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The State Administration of Foreign Exchange (SAFE) has recently disseminated the data on banks' foreign exchange sales and settlements and banks' foreign-related payments and receipts for customers for August 2017, and its press spokesperson answered media questions on recent cross-border capital flows. Q: Could you brief us on China's cross-border capital flows for August? A: China's cross-border capital flows were further balanced in August. First, the supply and demand of foreign exchange in China remained balanced. In August, banks' foreign exchange settlements rose by 11% month on month, and their sales of foreign exchange went up by 1%, leading to a deficit of USD 3.8 billion, down by 75%. The value of foreign exchange contracted for forward settlements and sales recorded a surplus for fifth consecutive month, which was USD 3.1 billion, up by 18% month on month. Under the combined impact of foreign exchange supply and demand factors, such as banks' spot and forward foreign exchange settlements and sales, and options, a better equilibrium between the supply and demand of foreign exchange was maintained in China in the month than in July. Second, the deficit in foreign-related payments and receipts of the non-banking sector contracted remarkably. In August, foreign-related receipts of the non-banking sector jumped by 14% month on month, and foreign-related payments grew by 6%, leading to a deficit of USD 3.5 billion, down by 84%. In addition, as at the end of August, China's foreign exchange reserves amounted to USD 3.0915 trillion, up by USD 10.8 billion month on month, representing its seventh consecutive month of growth. Domestic market participants witnessed more stable foreign-related transactions, which featured more capital inflows into major channels such as trade and investment. First, market participants' desire to settle foreign exchange rose while their desire to purchase foreign exchange set a new record low. In August, the ratio of banks' foreign exchange settlements for customers to foreign-related foreign exchange receipts was 62.2%, up by 0.2 percentage point month on month; the ratio of banks' foreign exchange purchases for customers to foreign-related foreign exchange payments was 61.5%, down by 1.2 percentage point month on month, consistent with the level of the beginning of 2014. Second, cross-border capital inflows and net foreign exchange settlements under trade in goods increased. In August, the surplus of foreign trade under trade in goods dropped slightly on a month-on-month basis, but the surplus of banks' foreign-related receipts and payments for customers and the surplus of banks' foreign exchange settlements and sales for customers under trade in goods (Customs statistics) went up by 48% and 26% month on month respectively. Third, FDI and foreign exchange settlements rose rapidly. In August, FDI rose by more than 30% month on month, and foreign exchange capital settlements climbed by more than 20% month on month. Moreover, foreign exchange purchases and payments under enterprises' ROI culminated in August, and individuals' purchases of foreign exchange were much lower than the same period last year. Recently China's economy has been performing well with a good momentum for growth, continuing to strengthen market confidence. The RMB exchange rate has experienced two-way fluctuation and stable growth, making domestic market participants more sensible in foreign-related transactions in terms of expectations and behaviors. Going forward, as China's domestic economic fundamentals become more stable, the level of opening up is further deepened, and market expectations are further stabilized, China's cross-border capital flows will sustain a stable, orderly and balanced pattern. 2017-09-18/en/2017/0918/1323.html
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The State Administration of Foreign Exchange (SAFE) has recently disseminated the data on banks' foreign exchange settlements and sales, and on their foreign-related receipts and payments for customers for May 2017. Its spokesperson answered press questions on recent cross-border capital flows. Q: Could you brief us on China's cross-border capital flows in May? A: China witnessed an equilibrium between foreign exchange supply and demand in May. To be specific, first, the deficit in banks' foreign exchange settlements and sales remained stable. In May, banks registered a deficit of USD 17.1 billion in foreign exchange sales and settlements, up by 15% month on month. In particular, the non-banking sector including enterprises and individuals recorded a deficit of USD 12.4 billion in foreign exchange sales and settlements (i.e., bank's foreign exchange sales and settlements for customers), down