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A symposium of branch directors of the State Administration of Foreign Exchange (SAFE) was recently held in Shenyang, Liaoning province. The symposium discussed foreign exchange administration work since the beginning of 2009, analyzed the current foreign exchange situation, and studied and planned the next stage of foreign exchange administration work. Yi Gang, administrator of the SAFE, and Deng Xianhong, deputy administrator of the SAFE, each delivered speeches at the symposium. The symposium pointed out that since the beginning of this year, under the firm leadership of the Central Committee of the CPC and the State Council and the direct guidance of the Party Committee of the Peoples Bank of China, the foreign exchange administration departments have been earnestly carrying out and putting into practice the scientific outlook on development, and have made new achievements with consolidated conviction and concerted effort, which have played an active role in coping with the global financial crisis and promoting the steady and rapid development of the national economy. First, normal foreign trade activities of enterprises have been further facilitated so as to mitigate the difficulties of export enterprises. The SAFE has earnestly put into practice the policy measures of the State Council on promoting economic development with financial levers and stabilizing external demand, improved on-line inspection and management for the collection and settlement of foreign exchange for exports, and has taken measures to encourage banks to carry out trade financing. These measures are conducive to accelerating foreign exchange collection and settlement for exports and capital turnovers as well as for stabilizing the foreign trade activities of enterprises. Second, energetic support has been given to the go-global strategy and trade facilitation has been promoted. The SAFE issued the Circular on Related Issues Regarding Foreign Exchange Administration of Overseas Loans Granted by Domestic Enterprises and the Regulations on Foreign Exchange Administration of Overseas Direct Investment of Domestic Institutions, which further expanded the scope of lenders and sources of funds for overseas loans, streamlined the ratification and exchange procedures for overseas loans, and improved the relevant statistical monitoring and risk prevention mechanism. The examination and verification measures of foreign exchange fund sources for overseas direct investment have been altered from ex ante examination to ex post registration. The administration system for outward remittances of funds has been adjusted from a ratification system to a registration system. Currently, the overseas direct investment of domestic institutions is basically free from exchange procedure restrictions, which, to a great extent, has further facilitated the relevant procedures. Third, the statistics and monitoring of the balance of payments have been improved, and balanced administration and risk prevention of cross-border fund flows have been strengthened. The SAFE improved the foreign exchange administration and monitoring system for direct investment, revised the measures for the statistics of foreign exchange assets and liabilities of Chinese-funded financial institutions, standardized the opening, use, and other activities of domestic foreign exchange accounts of overseas institutions, and improved the supervision of cross-border fund flows. The SAFE also improved the working mechanism of the Global Financial Crisis Response Team, completed the appraisal of commercial banksimplementation of the foreign exchange administration regulations, and revised and issued the Measures for Appraisal of Banks Implementation of Foreign Exchange Administration Regulations. Fourth, construction of the foreign exchange market has been promoted and efforts by enterprises to avoid exchange rate risks have been supported. Since the beginning of this year, the SAFE has approved three currency brokerage companies to enter the foreign exchange brokerage business, three financial companies to have access to the inter-bank foreign exchange market, and seven finance companies of enterprise groups to engage in spot settlement and sales of foreign exchange, in order to activate transactions on the foreign exchange market and facilitate the use of foreign exchange by transnational enterprise groups. The SAFE actively carried out the netting clearing business of inquiry trading on the inter-bank foreign exchange market in order to lower market operation risks and to increase market activity. Fifth, administrative procedures for the examination and approval of foreign exchange business have been improved, and efforts to adjust the foreign exchange regulations have been strengthened. The SAFE delegated the examination and approval authority for ten foreign exchange businesses under the capital account from the headquarters to its branches so as to facilitate the handling of the business by enterprises. Efforts were strengthened to straighten out the existing foreign exchange administration regulations; 91 regulatory documents on foreign exchange administration were declared null and void, thus facilitating the efforts of enterprises and banks to grasp the relevant foreign exchange administration regulations. Sixth, foreign exchange fund flows in breach of the regulations have been actively investigated and punished so as to maintain good order on the foreign exchange market. The SAFE successively organized and implemented special examinations and investigations of foreign exchange business, and made concerted supervisory efforts in various departments to further improve the supervision of abnormal foreign exchange fund flows. The SAFE continued to carry forward the spirit of revitalizing business with integrity and credibility, to do a good job for the disclosure of illegal information about foreign exchange transactions, and to make major efforts by harshly cracking down on illegal acts and acts in breach of the regulations. Seventh, the safety of foreign exchange reserve assets has been guaranteed, and the operation and management of foreign exchange reserves have been improved. The SAFE persisted in prioritizing risk prevention, conducted deep analysis of market changes and economic trends, earnestly summarized the experiences and lessons in coping with the international financial crisis, and actively explored operation and management systems and mechanisms that are suited for implementation in China. Eighth, education on building clean government and construction of an internal control system have been strengthened. The campaign of the Caution and Education Month for Building Clean Government was carried out in the headquarters of the SAFE in April, and the year of 2009 has been designated as the Year of Standardized Administrative Enforcement of the SAFE. Vigorous efforts have been made to improve the internal management system. For key departments, businesses, and procedures