased by SDR 32.5 billion. In SDR terms, in 2022, China posted a surplus of SDR 301.7 billion under the current account, and a deficit of SDR 235.3 billion under the capital and financial accounts. The financial account (excluding reserve assets) registered a surplus of SDR 159.7 billion, and reserve assets increased by SDR 75.4 billion. The SAFE has revised the BOP data for each quarter since 2021 according to the latest data, which can be found in the section of "Data and Statistics" at the official website of the SAFE. 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 2022. (End) Abridged Balance of Payments, Q4 2022 Item Line No. RMB 100 million USD 100 million SDR 100 million 1. Current Account 1 7327 1031 791 Credit 2 69516 9782 7501 Debit 3 -62188 -8750 -6710 1. A Goods and Services 4 9301 1308 1004 Credit 5 65099 9160 7024 Debit 6 -55798 -7852 -6020 1.A.a Goods 7 11469 1613 1238 Credit 8 59076 8312 6374 Debit 9 -47607 -6698 -5137 1.A.b Services 10 -2168 -306 -234 Credit 11 6023 848 650 Debit 12 -8190 -1154 -884 1.B Primary Income 13 -2168 -304 -234 Credit 14 3843 541 415 Debit 15 -6010 -845 -649 1.C Secondary Income 16 194 27 21 Credit 17 574 81 62 Debit 18 -380 -54 -41 2. Capital and Financial Account 19 -6022 -842 -652 2.1 Capital Account 20 2 0.2 0 Credit 21 4 1 0 Debit 22 -3 0 0 2.2 Financial Account 23 -6023 -842 -652 Assets 24 -5786 -810 -625 Liabilities 25 -237 -32 -27 2.2.1 Financial Account Excluding Reserve Assets 26 -3008 -419 -326 2.2.1.1 Direct Investment 27 -1171 -165 -126 Assets 28 -3139 -442 -339 Liabilities 29 1968 277 213 2.2.1.2 Portfolio Investment 30 -1430 -193 -155 Assets 31 -1536 -213 -166 Liabilities 32 106 20 11 2.2.1.3 Financial Derivatives (other than reserves) and Employee Stock Options 33 266 38 28 Assets 34 349 49 37 Liabilities 35 -83 -12 -9 2.2.1.4 Other Investment 36 -673 -99 -74 Assets 37 1555 218 168 Liabilities 38 -2228 -317 -242 2.2.2 Reserve Assets 39 -3015 -423 -325 3. Net Errors and Omissions 40 -1306 -189 -139 Notes: 1. The statement is compiled according to BPM6. Reserve assets are included in capital and financial accounts. 2. "Credit" is presented as positive value while "debit" as negative value, and the difference is the sum of the "Credit" and the "Debit". All items herein refer to difference, unless marked with "Credit" or"Debit". 3. The RMB denominated quarterly BOP data is converted from the USD denominated BOP data for the quarter using the period average central parity rate of RMB against USD. The quarterly accumulated RMB denominated BOP data is derived from the sum total of the RMB denominated data for the quarters. 4. The SDR denominated quarterly BOP data is converted from the USD denominated BOP data for the quarter using the period average exchange rate of SDR against USD. The quarterly accumulated SDR denominated BOP data is derived from the sum total of the SDR denominated data for the quarters. 5. This statement employs rounded-off numbers. 6. For detailed data, please see the section of “Data and Statistics” at the website of the SAFE. 7. The BOP data is revised regularly; please find the latest data in “Data and Statistics”. Abridged Balance of Payments, 2022 Item Line No. RMB 100 million USD 100 million SDR 100 million 1. Current Account 1 27177 4019 3017 Credit 2 266099 39508 29560 Debit 3 -238922 -35489 -26543 1. A Goods and Services 4 38850 5763 4317 Credit 5 250235 37158 27799 Debit 6 -211385 -31395 -23482 1.A.a Goods 7 45140 6686 5013 Credit 8 225467 33469 25045 Debit 9 -180327 -26782 -20032 1.A.b Services 10 -6290 -923 -695 Credit 11 24767 3690 2754 Debit 12 -31057 -4613 -3450 1.B Primary Income 13 -12957 -1936 -1443 Credit 14 12867 1902 1427 Debit 15 -25823 -3839 -2871 1.C Secondary Income 16 1284 191 143 Credit 17 2997 447 334 Debit 18 -1713 -256 -191 2. Capital and Financial Account 19 -21164 -3113 -2353 2.1 Capital Account 20 -20 -3 -2 Credit 21 16 2 2 Debit 22 -36 -5 -4 2.2 Financial Account 23 -21143 -3110 -2351 Assets 24 -19005 -2815 -2105 Liabilities 25 -2138 -294 -246 2.2.1 Financial Account Excluding Reserve Assets 26 -14294 -2110 -1597 2.2.1.1 Direct Investment 27 1707 305 202 Assets 28 -10116 -1497 -1121 Liabilities 29 11823 1802 1323 2.2.1.2 Portfolio Investment 30 -18783 -2811 -2104 Assets 31 -11637 -1732 -1298 Liabilities 32 -7146 -1079 -806 2.2.1.3 Financial Derivatives (other than reserves) and Employee Stock Options 33 -358 -58 -42 Assets 34 210 27 22 Liabilities 35 -567 -85 -63 2.2.1.4 Other Investment 36 3140 454 347 Assets 37 9388 1386 1047 Liabilities 38 -6248 -932 -699 2.2.2 Reserve Assets 39 -6850 -1000 -754 3. Net Errors and Omissions 40 -6013 -906 -664 Notes: 1. The statement is compiled according to BPM6. Reserve assets are included in capital and financial accounts. 