by 3% month on month. Second, forward foreign exchange sales and settlements remained in surplus. In May, the amount of the contracts signed for forward foreign exchange sales and settlements registered a surplus of USD 3.4 billion, working with banks' spot foreign exchange sales and settlements and options to impact the supply and demand of foreign exchange in China and striking a relative balance between supply and demand of foreign exchange in the month. Third, the non-banking sector saw low net outflows of cross-border capital and month-on-month declines in net outflows of foreign currencies. In May, this sector registered a deficit of USD 21.8 billion in foreign-related receipts and payments, up by 42% month on month, but down by 7% year on year. Specifically, the deficit in foreign-related receipts and payments in RMB terms went up by 72% month on month, and the deficit in foreign-related receipts and payments in foreign currencies went down by 12% month on month. Moreover, impacted by many factors such as the equilibrium between the supply and demand of foreign exchange, China's balances of foreign exchange reserves had risen for 4 consecutive months, with the figure as at the end of May rising by USD 24 billion from April and at a bigger margin month on month. The market sentiment remains stable and the relation between supply and demand of foreign exchange under trade and investment is more balanced. First, according to the rates of the sales and settlements of foreign exchange under foreign-related receipts and payments, the settlement rate of foreign exchange by market participants rose while the purchase rate went down. In May, the ratio of foreign exchange settlements by bank customers to their receipts of foreign-related foreign exchange was 62.7%, up by 0.6 percentage point from the settlement rate for the first four months; the ratio of the purchases of foreign exchange by bank customers to their payments of foreign-related foreign exchange hit 67.4%, down by 0.5 percentage point from the purchase rate for the first four months. Second, the supply and demand of foreign exchange under major items continued to improve. In May, the surplus in foreign exchange settlements and sales under trade in goods by the non-banking sector such as individuals and enterprises increased by 14% month on month, the foreign exchange settlements and sales under direct investment turned from a deficit into a basic equilibrium, and the foreign exchange settlements and sales under portfolio investment turned from a deficit for the previous month into a small surplus. Furthermore, enterprises' cross-border financing continued to rise. At the end of May, the balance of cross-border financing denominated in foreign currencies for imports such as refinancing and forward L/C jumped by USD 2.1 billion month on month, clocking up 15 consecutive months of growth. The improved relation between supply and demand under the above items hedged against the seasonal purchasing and payments of foreign exchange added in some channels in May, such as strengthened demand for travel abroad on May Day and Dragon Boat Festival and normal outward remittances of profits by foreign-funded enterprises. Overall, there are internal and external room for the recovery of China's cross-border capital flows with a good momentum for growth, and the basic equilibrium between the supply and demand of foreign exchange. In particular, as the foundation for China's economic performance within a reasonable range is consolidated and the central parity rate formation mechanism for the RMB exchange rate is refined, the domestic market participants will be more reasonable in their behaviors with regard to foreign-related receipts and payments. 2017-06-16/en/2017/0616/1318.html
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Q: The latest data on foreign exchange reserves disseminated by the People's Bank of China show that China's foreign exchange reserves by the end of May 2017 rose by USD 24 billion month on month. My question is what caused such changes in foreign exchange reserves. A: As at May 31, 2017, China's foreign exchange reserves amounted to USD 3.0536 trillion, up by a slight USD 24 billion or 0.8% month on month, representing the fourth consecutive month of growth. In May, China's cross-border capital flows continued to be stabilized, presenting a good momentum, while the supply and demand of foreign exchange remained in an equilibrium. Globally, the financial markets were volatile, the non-USD currencies against the US dollar appreciated, and asset prices rose. Due to the combined effect of these factors, China registered recovery of foreign exchange reserves. Since the beginning of this year, China's economic performance has remained within the reasonable