involving administrative approval, self-examination activities have been conducted in line with the requirements of the Administrative Licensing Law and other relevant provisions. The functions of various positions in the administrative enforcement departments have been examined in an all-round manner, the enforcement procedures have been standardized, and an appraisal and assessment mechanism and responsibility investigation mechanism for administrative enforcement have been established. It was agreed at the symposium that Chinas economy has entered a critical period of stabilizing and recovery. Generally, the nations foreign exchange collection and payments on the whole so far this year have been stable, with a certain amount of net inflows and no massive outflows of capital. In the upcoming period, the balance of payments and foreign exchange collection and payments will still confront relatively great uncertainty and complexity. In this regard, the foreign exchange administration will continue to adhere to the policy orientation of preventing massive outflows of funds and warding off the sudden inflow of funds. Meanwhile, under the guidance of the scientific outlook on development, the various plans of the CPC Central Committee and the State Council shall be resolutely implemented. Continued efforts will be made to emancipate the mind, actively upgrade the concepts of foreign exchange administration, further strengthen service-oriented awareness in foreign exchange administration, and incorporate cost control and market-oriented awareness into foreign exchange administration, in order to constantly improve social transparency, service quality, and the management level of foreign exchange administration, to maintain the security of the national economy and finance, and to promote the sound and rapid development of the national economy. Priority will be given to the following areas: First, so as to facilitate foreign exchange collection and payments of various market entities, efforts will be made to further enhance service-oriented awareness in foreign exchange administration. The SAFE will step up the reform of the writing-off and verification system for exchange collection and payments for imports and exports, improve foreign exchange administration for trade in services, streamline procedures for submitting tax certificates for external payments in foreign exchange for trade in services, conduct research on the formulation of measures for the administration of overseas deposits of foreign exchange collections from exports, steadily promote product innovation on the foreign exchange market, and provide enterprises with more risk prevention instruments. Second, priority will continue to be placed on broadening capital outflow channels, and the reform of capital account administration will be steadily pushed forward. Research will be carried out on expanding the scope of centralized domestic operations of foreign exchange funds of enterprise groups so as to further facilitate the efforts of enterprise groups to raise the efficiency of fund use. The regulations on foreign exchange administration of QFII and DFII will be improved in order to provide domestic residents with more channels for investment. The SAFE will also team up with relevant departments to promote the development of the domestic capital market. Third, intensified efforts will be made for system integration, and the statistical monitoring system for cross-border funds will be improved. The SAFE will make major efforts to develop the foreign exchange account system and will continue to study the integration of data and the system in order to provide better services for cross-border fund flows and statistical monitoring and analysis of the balance of payments. Efforts will be made to perfect the statistical and declaration system of the balance of payments, improve the statistics of overseas assets, liabilities, profits, and losses of financial institutions, enhance the timeliness and transparency of statistics of the balance of payments, study the establishment and perfection of the statistical monitoring system for external claims and liabilities, and improve the system functions such as trade credit registration, direct investment, etc. Fourth, balanced management of cross-border funds will be strengthened, and the contingency mechanism for the balance of payments will be further improved. Efforts will be made to investigate the building of an overall claims and liabilities management system, to persist in and perfect the assessment system for the implementation of foreign exchange administration policies by banks, to consolidate the effects of such assessment, to reinforce the construction of an early warning risk system for the balance of payments, and to improve the multi-level dual-direction early warning framework for risks in the balance of payments. Intensified efforts will be made to investigate major and significant cases and to struggle against illegal acts or acts in breach of the regulations, such as the operation of underground money shops and network speculation in foreign exchange. Special inspections and investigations will be carried out to facilitate the operations of enterprises involved in exchange transactions in compliance with the relevant regulations. Fifth, efforts will be made to further improve the operation and administration of foreign exchange reserves. The SAFE will continue to improve the operation and management mechanism for foreign exchange reserves to meet the specific requirements of the Chinese economy, further intensify studies on the operation and development patterns of economic cycles and the financial market, and improve the long-term profitability of reserve assets based on maintaining asset security and liquidity. Sixth, efforts will be made to further increase the transparency of foreign exchange administration and promote the construction of the foreign exchange administration regulation system. Intensified efforts will be made to straighten out the regulations for a better understanding of the foreign exchange administration policies and regulations by market entities. Efforts will also be made to strengthen communications between the SAFE, the general public, and the relevant departments in order to create a sound external environment for foreign exchange administration. Seventh, the construction of clean government and of an internal management system will be further strengthened. Efforts will be made to strengthen supervision of leading cadres and to incorporate the building of clean government into the comprehensive responsibility target management of Party organizations and the administrative leadership teams at various levels. Party members and leading cadres at various levels should earnestly carry out the principle of dual responsibilities for one post, strengthen construction of the internal management system, and intensify training for cadres and education on the building of clean government. At the symposium it was required that the foreign exchange administrations at various levels shall thoroughly implement the scientific outlook on development under the guidance of Deng Xiaoping Theory and the important thought of the Three Represents, shall consolidate conviction, work steadfastly, and make great endeavors to achieve all the annual targets, so as to make greater contributions to the steady and rapid development of the national economy and to greet the 60th anniversary of the founding of New China with practical work and outstanding achievements. Participants at the symposium included the leaders, chief economists, chief accountants, chief leaders of all departments, the Party Committee, and all institutions of the SAFE, as well as the general deputy directors (deputy directors) responsible for foreign exchange work in all branches of the foreign exchange administrative departments. 2009-09-23/en/2009/0923/900.html