2. "Credit" is presented as positive value while "debit" as negative value, and the difference is the sum of the "Credit" and the "Debit". All items herein refer to difference, unless marked with "Credit" or "Debit". 3. The RMB denominated quarterly BOP data is converted from the USD denominated BOP data for the quarter using the period average central parity rate of RMB against USD. The quarterly accumulated RMB denominated BOP data is derived from the sum total of the RMB denominated data for the quarters. 4. The SDR denominated quarterly BOP data is converted from the USD denominated BOP data for the quarter using the period average exchange rate of SDR against USD. The quarterly accumulated SDR denominated BOP data is derived from the sum total of the SDR denominated data for the quarters. 5. This statement employs rounded-off numbers. 6. For detailed data, please see the section of “Data and Statistics” at the website of the SAFE. 7. The BOP data is revised regularly; please find the latest data in “Data and Statistics”. 2023-03-31/en/2023/0331/2064.html
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As shown in the statistics of the State Administration of Foreign Exchange (SAFE), in March 2023, the amount of foreign exchange settlement and sales by banks was RMB 1295.6 billion and RMB 1405.3 billion, respectively. During January to March 2023, the accumulative amount of foreign exchange settlement and sales by banks was RMB 3736.2 billion and RMB 3841.7 billion, respectively. In the US dollar terms, in March 2023, the amount of foreign exchange settlement and sales by banks was USD 187.8 billion and USD 203.7 billion, respectively. During January to March 2023, the accumulative amount of foreign exchange settlement and sales by banks was USD 546.0 billion and USD 561.3 billion, respectively. In March 2023, the amount of cross-border receipts and payments by non-banking sectors was RMB 3926.1 billion and RMB 3906.1 billion, respectively. During January to March 2023, the accumulative amount of cross-border receipts and payments by non-banking sectors was RMB 10167.0 billion and RMB 9934.1 billion, respectively. In the US dollar terms, in March 2023, the amount of cross-border receipts and payments by non-banking sectors was USD 569.1 billion and USD 566.3 billion, respectively. During January to March 2023, the accumulative amount of cross-border receipts and payments by non-banking sectors was USD 1485.0 billion and USD 1450.8 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. 2023-04-21/en/2023/0421/2069.html
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The State Administration of Foreign Exchange (SAFE) recently released data on China's external debt at the end of 2022. The SAFE Deputy Administrator and Press Spokesperson Wang Chunying answered media questions on relevant issues. Q: Could you brief us on China's external debt in the fourth quarter of 2022? A: In the fourth quarter of 2022, the scale of China's external debt dropped slightly, and its structure remained basically stable. By the end of 2022, the full-scale outstanding external debt (including domestic and foreign currencies) reached USD 2.4528 trillion, representing a decline of USD 28.7 billion or 1.2% from the end of September 2022. With respect to currency composition, the external debt in domestic currency accounted for 45%, up by 1% from the end of September 2022. Regarding maturity structure, the medium- and long-term external debt accounted for 45%, unchanged from the level recorded at the end of September 2022. Q: What would you say about China's external debt situation? A: The overall scale of China's external debt has remained relatively stable. Since the beginning of 2022, due to factors such as the Fed's interest rate hike, high global inflation, and the epidemic, China's external debt has dropped. By the end of 2022, the full-scale outstanding external debt declined by USD 293.8 billion or 10.7% from the end of 2021. Specifically, the exchange rate translation factor contributed to USD 104.6 billion, or 