range. It also has borne witness to more positive changes such as higher quality, optimized structure, stronger potential and dynamism, and wider space, and the emergence of more factors that support the mid to high-speed economic growth and its efforts to march toward the medium and high level of economic development. All these show that China's economy has become more robust in making progress while maintaining stability. The global financial markets have been operated more stably, while China's cross-border capital flows and the supply and demand of foreign exchange have been basically balanced, and the RMB exchange rate has picked up steadily. Encouraged by these, residents and enterprises have become more sensible in purchasing foreign exchange. Looking ahead, the economy's momentum for making growth while maintaining stability will be further consolidated since China's economy boasts strong potential, remarkable resilience, and much leeway to improve, and new drivers of growth are being formed at a faster pace. As the opening up of China's financial market continues to deliver results, the foundation for the stable and even cross-border capital flows will be solidified, so as to boost the stability of foreign exchange reserves. 2017-06-07/en/2017/0607/1317.html
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The State Administration of Foreign Exchange (SAFE) has recently disseminated China's external debt data as at the end of June 2017, and an official from the SAFE answered media questions on relevant issues regarding external debt. Q: Could you brief us on China's external debt data for the second quarter of 2017? A: China's external debt continued its stable growth in the second quarter of 2017. As at the end of June 2017, China's full-scale outstanding external debt registered USD 1.5628 trillion (in both domestic and foreign currencies), up by USD 125 billion or 8.7% quarter on quarter. The growth in external debt for the second quarter was attributed to the growth in banks' external debt. The rise in banks' outstanding external debt contributed nearly 70% of the growth in total outstanding external debt incurred by China, in that banks made full use of overseas low-cost funds to serve the development of foreign trade and the real economy, under the framework of macro-prudential policy management for cross-border financing. Q: What would you say about China's external debt? A: China has witnessed stable growth in external debt since the beginning of this year. Economically, China's overall economic performance is good, with its GDP for the first half rising by 6.9% year on year, and foreign trade growing by 19.6% year on year. There are also many other highlights in China's economic growth, which serve the bases for the continuous increase in external debt. Politically, the People's Bank of China, together with the SAFE, has further refined the macro-prudential management policy for full-scale cross-border financing, expanding the room for banks and enterprises to borrow external debt on their own, and reducing the financing costs for the real economy. Overall, China's external debt boasts a solid economic foundation and is expected to continue growing steadily in the future. The SAFE will continue to watch out for the changes in China's external debt. While further boosting cross-border investment and financing facilitation, the SAFE will effectively guard against external debt risk and safeguard China's economic and financial stability. 2017-09-29/en/2017/0929/1325.html
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1. To study and propose policy suggestions on the reform of the foreign exchange administration system, prevention of the balance of payments risks, and promotion of the balance of payments equilibrium; to study and implement policy measures for the gradual advancement of the convertibility of the RMB under the capital account and the cultivation and development of the foreign exchange market; to provide suggestions and a foundation for the People's Bank of China to formulate policy on RMB exchange rate. 2. To participate in the drafting of relevant laws, regulations, and departmental rules on foreign exchange administration, releasing standard documents related to the carrying out of responsibilities. 3. To oversee the statistics and monitoring of the balance of payments and the external credit and debt, releasing relevant information according to regulations and undertaking related work concerning the monitoring of cross-border capital flows. 4. To be responsible for the supervision and management of the foreign exchange market of the state; to undertake supervision and management of the settlement and sale of foreign exchange; to cultivate and develop the foreign exchange market. 