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The State Administration of Foreign Exchange (SAFE) recently issued the Circular of the SAFE on Relevant Issues Concerning the Management of Domestic Foreign Exchange Accounts of Overseas Institutions (hereinafter referred to as the Circular). A person-in-charge of the SAFE was interviewed on the relevant contents of the Circular. Q: What are the purposes and significance of issuing the Circular? A: In order to cope with the global financial crisis, the CPC Central Committee and the State Council have reiterated that efforts shall be strengthened to support economic development through financing, and the role of financing to bolster economic growth and to foster structural adjustments shall be given better play by implementing various measures. Emphasis has also been placed on deepening financial reform, strengthening risk prevention, and effectively maintaining financial security and stability. The issuance of this Circular is indicative of the efforts of the SAFE to fulfill the above requirements of the CPC Central Committee and the State Council. On the one hand, the Circular allows all domestic banks to open foreign exchange accounts for overseas institutions under the premise of prudent operations, and it streamlines the procedures for the examination and verification of documentary evidence for the account opening and overseas fund transfers by overseas institutions. These efforts are conducive for banks to broaden the scope of intermediary businesses and to facilitate fund management of go-globalenterprises so as to safeguard fund security, and consequently will enhance the capacity of banks and enterprises to cope with the global financial crisis. On the other hand, the Circular standardizes the identification mark of the foreign exchange accounts of overseas institutions as well as the rules on the declaration of balance of payments statistics, and clarifies that the cross-border transaction principle shall be applied to the examination of the authenticity of fund receipts and payments from/to domestic parties. Furthermore, the funds in the domestic foreign exchange accounts of overseas institutions shall be incorporated into the banks external debt management. Thus a firewall between the accounts of domestic institutions and the account of overseas institutions is established to prevent illegal inflows and outflows of funds via the domestic foreign exchange accounts of overseas institutions. Q: What is the main content of the Circular? A: The Circular allows qualified Chinese-funded banks and foreign-funded banks to open foreign exchange accounts and to provide financial services for overseas institutions after examining and verifying the authenticity and legitimacy of the opening of the domestic foreign exchange accounts by overseas institutions. However, the opening of special foreign exchange accounts by foreign investors and foreign exchange accounts of qualified overseas institutional investors etc. shall be subject to approval by the Foreign Exchange Administrations according to the regulations. The Circular also requires that domestic banks make identifying marks on the domestic foreign exchange accounts of overseas institutions and incorporate these accounts into relevant information system for uniform management. The receipts and payments from/to domestic institutions (individuals) by the said accounts shall be subject to cross-border transaction administration. Domestic banks must examine and verify valid commercial documents and vouchers as required and declare the balance of payments statistics according to the relevant regulations. The account funds are categorized as non-resident deposits, and accordingly shall be incorporated into the short-term external debt balance quota of the opening banks. Cash withdrawals from the accounts and foreign exchange settlements in a direct or disguised manner are prohibited unless approved by the Foreign Exchange Administrations. Domestic banks shall abide by the anti-money laundering regulations, such as the know your customer principle, the large-sum and suspicious transaction reporting system, and so forth. The Circular is not applicable to the opening and use of offshore foreign exchange accounts at offshore banking departments of domestic banks that have obtained offshore banking business qualifications in accordance with the law, and is also not applicable to the opening and use of foreign exchange accounts within China by overseas individuals. Q: What does the Circular specify for foreign exchange accounts opened at domestic banks by banks registered overseas? A: Banks registered overseas are identified as overseas institutions in the Circular, and all provisions in the Circular are applicable to the foreign exchange accounts opened by such banks at domestic banks. Such provisions include real-name accounts, affixing the NRA identification, free fund transfers from abroad, incorporating the funds in such foreign exchange accounts into the short-term external debt balance quota of the domestic opening banks, prohibiting cash deposits and withdrawals and prohibiting foreign exchange settlement, and so forth. Since the majority of the accounts opened by such banks at domestic banks are foreign exchange accounts of inter-bank deposits, which are relatively small in terms of their total amount, only involve overseas transfers, and are already covered in the balance of payments statistics, the foreign exchange accounts opened by these banks at domestic banks are not required to be incorporated into the foreign exchange account management information system, and are not subject to registration of the basic information, application of the special institutional code, and so forth. Q: What does the Circular specify in terms of monitoring and supervising the adoption of uniform identification of the domestic foreign exchange accounts of overseas institutions and in terms of submission of the information and so forth? A: In order to strengthen the monitoring and supervision over foreign exchange fund flows, to facilitate the handling of statistics and business, as