36% in the decline of outstanding external debt. With the shift of China's COVID-19 prevention and control measures more steadily and appropriately, the recovery of China's economy picked up, and the decline in China's external debt in the fourth quarter narrowed sharply in comparison with the second and third quarter of 2022. China's external debt risks were under control on the whole. By the end of 2022, the liability ratio (or ratio of outstanding external debt to GDP) was 13.6%. The debt ratio (or the ratio of outstanding external debt to export revenue from trade) was 66%. The debt servicing ratio (or ratio of principal payments and interest on external debt to the export revenue from trade) was 10.5%. The ratio of short-term external debt to foreign exchange reserves was 42.8%. These indicators were within internationally recognized thresholds (20%, 100%, 20%, and 100%, respectively), indicating that China's external debt risks were under control. The overall scale of China's external debt is expected to remain stable. Looking into 2023, China maintains strong resilience, great potential, and full of vitality in the economy with sound long-term economic fundamentals unchanged. With a full recovery of China's economy on the way, the basis for maintaining the overall stability on the scale of China's external debt will remain solid. The SAFE will keep promoting cross-border investment and funding facilitation in the upcoming phase to support high-quality growth in the real economy. 2023-03-31/en/2023/0331/2072.html
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In order to thoroughly implement the guiding principles of the 20th National Congress of the Communist Party of China, to promote the legalization of foreign exchange administration work, and to enhance the transparency of foreign exchange administration policies, the State Administration of Foreign Exchange (SAFE) has recently updated and released the Catalogue of Current Major Laws and Regulations in Effect on Foreign Exchange Administration (as of December 31, 2022) (hereinafter referred to as the Catalogue) for the convenience of the general public. The updated Catalogue includes a total of 194 major regulations on foreign exchange administration issued as of December 31, 2022, which are classified into eight categories, i.e., general, foreign exchange administration under the current account, foreign exchange administration under the capital account, supervision of foreign exchange business of financial institutions, renminbi exchange rate and foreign exchange market, balance of payments and foreign exchange statistics, foreign exchange inspection and application of laws and regulations, and technology management in the foreign exchange administration. These regulations are further divided into several sub-categories according to specific business types. The newly added documents in the Catalogue mainly cover foreign exchange administration of overseas investment, foreign exchange administration of investment in securities markets, indirect reporting of balance of payments statistics, etc. (End) 2023-02-22/en/2023/0222/2066.html
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According to the statistics of the State Administrationof Foreign Exchange (SAFE), the Chinese foreign exchange market (excludingforeign currency pairs, the same below) recorded total transactions of RMB 25.22 trillion (equivalent to USD 3.66 trillion) in March 2023. In terms of markets, the transactions volume of clientmarket was RMB 3.18 trillion(equivalent to USD 0.46 trillion), and the transactions volume of interbankmarket was RMB 22.04 trillion(equivalent to USD 3.19 trillion). Interms of products, the cumulative transactions volume of the spot market wasRMB 9.05 trillion (equivalent to USD 1.31 trillion), and that of the derivatives market was RMB 16.17 trillion (equivalent to USD 2.34 trillion). From January to March2023, a total of RMB 60.15 trillion (equivalent toUSD 8.78 trillion) was traded inthe Chinese foreign exchange market. 2023-04-28/en/2023/0428/2071.html