5. To be responsible for supervising and checking the authenticity and legality of the receipt and payment of foreign exchange under the current account according to law; to be responsible for implementing foreign exchange administration under the capital account according to law, and to continuously improve management work in line with the convertibility process of the RMB under the capital account; and to regulate management of overseas and domestic foreign exchange accounts. 6. To be in charge of implementing supervision and checking of foreign exchange according to law, and punishing behaviors that violate the foreign exchange administration. 7. To undertake operations and management of foreign exchange reserves, gold reserves, and other foreign exchange assets of the state. 8. To arrange development planning, standards, and criteria for IT-based foreign exchange administration and organizing relevant implementation; to realize supervision of information-sharing with the relevant administrative departments according to law. 9. To take part in relevant international financial activities. 10. To undertake other matters as assigned by the State Council and the People's Bank of China. 2017-10-26/en/2017/1026/1313.html
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Today bank cards have become the top tools for payments by individuals for overseas transactions. Statistics show that the total amount of the overseas bank card transactions by individuals surpassed USD 120 billion in 2016. In China, the statistics of balance of payments for overseas bank card transactions are collected on an aggregate basis. As the requirements against money laundering, terrorist financing, and BEPS rise in international collaboration, the collection of statistics on cross-border bank card transactions needs further enhancement in terms of financial transaction transparency and statistical quality. To improve the statistics on and safeguard the order of overseas bank card transactions, the State Administration of Foreign Exchange (SAFE) has recently published the Circular of the State Administration of Foreign Exchange on Reporting Overseas Bank Card Transactions by Financial Institutions (Huifa No. 15 [2017], hereinafter referred to as the Circular"). Pursuant to the Circular, domestic card issuing financial institutions shall report to the SAFE the information on all the overseas withdrawals and single deals worth the equivalent of more than RMB 1,000 via domestic bank cards starting from September 1, 2017. Collection of the information on overseas bank card transactions does not concern the adjustments of foreign exchange administration policies for overseas bank card transactions. The SAFE will continue to support and ensure the legal and convenient use of bank cards for overseas transactions by individuals under the current account. The information on overseas bank card transactions shall be reported by the card issuing financial institutions, and individuals need not declare otherwise. With no cost for using bank cards by individuals increasing, the SAFE will work to ensure the information security of cardholders in accordance with the law. The Circular will come into force as of the date of promulgation. 2017-06-02/en/2017/0602/1316.html
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The SAFE has set up branches (administrative offices) in various provinces, autonomous regions, and municipalities directly under the Central Government, as well as in some cities with sub-provincial status. In addition, the SAFE has established central sub-branches in some prefectural-level cities (cities) and sub-branches in some counties (cities). These branches, central sub-branches and sub-branches operate on the same premises as the local PBC ones. The SAFE network consists of the following: Branches Central Sub-branches Sub-branches SAFE Tianjin Branch 1 0 SAFE Liaoning Branch 12 2 SAFE Shanghai Branch 0 0 SAFE Jiangsu Branch 12 41 SAFE Shandong Branch 15 92 SAFE Hubei Branch 12 18 SAFE Guangdong Branch 19 65 SAFE Sichuan Branch 20 16 SAFE Shaanxi Branch 9 2 SAFE Beijing Administrative Office 1 0 SAFE Chongqing Administrative Office 8 2 SAFE Hebei Branch 11 75 SAFE Shanxi Branch 10 1 SAFE Inner Mongolia Autonomous Region Branch 11 7 SAFE Jilin Branch 8 2 SAFE Heilongjiang Branch 12 14 SAFE Zhejiang Branch 9 39 SAFE Fujian Branch 7 45 SAFE Anhui Branch 16 6 SAFE Henan Branch 17 16 SAFE Jiangxi Branch 10 12 SAFE Hunan Branch 13 3 SAFE Guangxi Zhuang Autonomous Region Branch 13 7 SAFE Hainan Branch 2 11 SAFE Guizhou Branch 8 0 SAFE Yunnan Branch 15 20 SAFE Tibet Autonomous Region Branch 5 0 SAFE Gansu Branch 13 1 SAFE Ningxia Hui Autonomous Region Branch 4 1 SAFE Qinghai Branch 2 1 SAFE Xinjiang Uygur Autonomous Region Branch 14 4 SAFE Shenzhen Branch 0 0 SAFE Dalian Branch 1 3 SAFE Qingdao Branch 0 5 SAFE Xiamen Branch 0 0 SAFE Ningbo Branch 0 6 Total 310 517 2021-10-12/en/2017/1026/1315.html