well as to provide differentiation from offshore foreign exchange accounts (OSA foreign exchange accounts), the Circular requires that the identification NRA (NON-RESIDENT ACCOUNT) be marked on the form for domestic foreign exchange accounts of overseas institutions with NRA + the foreign exchange account number.From the banks perspective, no uniform requirements are imposed on the specific forms for marking the NRA identification. This provides the banks with the latitude to make the identification directly before the account number or to use alternative technologies such as a matching system for the NRA identification, on the condition that the identification is presented in the form of NRA+ the foreign exchange account number, enabling the payer and payee of foreign exchange funds to effectively identify the nature of the account. The Circular also requires that the domestic foreign exchange accounts of overseas institutions be incorporated into the foreign exchange account management information system. The domestic banks shall submit detailed information about the account opening, balance, receipt, and payment of the domestic foreign exchange accounts of overseas institutions via the system to the Foreign Exchange Administrations. The Foreign Exchange Administrations will notify the domestic banks separately regarding the specific time for submission of the information, based on the situation for upgrading and transforming the foreign exchange account management information system, the preparation of the banks, and so forth. The domestic banks shall make relevant preparations and submit the information about the declaration of the balance of payments statistics, the information about the non-resident deposits under the item of short-term external debt balanced management, and so forth. 2009-07-13/en/2009/0713/895.html
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The SAFE recently released China's Balance of Payments Statement for the first half of 2009. The statistics reveal that the current account and the capital and financial account continued to post a "twin surplus," but the scale of the surplus has begun to decline modestly. In the first half of 2009, China's surplus under the current account totaled USD 134.5 billion, a decrease of 30% year on year. Specifically, according to the statistical coverage of the balance of payments, the surpluses in goods, income, and current transfers reached USD 119 billion, USD 16.9 billion, and USD 15.2 billion, respectively, whereas the deficit in services amounted to USD 16.7 billion. Meanwhile, China's surplus under the capital and financial account totaled USD 61 billion, a drop of 15% year on year. In particular, the net inflows of direct investments and portfolio investments amounted to USD 15.6 billion and USD 20.2 billion respectively, whereas the net inflows of other investments reached USD 23.9 billion. Furthermore, China's international reserves continued to grow. At the end of June 2009, China registered a total of USD 2,131.6 billion in foreign exchange reserves, an increase of USD 185.6 billion over that at the end of 2008. For the purpose of enhancing the timeliness of the release of the data in the balance of payments statement, the SAFE released preliminary data on China's Balance of Payments Statement for the first half of 2009 on August 20. The data now available are subject to revision. In addition, the BOP Analysis Team of the SAFE released China's Balance of Payments Report for the First Half of 2009 in order to facilitate an understanding among all social groups of the data and analysis of China's balance of payments. Balance of Payments * First Half of 2009 US dollars (thousand) Items Line Balance Credit Debit I. Current Account 1 134,459,941 643,376,735 508,916,794 A. Goods and Services 2 102,319,724 576,190,644 473,870,920 a. Goods 3 118,976,618 521,262,315 402,285,697 b. Services 4 -16,656,894 54,928,329 71,585,222 1.Transportation 5 -9,148,812 10,632,325 19,781,137 2.Travel 6 -2,846,806 18,246,000 21,092,806 3.Communications Services 7 63,967 546,892 482,926 4.Construction Services 8 1,288,000 3,677,880 2,389,879 5.Insurance Services 9 -4,248,751 602,657 4,851,408 6.Financial Services 10 -26,701 158,530 185,231 7.Computer and Information Services 11 1,579,353 2,876,007 1,296,653 8.Royalties and Licensing Fees 12 -4,435,022 181,204 4,616,226 9.Consulting Services 13 2,291,165 8,253,302 5,962,137 10.Advertising and Public Opinion Polling 14 152,221 1,103,585 951,364 11.Audio-visual and Related Services 15 -104,943 38,736 143,678 12. Other Business Services 16 -1,300,352 8,186,771 9,487,123 13. Government Services, n.i.e. 17 79,789 424,439 344,650 B. Income 18 16,936,295 47,143,272 30,206,978 1.Employee Compensation 19 2,662,501 3,775,455 1,112,954 2.Investment Income 20 14,273,794 43,367,817 29,094,024 C. Current Transfers 21 15,203,922 20,042,819 4,838,897 1.General Government 22 -128,280 23,852 152,132 2. Other Sectors 23 15,332,202 20,018,967 4,686,765 II. Capital and Financial Account 24 60,994,554 342,306,167 281,311,613 A. Capital Account 25 1,348,333 1,448,015 99,683 B. Financial Account 26 59,646,222 340,858,152 281,211,930 1. Direct Investment 27 15,561,165 49,222,658 33,661,493 1.1 Overseas 28 -13,306,810 1,177,898 14,484,708 1.2 Domestic 29 28,867,975 48,044,760 19,176,784 2. Portfolio Investment 30 20,184,651 42,542,136 22,357,485 2.1 Assets 31 7,731,758 30,025,343 22,293,585 2.1.1 Equity Securities 32 -850,658 7,277,860 8,128,517 2.1.2 Debt Securities 33 8,582,415 22,747,483 14,165,068 2.1.2.1 Bonds and Notes 34 3,546,925 17,709,179 14,162,254 2.1.2.2 Money Market Instruments 35 5,035,490 5,038,304 2,814 2.2 Liabilities 36 12,452,893 12,516,793 63,900 2.2.1 Equity Securities 37 12,453,094 12,516,120 63,026 2.2.2 Debt Securities 38 -201 673 873 2.2.2.1 Bonds and Notes 39 0 0 0 2.2.2.2 Money Market Instruments 40 -201 673 873 3. Other Investment 41 23,900,406 249,093,358 225,192,952 3.1 Assets 42 29,117,407 70,167,876 41,050,468 3.1.1 Trade Credits 43 -16,307,365 0 16,307,365 Long-term 44 -1,141,516 0 1,141,516 Short-term 45 -15,165,849 0 15,165,849 3.1.2 Loans 46 6,437,006 26,814,013 20,377,007 Long-term 47 -20,214,000 0 20,214,000 Short-term 48 26,651,006 26,814,013 163,007 3.1.3 Currency and Deposits 49 28,968,413 33,278,498 4,310,085 3.1.4 Other Assets 50 10,019,353 10,075,364 56,011 Long-term 51 0 0 0 Short-term 52 10,019,353 10,075,364 56,011 3.2 Liabilities 53 -5,217,001 178,925,483 184,142,484 3.2.1 Trade Credits 54 -6,670,160 0 6,670,160 Long-term 55 -466,911 0 466,911 Short-term 56 -6,203,249 0 6,203,249 3.2.2 Loans 57 -6,083,623 151,047,587 157,131,210 Long-term 58 -8,387,786 5,196,860 13,584,646 Short-term 59 2,304,163 145,850,727 143,546,564 3.2.3 Currency and Deposits 60 4,955,296 24,508,180 19,552,884 3.2.4 Other Liabilities 61 2,581,486 3,369,716 788,230 Long-term 62 -120,472 0 120,472 Short-term 63 2,701,957 3,369,716 667,758 III. Reserves Assets 64 -185,941,174 0 185,941,174 3.1 Monetary Gold 65 0 0 0 3.2 Special Drawing Rights 66 -28,637 0 28,637 3.3 Reserves Position in the Fund 67 -336,537 0 336,537 3.4 Foreign Exchange 68 -185,576,000 0 185,576,000 3.5 Other Claims 69 0 0 0 IV. Net Errors and Omissions 70 -9,513,322 0 9,513,322 * This BOP statement employs rounded-off numbers. 2009-10-15/en/2009/1015/902.html