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According to the statistics of the State Administration of Foreign Exchange (SAFE), by the end of March 2023, China's foreign exchange reserves registered USD 3.1839 trillion, up by USD 50.7 billion, or 1.62%, from the end of February. In March 2023, influenced by factors like monetary policies and expectations of major economies, the US dollar index fell while the prices of global financial assets increased. China's foreign exchange reserves rose this month due to the combined effects of currency translation and asset price changes. China has a solid economic foundation, maintains stability while seeking progress, and has a wide range of opportunities for growth and development, all of which help preserve the scale of foreign exchange reserves at the same level. 2023-04-07/en/2023/0407/2065.html
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FILE：Catalogue of Current Major Laws and Regulations in Effect on Foreign Exchange Administration (As of December 31, 2022) 2023-02-22/en/2023/0222/2067.html
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In May 2023, the export and import of China’s international trade in goods and services totalled RMB 3811.2 billion, up 1 percent over the same time last year. Of this, the export of goods recorded RMB 1840.0 billion and the import recorded RMB 1479.2 billion, resulting in a surplus of RMB 360.8 billion. The export of services recorded RMB 179.2 billion and the import recorded RMB 312.8 billion, resulting in a deficit of RMB 133.6 billion. In terms of the major items, the export and import of transport, travel, other business services, telecommunications, computer and information services registered RMB 158.3 billion, RMB 108.2 billion, RMB 88.0 billion and RMB 58.1 billion respectively. In the US dollar terms, in May 2023, the export and import of China’s international trade in goods and services were USD 288.8 billion and USD 256.3 billion respectively, with a surplus of USD 32.5 billion. (End) International Trade in Goods and Services of China May 2023 Item In 100 million of RMB In 100 million of USD Goods and services 2272 325 Credit 20192 2888 Debit -17920 -2563 1. Goods 3608 516 Credit 18400 2632 Debit -14792 -2116 2. Services -1336 -191 Credit 1792 256 Debit -3128 -447 2.1Manufacturing services on physical inputs owned by others 73 11 Credit 77 11 Debit -4 -1 2.2Maintenance and repair services n.i.e 25 4 Credit 54 8 Debit -29 -4 2.3Transport -548 -78 Credit 517 74 Debit -1065 -152 2.4Travel -921 -132 Credit 81 12 Debit -1001 -143 2.5Construction 56 8 Credit 90 13 Debit -34 -5 2.6Insurance and pension services -52 -7 Credit 3 0 Debit -55 -8 2.7Financial services -5 -1 Credit 24 3 Debit -28 -4 2.8Charges for the use of intellectual property -229 -33 Credit 63 9 Debit -292 -42 2.9Telecommunications, computerand information services 79 11 Credit 330 47 Debit -251 -36 2.10Other business services 191 27 Credit 536 77 Debit -345 -49 2.11Personal, cultural, and recreational services -11 -2 Credit 8 1 Debit -19 -3 2.12Government goods and services n.i.e 4 1 Credit 9 1 Debit -6 -1 Notes: 1. The 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. 2023-06-30/en/2023/0630/2091.html
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As at the end of March 2023, China recorded RMB 17.1169 trillion in outstanding external debt denominated in both domestic and foreign currencies(equivalent to USD 2490.9 billion, excluding those of Hong Kong SAR, Macao SAR, and Taiwan Province of China, the same below). In terms of maturity structure, the outstanding medium-and long-term external debt was RMB 7498.5 billion (equivalent to USD 1091.2 billion), accounting for 44 percent; while the outstanding short-term external debt was RMB 9618.4 billion (equivalent to USD 1399.7 billion), taking up 56 percent, of which 37 percent was trade-related credit. In terms of institutional sectors, the outstanding debt of general government totaled RMB 2855.3 billion (equivalent to USD 415.5 billion), accounting for 17 percent; the outstanding debt of the central bank totaled RMB 571 billion (equivalent to USD 83.1 billion), accounting for 3 percent; the outstanding debt of banks totaled RMB 7324.6 billion (equivalent to USD 1065.9 billion), accounting for 43 percent; the outstanding debt of other sectors (including inter-company lending under direct investments) totaled RMB 6366 billion(equivalent to USD 926.4 billion), accounting for 37 percent. In terms of debt instruments, the balance of loans was RMB 2808.6 billion (equivalentto USD 408.7 billion), accounting for 16 percent; the outstanding trade credit and prepayment was RMB 2650.4 billion (equivalent to USD 385.7 