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官方储备资产 Official reserve assets 项目 Item 2019.01 2019.02 2019.03 2019.04 2019.05 2019.06 2019.07 2019.08 2019.09 2019.10 2019.11 2019.12 亿美元 100million USD 亿SDR 100million SDR 亿美元 100million USD 亿SDR 100million SDR 亿美元 100million USD 亿SDR 100million SDR 亿美元 100million USD 亿SDR 100million SDR 亿美元 100million USD 亿SDR 100million SDR 亿美元 100million USD 亿SDR 100million SDR 亿美元 100million USD 亿SDR 100million SDR 亿美元 100million USD 亿SDR 100million SDR 亿美元 100million USD 亿SDR 100million SDR 亿美元 100million USD 亿SDR 100million SDR 亿美元 100million USD 亿SDR 100million SDR 亿美元 100million USD 亿SDR 100million SDR 1. 外汇储备 Foreign currency reserves 30879.24 22045.61 30901.80 22104.67 30987.61 22321.33 30949.53 22333.98 31010.04 22509.88 31192.34 22437.12 31036.97 22565.49 31071.76 22707.64 30924.31 22683.32 31051.61 22511.11 30955.91 22547.82 31079.24 22475.17 2. 基金组织储备头寸 IMF reserve position 84.85 60.58 84.68 60.58 84.09 60.58 83.46 60.23 82.83 60.12 82.33 59.22 85.39 62.08 84.46 61.73 84.15 61.73 85.05 61.66 84.65 61.66 84.44 61.06 3. 特别提款权 SDRs 107.86 77.01 107.94 77.21 107.22 77.23 107.08 77.27 106.83 77.54 108.11 77.77 108.50 78.88 108.22 79.09 107.85 79.11 109.16 79.14 108.99 79.38 111.26 80.46 4. 黄金 Gold 793.19 566.29 794.98 568.66 785.25 565.64 783.49 565.39 798.25 579.44 872.68 627.73 888.76 646.18 954.50 697.56 930.45 682.49 946.51 686.18 914.69 666.25 954.06 689.94 5994万盎司 5994万盎司 6026万盎司 6026万盎司 6062万盎司 6062万盎司 6110万盎司 6110万盎司 6161万盎司 6161万盎司 6194万盎司 6194万盎司 6226万盎司 6226万盎司 6245万盎司 6245万盎司 6264万盎司 6264万盎司 6264万盎司 6264万盎司 6264万盎司 6264万盎司 6264万盎司 6264万盎司 5. 其他储备资产 Other reserve assets -1.63 -1.16 -1.54 -1.10 -2.99 -2.16 1.05 0.76 0.16 0.11 -3.11 -2.24 -4.65 -3.38 -3.95 -2.89 -2.25 -1.65 -1.09 -0.79 -1.61 -1.17 0.33 0.24 合计 Total 31863.52 22748.33 31887.86 22810.02 31961.18 23022.62 31924.61 23037.63 31998.10 23227.09 32252.35 23199.60 32114.97 23349.25 32214.99 23543.13 32044.51 23505.00 32191.25 23337.30 32062.63 23353.94 32229.32 23306.87 注：自2016年4月1日起，除按美元公布官方储备资产外，增加以国际货币基金组织特别提款权（SDR）公布相关数据，折算汇率来源于国际货币基金组织网站，其中2019年1月 USD/SDR=0.71393,2019年2月USD/SDR=0.71532，2019年3月USD/SDR=0.720331，2019年4月USD/SDR=0.721626，2019年5月USD/SDR=0.72589,2019年6月USD/SDR=0.719315，2019年7月USD/SDR=0.727052，2019年8月USD/SDR=0.730813，2019年9月USD/SDR=0.733511，2019年10月USD/SDR=0.724958，2019年11月USD/SDR=0.728385，2019年12月USD/SDR=0.723157。 2020-01-07/en/2018/0517/1433.html
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The State Administration of Foreign Exchange (SAFE) has recently disseminated China's external debt data as at the end of December 2017, and an official from the SAFE answered media questions on relevant issues regarding China's external debt. Q: Could you brief us on the overall changes in external debt for 2017? How to evaluate the external debt risks facing China now? A: China's external debt was on the rise in 2017. As at the end of December, the full-scale outstanding external debt (including domestic and foreign currencies) hit USD 1.7106 trillion, up by USD 294.8 billion year on year. In terms of quarters, external debt rose fastest in the second and third quarters, amounting to USD 124.9 billion and USD 117.2 billion respectively; the outstanding external debt climbed by USD 35.5 billion in the fourth quarter, which was very low. As for debt vehicles, the growth in external debt in China was primarily driven by the increases in currencies & deposits, and debt bonds, with their contribution to the overall expansion of external debt reaching 42% and 37% respectively. The external debt risks facing China are within control now. As at the end of 2017, the liability ratio, or the ratio of outstanding external debt to GDP was 14%; the debt ratio, or the ratio of outstanding external debt to export income from trade in goods and services was 71%; the debt servicing ratio, or the ratio of payments of principal and interest on external debt in the middle and long term and payments of interest on external debt in the short term to export income from trade in goods and services, was 7%, and the ratio of short-term external debt to foreign exchange reserves was 35%. All of the above indicators are below the internationally accepted safe levels. Q: What are the drivers of the growth in China's outstanding external debt? A: In 2017, the growth in China's outstanding external debt was primarily driven by the stable macro economic performance and the yielding of policy dividends. On the one hand, China witnessed stable economic development with strong momentum for growth and steady increase in economic development indicators. China's GDP for 2017 hit RMB 82.7 