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The SAFE convened an extended meeting of the central team of the Party Leadership Group on September 21, 2009 to deliver and study the spirit of the Fourth Plenary Session (hereinafter referred to as the Session) of the 17th CPC Central Committee, and made plans for the tasks related to implementation of the spirit of the Session. Yi Gang, secretary of the Party leadership Group and administrator of the SAFE, chaired the meeting. It was pointed out at the meeting that the Session is an important meeting on the eve of the 60th anniversary of the founding of the New China, which is of significant and far-reaching importance for carrying out the spirit of the 17th CPC National Congress in an all-around manner, deeply implementing the scientific outlook on development, effectively coping with the impact of the global financial crisis, maintaining steady and rapid growth of the national economy, striving for new victories for the building of well-off society, as well as opening up new prospects for the construction of socialism with Chinese characteristics. It was proposed at the meeting that all Party members and cadres of the SAFE should earnestly comprehend the spirit of the Session, act in full conformity with the CPC Central Committee, continue to emancipate the mind, strive to be innovative and to blaze new trails, actively update concepts for foreign exchange administration, further enhance the service-oriented and market-oriented awareness of foreign exchange administration, constantly increase the service and management level of foreign exchange administration, and conscientiously safeguard the economic and financial security of the state so as to promote the steady and rapid development of the national economy. Yi Gang stressed that there still will be twists and turns before the global economy recovers. Since the foundation for an upswing in Chinas national economy is still not stable, firm, and balanced, the national economy is at a critical stage for maintaining growth and rebounding. To do a good job in foreign exchange administration requires that we comply with the important and strategic planning of the Session on strengthening and improving Party construction for the present and for the upcoming period, exert a major effort to construct a study-oriented Marxist political party, improve ideological and political consciousness of all Party members, persist in and perfect the system of democratic centralism, actively develop intra-Party democracy, deepen the reform of the personnel system relating to cadres, build ranks of high-quality cadres, fulfill the duties for fundamental work by improving work at the grassroots level, consolidate the organizational foundation for the leadership of the Party, carry forward the fine work style of the Party, maintain close bonds between the Party and the masses, speed up construction of a system to punish and prevent corruption, and thoroughly carry out the anti-corruption drive. It was pointed out at the meeting that some uncertainty will still exist for some time to come in terms of international capital flows and the balance of payments. Against the backdrop of the new circumstances and challenges, the foreign exchange administration departments should consolidate confidence and enhance the sense of crisis and risk awareness. The departments should continue to prioritize the maintenance of steady and rapid growth of the national economy as well as to promote a basic equilibrium in the balance of payments for foreign exchange administration, based on a scientific judgment of the economic situations both at home and abroad. The foreign exchange administrations must consistently cater to the needs for the steady and rapid growth of the national economy when fulfilling their duties, act in conformity with the policy orientation to prevent massive outflows or sudden influxes of capital, and conscientiously carry out the following foreign exchange administration tasks based on implementation of the spirit of the Session: First, further facilitate foreign exchange collection and payments for various market entities, expedite the reform of the verification and writing-off system for foreign exchange collection and payments for imports and exports, and constantly improve foreign exchange administration for trade in services. Second, further intensify efforts to reform and innovate the mechanism for foreign exchange administration, continue to emphasize the expansion of channels for capital outflows, push forward the opening of the capital account in a prudent and orderly manner, steadily promote product innovation on the foreign exchange market, and provide enterprises with more risk-hedging instruments. Third, further improve supervision for foreign exchange administration, enhance efforts for system integration, improve the statistical and monitoring system for cross-border fund flows, further enhance statistics, monitoring, analysis, and early warning levels for cross-border fund flows and the balance of payments, expedite the construction of foreign exchange administration laws and regulations, further increase the transparency and public credibility of foreign exchange administration, strengthen the balanced administration of cross-border fund inflows and outflows, and continue to improve the contingency mechanism for the balance of payments. Fourth, persist in fulfilling the responsibilities for the construction of Party work style and clean administration, intensify efforts for education, supervision, reform, and system innovation, enhance education on clean administration and self-discipline of cadres, improve various systems for the construction of Party work style and clean administration, and establish and perfect the internal control mechanism for administrative power so as to constantly reach new achievements in the construction of Party work style and clean administration. (The End) 2009-09-21/en/2009/0921/899.html