billion), accounting for 15 percent; the outstanding currency and deposits was RMB 3869.4 billion (equivalent to USD 563.1 billion), accounting for 23 percent; the outstanding debt securities was RMB 4775.4 billion (equivalent to USD 694.9 billion), accounting for 28 percent; the Special Drawing Rights (SDR) allocation amounted to RMB 334.7 billion (equivalent to USD 48.7 billion), accounting for 2 percent; the balance of inter-company lending under direct investments totaled RMB 2125.4 billion (equivalent to USD 309.3 billion),accounting for 12 percent; and the balance of other debt liabilities was RMB 553 billion (equivalent to USD 80.5 billion), accounting for 3 percent. With respect to currency structures, the outstanding external debt in domestic currency totaled RMB 7649.2 billion (equivalent to USD 1113.1 billion), accounting for 45 percent; the outstanding external debt in foreign currencies (including SDR allocation) totaled RMB 9467.7 billion (equivalent to USD 1377.8 billion), accounting for 55 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 March 2023 End of March 2023 End of March 2023 （Unit:100 million RMB） （Unit:100 million US dollars） General Government 28553 4155 Short-term 1638 238 Currency and deposits 0 0 Debt securities 1638 238 Loans 0 0 Trade credit and advances 0 0 Other debt liabilities 0 0 Long-term 26915 3917 Special drawing rights (allocations) 0 0 Currency and deposits 0 0 Debt securities 23155 3370 Loans 3760 547 Trade credit and advances 0 0 Other debt liabilities 0 0 Central Bank 5710 831 Short-term 1936 282 Currency and deposits 1146 167 Debt securities 791 115 Loans 0 0 Trade credit and advances 0 0 Other debt liabilities 0 0 Long-term 3774 549 Special drawing rights (allocations) 3347 487 Currency and deposits 0 0 Debt securities 0 0 Loans 0 0 Trade credit and advances 0 0 Other debt liabilities 427 62 Other Depository Corporations 73246 10659 Short-term 57977 8437 Currency and deposits 37535 5462 Debt securities 4616 672 Loans 15312 2228 Trade credit and advances 0 0 Other debt liabilities 515 75 Long-term 15269 2222 Currency and deposits 0 0 Debt securities 11401 1659 Loans 3789 551 Trade credit and advances 0 0 Other debt liabilities 79 12 Other Sectors 42406 6171 Short-term 29619 4310 Currency and deposits 13 2 Debt securities 107 16 Loans 1774 258 Trade credit and advances 26040 3790 Other debt liabilities 1685 245 Long-term 12787 1861 Currency and deposits 0 0 Debt securities 6047 880 Loans 3452 502 Trade credit and advances 464 67 Other debt liabilities 2825 411 Direct Investment: Intercompany Lending 21254 3093 Debt liabilities of direct investment enterprises to direct investors 11709 1704 Debt liabilities of direct investors to direct investment enterprises 1218 177 Debt liabilities to fellow enterprises 8327 1212 Gross External Debt Position 171169 24909 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. 2023-06-30/en/2023/0625/2087.html
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As shown in the statistics of the State Administration of Foreign Exchange (SAFE), in May 2023, the amount of foreign exchange settlement and sales by banks was RMB 1393.5 billion and RMB 1370.2 billion, respectively. During January to May 2023, the accumulative amount of foreign exchange settlement and sales by banks was RMB 6416.5 billion and RMB 6461.2 billion, respectively. In the US dollar terms, in May 2023, the amount of foreign exchange settlement and sales by banks was USD 199.3 billion and USD 196.0 billion, respectively. During January to May 2023, the accumulative amount of foreign exchange settlement and sales by banks was USD 932.2 billion and USD 938.7 billion, respectively. In May 2023, the amount of cross-border receipts and payments by non-banking sectors was RMB 3689.3 billion and RMB 3676.1 billion, respectively. During January to May 2023, the accumulative amount of cross-border receipts and payments by non-banking sectors was RMB 17111.2 billion and RMB 16874.7 billion, respectively. In the US dollar terms, in May 2023, the amount of cross-border receipts and payments by non-banking sectors was USD 527.7 billion and USD 525.8 billion, respectively. During January to May 2023, the accumulative amount of cross-border receipts and payments by non-banking sectors was USD 2485.5 billion and USD 2450.8 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. 2023-06-15/en/2023/0615/2085.html