trillion, up by 6.9% year on year; imports and exports totaled RMB 27.8 trillion, up by 14.2% year on year; the two-way fluctuations of RMB exchange rate were more resilient, with RMB exchange rate expected to stay stable. All of these are the basic drivers of the growth in China's external debt. On the other hand, a wealth of reformative measures were introduced, enhancing the facilitation of cross-border financing by domestic players. In the year, the People's Bank of China (PBC) and the SAFE stepped up their efforts to improve the macro-prudential administration policy for full-scale cross-border financing, actively supporting financial institutions and enterprises to carry out cross-border financing in domestic and foreign currencies on their own and enabling domestic institutions to expand financing channels and reducing financing costs by making full use of the two markets and two types of resources. Moreover, the inter-bank bond market was more liberalized. In particular, the Bond Connect between the mainland and Hong Kong opened the domestic financial market wider to foreign investors, arousing foreign institutions' interest in holding more domestic bonds, and as a result, the domestic bonds they hold kept rising. Going forward, the PBC and SAFE will implement the requirement of improving the framework of regulation underpinned by monetary policy and macro-prudential policy, which was proposed at the 19th CPC National Congress. They will improve the macro-prudential administration policy with focus on bank and short-term capital flows, and make full use of its roles in counter-cyclical adjustment. While effectively preventing risks, they will step up efforts to serve the real economy and promote sustainable and healthy economic development. 2018-03-29/en/2018/0329/1422.html
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The State Administration of Foreign Exchange (SAFE) has recently released the data on banks' foreign exchange settlements and sales and their foreign-related receipts and payments for clients for February 2018, and its press spokesperson answered media questions on recent cross-border capital flows. Q: Could you brief us on China's cross-border capital flows for February 2018? A: The domestic foreign exchange market remained self-balanced in February 2018. First, foreign exchange supply and demand maintained a basic equilibrium in China. A deficit of USD 8.2 billion was registered in banks' foreign exchange sales and settlements in the month, higher than a month ago, but other factors that impact foreign exchange supply and demand continued to play a balancing role. For example, as banks' foreign exchange positions reduced by USD 6 billion, foreign exchange supply increased in the month. Second, non-banking sectors such as enterprises witnessed slight fluctuations in foreign-related receipts and payments. A deficit of USD 6.2 billion was recorded in foreign-related receipts and payments in the month, versus a surplus in January because of high export receipts among Chinese enterprises and foreign capital inflows in the run-up to the Chinese Spring Festival. In the two months, foreign-related receipts and payments registered an accumulated surplus of USD 18.5 billion, versus a deficit of USD 7.8 billion for the same month last year. In addition, the balance of foreign exchange reserves as at the end of February declined month on month due to exchange rate conversion and recovery of asset prices, but the supply and demand of foreign exchange still maintained an equilibrium. The supply or demand of foreign exchange through major channels stayed stable. According to the data for January and February, after adjustment of the impact of the Chinese Spring Festival, the surplus of foreign exchange sales and settlements under trade in goods has grown stably since the beginning of the year, and foreign exchange sales and settlements under trade in goods for clients by banks recorded a surplus of USD 35.8 billion, up by 16% year on year; foreign exchange sales and settlements under direct investment continued with a surplus; foreign exchange settlements under FDI continued to rise, and foreign exchange purchases under ODI remained stable in January and February; enterprises' ROI and personal purchases of foreign exchange fell stably. Recently, despite heightened volatility of the global financial markets, domestic economy has operated stably, market expectations have been reasonably diverged, the RMB exchange rate against US dollars has continued with two-way fluctuations and remained stable, and the domestic supply and demand of foreign exchange has maintained a self-balance, indicating a stronger momentum for two-way cross-border capital flows and general equilibrium at present. 2018-03-19/en/2018/0319/1421.html