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In order to carry out the go-globaldevelopment strategy, further support the smooth and healthy development of overseas direct investment of domestic institutions, promote the facilitation of investment, take full advantage of markets and resources both at home and abroad, and promote the opening-up process of cross-border capital transactions in a steady and orderly manner, the SAFE recently issued the Regulations on Foreign Exchange Administration of Overseas Direct Investment of Domestic Institutions (hereinafter referred to as the Regulations), which will be implemented as of August 1, 2009. Based on the integration of the foreign exchange administration policies and measures for overseas direct investment issued during recent years, and in conjunction with the online operation of the foreign exchange management information system for direct investment of the SAFE, the Regulations streamline and standardize foreign exchange administration modes and procedures for overseas direct investment, mainly including: First, the examination and verification procedures have been streamlined. The examination and verification of foreign exchange fund sources for the overseas direct investment have been altered from ex ante examination to ex post registration, and the examination and approval of outward remittances of overseas direct investment funds have been cancelled. Second, the foreign exchange fund sources for overseas direct investment of domestic institutions have been expanded. Domestic institutions can make overseas direct investments by use of various sources of assets such as self-owned foreign exchange funds, domestic foreign exchange loans in line with the regulations, foreign exchange purchased with RMB or tangible assets, intangible assets, and profits retained overseas. Third, domestic institutions are allowed to remit outward the preceding expenses up to a certain proportion of the total amount of investment at the preparatory stage prior to the formal establishment of their overseas projects after obtaining approval from the SAFE. Fourth, a full aperture foreign exchange administration system for overseas direct investment has been established. The foreign exchange administration of overseas direct investment of domestic financial institutions has been clarified and standardized. Fifth, the statistical and monitoring mechanism for cross-border fund inflows and outflows under overseas direct investment has been improved and perfected. During the course of drafting the Regulations, the SAFE extensively solicited opinions from various sources, and sought opinions from the general public via its official Web site. Relevant opinions and suggestions have been taken into full consideration. The Regulations will help promote the standardization and systematization of foreign exchange administration of overseas direct investment, and are conducive for domestic institutions to timely grasp investment opportunities and increase the efficiency of overseas direct investment. In addition, the Regulations will play an active role in further perfecting the statistics and monitoring of overseas direct investment and promoting the basic equilibrium in the balance of payments. (End) 2009-07-15/en/2009/0715/896.html
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In order to standardize the opening and use of domestic foreign exchange accounts by overseas institutions and other relevant operations, to prevent financial risks, and to further promote facilitation of trade and investment, the SAFE recently issued the Circular on Relevant Issues Concerning the Management of Domestic Foreign Exchange Accounts of Overseas Institutions (hereinafter referred to as the Circular). The Circular will take effect as of August 1, 2009. The content of the Circular mainly includes: First, the universal qualifications for banks to handle the relevant businesses are provided. The Circular specifies that all qualified Chinese-funded and foreign-funded banks within the territory of China can open domestic foreign exchange accounts and can provide financial services for overseas institutions according to the regulations. Second, the qualifications for the account opening, scope of use, and management principles for the domestic foreign exchange accounts of overseas institutions are clarified. Receipts and payments from/to domestic parties of the domestic foreign exchange accounts of overseas institutions are subject to cross-border transaction administration; unless otherwise specified, the balances in the domestic foreign exchange accounts of the overseas institutions shall be incorporated into the short-term external debt quota management. Third, statistical monitoring and risk prevention are strengthened. The Circular requires that banks utilize a uniform identification for the domestic foreign exchange accounts of overseas institutions, and incorporate these accounts into the foreign exchange account management information system for management purposes. When conducting relevant business related to the domestic foreign exchange accounts of overseas institutions, the domestic banks shall abide by the provisions of the anti-money laundering laws, the administrative regulations, and the departmental rules. During the course of drafting the Circular, the SAFE extensively solicited opinions from various sources, including from the general public via its official Web site. The relevant opinions and suggestions have been taken into full consideration. Implementation of the Circular will be conducive for banks to broaden the scope of their foreign exchange business, so as to give better play to the role of financing to bolster economic growth and to promote structural adjustments. It will also help increase the efficiency of fund use by both Chinese-funded and foreign-funded enterprises, guarantee fund security, and better promote facilitation of trade and investment. Furthermore, by standardizing management and strengthening risk prevention, the Circular is expected to effectively prevent abnormal inflows and outflows of foreign exchange funds via the domestic foreign exchange accounts of overseas institutions and to effectively safeguard national financial security. (End) 2009-07-13/en/2009/0713/894.html
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We are an official institution under the State Administration of Foreign Exchange (SAFE), responsible for China's foreign exchange reserve management. We are now looking for high caliber professionals who share our commitment to "professional, responsible and international" asset management to join us. Our Culture Composed of young, qualified and motivated staff from diversified academic backgrounds of finance, economics, engineering, maths, computer science, languages and human resources etc., we embrace "Dedication, Discipline, Enterprise and Cooperation" as our core value and we attach utmost importance to the safety, liquidity, diversification and return of reserve assets under our management. We value human capital as the most important resource and offer competitive reward incentives. Vacancies Currently, we have the following job vacancies, based in Beijing headquarter and overseas offices: portfolio management, transaction execution, manager of managers, research and analysis, system development, operations and legal consultation. Requirement 1.Bachelor, Master or PhD degree from world renowned universities; 2.Over 2-year working experience with renowned overseas financial institutions; 3.Good command of both Chinese and English as working language; 4.Computer proficiency; 5.Other criteria specific to the vacancy. Application Procedures 1.Please visit the website of http://safe.chinahr.com to submit your CV and cover letter; 2.Application Deadline: December 4th,2009 (24:00 Beijing Time); 3.Short-listed applicants will be invited to interview after documentation screening; 4.New recruits will be required to sign Employment Contracts (with probation) in accordance with Chinese and local regulations. Contact Tel: 86-10-66218899 ext. 3073 (8:00-17:00 Beijing time) Fax: 86-10-66213319 Email: HR@mail.rmd-safe.gov.cn (recommended) 2009-10-31/en/2009/1031/903.html
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At the end of June 2009, China's outstanding external debt (excluding that of Hong Kong SAR, Macao SAR, and Taiwan Province) reached USD 360.579 billion, a decrease of USD 14.082 billion, or 3.76 percent compared with that at the end of 2008. Specifically, the outstanding long- and medium-term external debt (with the remaining term) reached USD 166.214 billion, an increase of USD 2.338 billion, or 1.43 percent compared with that at the end of 2008, accounting for 46.10 percent of the total outstanding external debt. The outstanding short-term external debt (with the remaining term) totaled USD 194.365 billion, a decrease of USD 16.42 billion, or 7.79 percent compared with that at the end of 2008, accounting for 53.90 percent of the total outstanding external debt. Of the outstanding registered external debt of USD 251.079 billion, the outstanding sovereign debt borrowed by ministries under the State Council totaled USD 34.535 billion, accounting for 13.75 percent; the outstanding debt of Chinese-funded financial institutions was USD 83.003 billion, accounting for 33.06 percent; the outstanding debt of foreign-funded enterprises was USD 94.346 billion, accounting for 37.58 percent; the outstanding debt of foreign-funded financial institutions in China was USD 34.509 billion, accounting for 13.74 percent; the outstanding debt of Chinese-funded enterprises was USD 4.357 billion, accounting for 1.74 percent; and the outstanding debt of other institutions was USD 329 million, accounting for 0.13 percent. From January to June 2009, long- and medium-term external borrowing totaled USD 9.333 billion, a decrease of USD 10.172 billion, or 52.15 percent compared with that during the same period of the last year. Principal repayments totaled USD 19.472 billion, an increase of USD 10.699 billion, or 121.95 percent compared with that during the same period of the last year. Interest payments for the long- and medium-term debt amounted to USD 2.084 billion, an increase of USD 166 million, or 8.65 percent compared with that during the same period of the last year. 2009-10-13/en/2009/1013/901.html
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At the end of March 2009, China's outstanding external debt (excluding that of Hong Kong SAR, Macao SAR, and Taiwan Province) reached USD 336.721 billion, a decrease of USD 37.94 billion or 10.13 percent compared with that at the end of 2008. Specifically, the outstanding long- and medium-term external debt (with the remaining term) reached USD 163.253 billion, a decrease of USD 623 million or 0.38 percent compared with that at the end of 2008, accounting for 48.48 percent of the total outstanding external debt. The outstanding short-term external debt (with the remaining term) totaled USD 173.468 billion, a decrease of USD 37.317 billion or 17.7 percent compared with that at the end of 2008, accounting for 51.52 percent of the total outstanding external debt. Among the outstanding registered external debt of USD 252.621 billion, the outstanding sovereign debt borrowed by ministries under the State Council totaled USD 33.215 billion, accounting for 13.15 percent; the outstanding debt of Chinese-funded financial institutions was USD 78.699 billion, accounting for 31.15 percent; the outstanding debt of foreign-funded enterprises was USD 96.084 billion, accounting for 38.04 percent; the outstanding debt of foreign-funded financial institutions in China was USD 39.864 billion, accounting for 15.78 percent; the outstanding debt of Chinese-funded enterprises was USD 4.427 billion, accounting for 1.75 percent; and the outstanding debt of other institutions was USD 332 million, accounting for 0.13 percent. From January to March 2009, long- and medium-term external borrowing was USD 3.804 billion, a decrease of USD 3.944 billion or 50.90 percent compared with that during the same period of the last year. The repayment of the principal was USD 6.652 billion, an increase of USD 2.057 billion or 44.77 percent over that during the same period of the last year. The interest payment for the long- and medium-term external debt was USD 805 million, a decrease of USD 301 million or 27.22 percent compared with that during the same period of the last year. (End) 2009-07-01/en/2009/0701/893.html
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国务院新闻办公室于2021年4月23日（星期五）上午10时举行新闻发布会，请国家外汇管理局副局长、新闻发言人王春英介绍2021年一季度外汇收支数据，并答记者问。 国务院新闻办新闻局副局长、新闻发言人邢慧娜: 各位记者朋友们，大家上午好。欢迎出席国务院新闻办新闻发布会。今天我们邀请到国家外汇管理局副局长、新闻发言人王春英女士，请她向大家介绍2021年一季度外汇收支的数据，并回答大家感兴趣的问题。 首先，请王春英女士作介绍。 2021-04-23 10:01:18 国家外汇管理局副局长、新闻发言人王春英: 大家上午好！欢迎参加今天的新闻发布会。下面，我首先通报2021年一季度我国外汇收支情况，然后回答大家关心的问题。 2021年以来，新冠肺炎疫情仍在境外蔓延，疫苗接种持续推进，全球经济不平衡复苏，国际金融市场波动性较大。我国经济保持恢复性增长，主要指标持续改善，人民币汇率双向波动特征增强。在内外部因素共同作用下，我国外汇市场运行平稳，跨境资金流动总体稳定，国际收支保持基本平衡。 从银行结售汇数据看，2021年一季度，按美元计价，银行结汇5902亿美元，售汇5016亿美元，结售汇顺差885亿美元；按人民币计价，银行结汇3.8万亿元，售汇3.3万亿元，结售汇顺差5735亿元。从银行代客涉外收付款数据看，按美元计价，银行代客涉外收入13965亿美元，对外付款12751亿美元，涉外收付款顺差1213亿美元；按人民币计价，银行代客涉外收入9.1万亿元，对外付款8.3万亿元，涉外收付款顺差7864亿元。 2021-04-23 10:03:13 王春英: 2021年一季度，我国外汇收支状况主要呈现以下特点： 第一，银行结售汇和跨境收支保持顺差。一季度，银行结售汇顺差885亿美元，其中1至3月顺差分别为408亿、280亿和197亿美元；银行代客涉外收支顺差1213亿美元，其中1至3月顺差分别为488亿、332亿和393亿美元。随着岁末年初贸易企业集中出口和收结汇等季节性因素的消退，银行结售汇和跨境收支顺差均从去年12月峰值回落。 第二，售汇率总体稳定，企业跨境融资稳中有增。一季度，衡量购汇意愿的售汇率，也就是客户从银行买汇与客户涉外外汇支出之比为63%，较2020年四季度略降0.1个百分点。从外汇融资看，截至2021年3月末，我国企业等市场主体的境内外汇贷款余额较2020年末增加296亿美元，进口海外代付、远期信用证等跨境贸易外币融资余额增加214亿美元，总体与较高水平的外贸规模相一致。 2021-04-23 10:03:30 王春英: 第三，结汇率略有增长，企业外汇存款稳步增加。衡量结汇意愿的结汇率，也就是客户向银行卖出外汇与客户涉外外汇收入之比为67%，较2020年四季度提升1.3个百分点。截至2021年3月末，企业等市场主体的境内外汇存款余额较2020年末增加330亿美元。在涉外经济保持活跃的情况下，一季度外汇跨境收支顺差1005亿美元，企业合理安排相关资金，一部分结汇，一部分以存款形式持有。 第四，外汇衍生品交易规模增长，市场主体风险中性意识有所增强。2021年一季度，远期结售汇和外汇期权签约规模合计2904亿美元，较2019年和2020年同期平均水平增长95%，远高于同期跨境外汇收支25%的增速，也高于货物贸易进出口规模增速，显示市场主体汇率避险意识增强，风险中性经营理念提升。 第五，外汇储备规模基本稳定。截至2021年3月末，我国外汇储备规模为31700亿美元，较2020年末下降465亿美元。一季度，美元指数上涨3.7%，非美货币相对美元下跌，主要国家金融资产价格涨跌互现，在汇率折算和资产价格变化等因素综合作用下，外汇储备账面价值有所下降。 以上就是我要通报的2021年一季度外汇收支主要统计数据。下面，欢迎大家就我国外汇收支状况提问。 2021-04-23 10:05:44 邢慧娜: 下面开始提问，提问前还是请通报所在的新闻机构。 2021-04-23 10:09:07 中央广播电视总台央视记者: 今年以来，外部环境其实发生了一些变化，您是如何看待我国的外汇形势以及未来的趋势？谢谢。 2021-04-23 10:37:48 王春英: 谢谢。今年以来，国际环境的确发生了比较大的变化，美债收益率上升、美元汇率指数反弹，国际资本流动受到一定的影响。在这样的外部环境下，中国的外汇市场表现出了一贯的韧性、理性和平衡性特征。从以下几个方面和大家解释一下。 一是人民币汇率总体稳定，呈现了窄幅的双向波动。今年初开市第一天，人民币汇率跳升了1.2%，涨到了6.46。在这之后进入了比较平稳的态势，在6.46-6.55之间窄幅的波动。和国际主要货币相比，还是比较稳定的，表现出了较强的韧性。截止到昨天，人民币兑美元交易价较去年末小幅升值0.8%，欧元兑美元贬值1.4%，日元兑美元贬值4.4%，这是双边汇率。再看多边汇率，美元指数上涨1.3%，新兴市场货币指数下跌1.8%，人民币汇率指数上涨2%。从这几个数据来看，人民币汇率总体稳定，呈现了窄幅双向波动，表现出了比较好的韧性。 第二，外汇市场的交易是理性有序，汇率预期比较平稳。首先，市场主体仍旧保持了逢高结汇、逢低购汇的理性交易模式。今年1-2月份人民币升值时期，购汇意愿体现地强一些，购汇率较去年12月份增长1.6个百分点。3月份人民币贬值时期，结汇需求就涌现了，结汇率比1-2月份上涨3.1个百分点。从企业的外汇交易来说，主要是满足实际需求为主。一季度企业的出口和贸易项下的结汇同比分别增长39%和38%，进口和贸易项下购汇分别增长19%和23%，这两个方向都是一致的，而且幅度都是相近的。理性的交易来自于理性的平稳预期，我们计算了一下，外汇远期和期权指标反映出人民币汇率预期也是基本稳定的。 第三，国际收支基本平衡，跨境双向投资总体均衡。今年一季度，货物贸易维持比较高的顺差，服务贸易逆差继续处于低位，所以今年一季度经常账户仍就有望延续小幅顺差，会在基本平衡的范围内。同时，跨境双向投资也比较平稳、均衡。首先是直接投资项下，长期经营性跨境投资保持活跃。商务部数据，1-3月份非金融企业实际使用外资比2019年和2020年同期平均水平增长34%，1-2月份非金融企业对外直接投资与2019年和2020年同期水平相当。其次，证券投资项下是小幅净流入。外汇局统计，1-3月份境外投资者净增持境内债券和股票737亿美元，境内主体通过港股通参与香港股票市场，净买入港股达到3111亿元人民币。从这些数据来看，国际收支基本平衡，跨境双向投资总体均衡。 从中长期来看，未来中国外汇市场保持平稳运行的基础仍然稳固。从几个方面来说：一是新发展格局有助于维护国际收支平衡，我国积极促进内需和外需，出口和进口，引进外资和对外投资协调发展，经常账户和跨境投融资都有望运行在合理、均衡区间。二是新发展理念有助于维护人民币汇率稳定。经济稳定发展会提振市场信心，也会造就稳健的货币。三是对外开放稳步推动有助于跨境资本均衡流动。现在我国经济已经深度融入了全球化，高水平对外开放会促进资金、人才、技术、数据、服务等要素的自由流动，为跨境资金双向均衡流动创造良好政策环境。四是弹性的人民币汇率发挥了调节国际收支自动“稳定器”的作用，有助于外汇市场自主调节和平衡。 这些是我对你刚才问题的一个回应。当然，我们既看到好的一方面，也关注到一些风险。比如全球疫情蔓延、地缘政治等因素都会对我国涉外经济和国际收支产生一定的影响。我们会继续密切关注，深入研究，精准应对，切实保障我国国际收支的平稳和跨境资金流动的均衡。谢谢。 2021-04-23 10:38:12 中国新闻社记者: 目前在美国经济企稳和通胀预期升温背景下，市场担心美联储会提前结束宽松的货币政策。请问，您认为美联储货币政策调整将对我国国际收支和外汇市场形势产生什么样的影响？谢谢。 2021-04-23 10:41:48 王春英: 谢谢您的提问，我觉得您的问题是今年或者近一年以来大家高度关注的。去年3月份美联储再度推出了超宽松的货币政策，截至目前，资产规模已累计增加了3.6万亿美元，和2008年国际金融危机时期的扩表规模基本相当。当然，这一轮和上一轮是有区别的。上一轮美联储在5年期间多轮实施货币宽松政策，这一轮是短时间内就超规模扩表，今年就开始听到市场有缩表方面的声音。虽然这轮时间短，但是规模大，跟上一轮比，对市场的影响时间还是短的。 从国内的外汇市场来看，在这轮宽松货币政策下，我们国内没有积累过高的对外债务，市场风险缓释能力在不断提升。应该说，我们还是有条件保持国际收支和外汇市场均衡的，这也跟我们对前一个问题的看法差不多。 从人民币汇率的角度看，人民币汇率弹性增强，这一点很关键，可以非常有效地释放市场压力，防止单边预期。从我们计算的汇率预期表现来看，去年年底，境内外市场人民币对美元一年期历史波动率分别达到了4.3%和5.1%，均较年初上涨0.6个百分点，处于历史比较高的水平。汇率弹性增强，可以及时释放市场压力，我们觉得这有助于形成市场汇率调节和交易行为之间的良性循环。所以我们觉得这是很重要的。这一点是比较有利于抑制单边的升值和贬值积累。不管从外汇远期市场还是期权市场来看，自去年美联储大规模宽松货币政策以来，衡量预期的指标都表现得比较稳定。因此，从人民币汇率的角度来说，弹性增强、预期稳定，有利于随时释放压力。 2021-04-23 10:42:02 王春英: 从对外债务看，我们没有积累较大的对外债务风险。外债增长幅度方面，去年末全口径外债比去年3月末增长14%（因为去年3月份开始扩表），这14%的增量里主要是境外投资者增持境内债券，这体现了国内债券市场对外开放的成果。另外，我们多次和大家介绍，投资境内债券市场的主体主要是境外央行和主权财富基金之类的机构，它们投资的特点是长期资产配置，所以投资稳定性比较高。外债结构进一步优化。首先从币种来看，本币外债占比上升至42%，比去年3月末升了4个百分点，本币债务的上升降低货币错配风险。再从期限来看，去年末中长期外债占比达45%，比去年3月末上升了3个百分点。衡量外债风险的几个指标，外债的负债率、债务率、偿债率、短期外债和外汇储备占比，都在国际公认的安全线以内。所以总体风险可控。 2021-04-23 10:50:10 王春英: 从国际收支看，自身的“防火墙”还是比较牢固的，这为我们抵御外部冲击提供了更多的资源保障。为什么说“防火墙”比较牢固？首先，经常账户和直接投资都保持了比较稳定的顺差。从我们发布的国际收支数据看，2020年经常账户顺差达到2700多亿美元，外商来华直接投资达到2100多亿美元，这比2019年分别增长了1.7倍和14%。今年一季度，货物贸易和直接投资继续呈现一定规模的顺差。这个稳定的资金流入，有助于增强国际收支的稳定性和韧性。其次，从国际投资头寸的角度来看，民间部门对外资产进一步积累（民间部门是指从对外总资产中扣除了官方外汇储备资产等）。2020年末民间部门对外资产是5.3万亿美元，比2019年末增长了16%。全部对外资产8.7万亿美元里剔除3.4万亿官方储备，剩下就是民间部门资产。而且当前汇率形成机制和汇率自动“稳定器”调节作用不断完善，民间部门的外汇需求是可以通过市场交易满足的。比如，缺外汇的可以从有外汇的部门调剂，这是交易可以实现的。民间部门对外资产规模提升可以有效覆盖对外负债、偿债需求。 针对您刚才说的问题，我想从这些角度来回答。我们还不能忘记很重要的一点，就是国内经济基本面保持良好，金融市场对外开放稳步推进，外汇市场成熟度不断提升，这些因素其实是我们应对和适应外部冲击或者挑战的非常坚实的基础，这些都是我们在分析中需要考虑的因素。谢谢！ 2021-04-23 10:53:52 界面新闻记者: 您提到一季度外汇衍生品规模增长、企业风险意识明显增强。之前外汇局也多次提到要坚持汇率风险中性，请问，下一步外汇局会从哪些方面为企业避免汇率风险提供帮助呢？对于外贸企业大概有什么建议？ 2021-04-23 11:11:29 王春英: 近年来外汇局围绕深化市场建设、加强宣传培训方面做了很多措施，目的是想切实帮助企业来规避、管理汇率风险，今年我们将会结合党史学习教育“我为群众办实事”实践活动，继续加大这方面的工作力度，支持企业更好适应人民币汇率的双向波动。这也是今年外汇局的一个重点工作任务。 首先，持续提升外汇服务水平。按照“放管服”要求，加强对外汇局分支机构外汇衍生品和外汇市场专业化能力建设，提升基层工作人员政策和实务水平，在面向企业、银行时能更好开展汇率风险管理政策的解答和服务工作。 第二，督促银行强化基层外汇服务能力建设。引导鼓励银行有效扩大基层外汇衍生品服务的覆盖面，提升分支机构的展业能力，加强人员专业化培训建设，优化和畅通服务企业“最后一公里”，为企业提供专业化、精细化和定制化的汇率风险管理服务。 第三，加强企业汇率风险管理宣传培训和辅导。我们会做几方面具体的工作。比如，组织分支局和银行编写外汇衍生产品的使用指南，开展有针对性的实用性培训，便利企业了解汇率避险政策和实务。针对汇率风险管理比较薄弱的企业，尤其是中小企业，引导银行开展实地入户培训辅导。同时，加强和人民银行、商务部等部门的协作，在宣传、培训和政策支持上，形成合力。 第四，加大外汇市场政策供给。在深化外汇市场建设方面，不断丰富交易工具，完善交易机制，提升外汇市场的透明度，增强交易便利性，更好地满足市场主体风险管理的需求。目前，全国能够提供外汇衍生产品服务的银行是115家，银行的类型包括大中小型银行、中外资银行。服务企业覆盖面是够的，关键还是服务质量。所以，借这个机会我想说几点。 第一，银行服务质量直接关系外汇市场发展水平。银行作为外汇市场重要的参与主体，展业水平本身就是衡量外汇市场发展水平的一个重要标准，不能将两者分开看，不能说等外汇市场再发展一些，企业汇率风险管理问题自然就解决了。 第二，企业管好汇率风险离不开银行的帮助。过去，一些企业没有管好汇率风险，很重要的一个原因是没有利用好银行和不会利用银行保值。银行作为专业的外汇服务机构，应该从自身的发展和社会责任的角度为企业提供更加专业和细致的服务。 第三，汇率风险管理是银行不应忽视的“大生意”。从对银行业务的了解和调研来看，一些银行认为，与传统的信贷业务相比，外汇衍生品交易的专业性比较强，人员培训耗时长、投入多，收益相对不高，结果必然是对企业专业化服务不充分。很多银行现在都提出要建设国内一流甚至国际一流的大银行，如果不重视企业需求很难真正成为一流的银行。从外汇市场交易规模来看，2020年外汇市场的交易量接近30万亿美元，未来可能更大，所以汇率风险管理确实是银行不能忽视的“大生意”。 最后，对外贸企业的建议，以前我们经常说，现在也在说，未来还会继续说，就是理念灌输是很重要的。企业树立风险中性的理念非常重要，很多情况表明，一些企业特别是管理层，对于汇率风险的认识不够健全，比如避险意识不足、存在顺周期的惯性思维。企业应该：一是立足主业，理性面对汇率涨跌，审慎安排资产和负债的货币结构；二是合理管理汇率风险，以保持财务稳健和可持续为导向，而不应该以套保的盈亏论英雄。避险保值就像花钱买保险，是要付出成本的，是以一个比较小的成本来管理比较大的不确定性和可能的损失，这一点企业一定要有充分的认识。所以我非常感谢你提出的问题，这也是我们特别想对银行和市场主体所要强调的信心和理念。谢谢。 2021-04-23 11:11:43 经济日报记者: 我的问题是关于经常账户的。我们看到去年在疫情全球蔓延的背景下，中国经常账户顺差是在上升的，今年尤其是在下半年，在国外生产复苏和边境开放的背景下，请问您如何看经常账户的未来走势？谢谢。 2021-04-23 11:28:16 王春英: 谢谢你的提问。这个问题的确是很多人都在关注的，特别是紧密跟踪我们国际收支状况的一些媒体朋友们。去年，我国经常账户顺差是有比较大的绝对规模增长，反映了疫情的影响，当然也体现了我国的贸易结构优化和出口市场多元化的特征。去年在疫情蔓延时期，很多国家的制造业受到了阻碍，我国比较早的复工复产。从海关出口商品结构来看，防疫物资、居家办公用品和生活用品出口增长比较快，这为全球抗击疫情作出了一个非常好的贡献。同时，跨境出行受到了比较大的限制，我国的服务贸易旅行逆差收窄的规模比较大。这些变化固然受到了疫情的影响，同时也反映出我国这些年对外贸易发展的特征和自身的韧性。比如出口商品的种类齐全，产业链非常完备，我们抗冲击能力就比较强。在外部制造业受阻时，我们可以很快恢复生产，满足这些供应。我国出口市场多元化也对去年国际收支经常账户，特别是货物贸易顺差提供了很好的支撑，较好分散了外部环境变化的影响。 今年确实有一些环境变化，怎么看这个事？我们认为今年经常账户仍会保持合理的顺差规模。首先，货物贸易还会保持一定规模的顺差。虽然国外产业链恢复、大宗商品价格上涨会使我们的货物贸易顺差增幅减少，但是我们也看到全球经济复苏也给我们的出口形成比较稳定的支撑。大家应该还记得IMF今年4月份最新的预测数据，对全球经济增长预期是6%，这比1月份预测上调了0.5个百分点。国家统计局的数据也显示，3月份中国出口新订单指数依然在荣枯线以上，未来出口还是有一定稳定性的。这是从货物贸易角度来说，那么在服务贸易项下，今年随着疫苗接种的推进速度加快，跨境人员流动的限制可能会有松动或者放开。我们觉得人员出境限制的放开会带动跨境服务贸易的支出，但这会有一个过程，今年增量相对来说还是比较有限。初步测算了一下，今年一季度我国经常账户仍延续顺差，规模比去年4季度高点会有所回落，从全年来看，预计还将保持合理规模的顺差。 在这个问题上我还想再说说，近年来经常账户处于合理均衡区间，即便疫情也没有改变这一格局。经常账户顺差取决于国家的经济结构，判断经常账户的差额是否在均衡区间，我们经常用均衡账户差额与GDP的比值来衡量。去年尽管经常账户顺差额绝对值有比较大的增加，可是我们看到它和GDP的比仍旧是1.9%，还是低于一些主要顺差国的，说明中国经济保持内外部均衡的基础是十分稳固的。未来我们坚定不移地建设制造业强国，推进产业基础高级化，还有产业链现代化，都有利于提高制造业竞争力，进一步巩固经常账户基本平衡的内部基础。 2021-04-23 11:30:33 香港经济通记者: 我想请问一下有专家分析从去年开始，资本和金融账户是趋势性的加快流入，请问如何看待这种趋势？谢谢。 2021-04-23 11:49:52 王春英: 从我们的观察角度来说，主要是跨境收支和国际收支平衡表，相对来说还是比较均衡的，也是比较合理的。所以，您说的加快流入，可能是指在债券市场上或股票市场上表现出来的阶段性特征，有的时候流入多一些，有的时候可能少一些，甚至有的时候是流出，这都是正常的。 我们有外资的流入，同时随着金融市场对外开放和投资通道的不断增加，比如港股通等，我国对外投资也有稳步的增长。所以，总体跨境资本流动是均衡的。如果你还有特别具体的一些问题，我们可以在发布会结束后继续交流。谢谢。 2021-04-23 11:50:07 第一财经记者: 自2015年“811”汇改以后，经历了藏汇于民和债务偿还集中的调整之后，中国的这种民间货币错配也有了一个比较大的改变，同时到去年年底不含储备资产的对外净负债是1.21万亿美元，这是比2015年6月底大幅下降了49%，您怎么看待这些方面的变化？谢谢。 2021-04-23 11:50:19 王春英: 谢谢你的问题。从国际投资头寸表的数据来看，近年来民间部门对外金融资产和负债有一个变化。截至去年底，民间部门的对外金融资产是5.3万亿美元，比2015年6月末增长了1倍；民间部门对外负债是6.6万亿，增长48%。所以，资产的增长是快于负债的增长，使得对外的净负债减少49%，目前水平是1.2万亿美元。 这说明了什么？近年来，中国经常账户保持基本平衡、略有盈余的态势，相关跨境资金流入更多是转化为民间部门的对外资产运用，国际收支形成自主平衡的格局。我们还有一个看法，就是这表明中国的资产负债结构在改善。如果综合考虑储备资产的话，我国整体呈现对外净资产，截至去年末，对外净资产规模是2.2万亿美元，中国是全球第三大净债权国。当前，官方储备占整体对外资产的比例在下降，民间部门的比例在上升，民间部门的投资比较自由，而储备的投资考虑安全性、流动性和保值增值，所以，这是一个比较好的变化，体现了资产负债部门结构的优化。 2021-04-23 11:50:37 中国财经报记者: 近一段时期，国际大宗商品价格出现了一波上涨。请问，国家外汇管理局是否将采取相关举措作出应对？谢谢。 2021-04-23 11:51:59 王春英: 你的观察还是挺重要的。近期，世界经济都在逐步复苏，主要发达国家都实施了非常强的刺激政策，这些政策一定程度会提振消费需求。同时流动性保持充裕，所以大宗商品价格都在上涨。对于这个问题，我国是大宗商品主要进口国之一，价格上涨相关的影响值得我们高度重视，包括一些学者、媒体们也比较关心，比如输入性通胀问题等等。从外汇局的角度来说，我们更关心从国际收支的角度来看大宗商品价格上涨的影响。比如进口支付如果增加的话，会对国际收支有什么影响？我们看到一季度进口有所增长，但是出口也实现了不错的增长，货物贸易还是实现了7600亿元人民币的顺差，这个数高于前两年的平均水平。在此情况下，一季度经常账户维持基本平衡、小幅顺差的格局，应该说国际收支总体状况还是健康的。 不知道你关心的内容里是否包含进口大宗商品需要购汇，外汇局会不断的促进贸易投资自由化、便利化，在这方面是不需要有担忧的。1996年我国就实现了经常账户可兑换，真实的进口用汇需求，在政策上都是能够保障的。你关心的问题我作上述两个方面的回应。 2021-04-23 11:52:27 中国日报记者: 请问中美利差收窄，对外资投资境内债券市场有何影响？如何看待今年外资流入较去年的变化？谢谢。 2021-04-23 12:10:21 王春英: 就这个问题，我想分享几个数据。据国家外汇局的统计，一季度外资净增持境内债券633亿美元，环比增长11%，3月份外资增持债券33亿美元，比1、2月份历史高位有所减少，但比2019年和2020年同期都有所增长。目前来看，外资增持的总体趋势还会持续。作出这种判断，主要是我国债券市场有以下几个特征： 第一，国内基本面为外资增持境内债券提供了根本支撑。从2016年中国债券市场加快对外开放以来，中美之间的利差有的时候高一些、有的时候低一些，人民币汇率有的时候升一些、有的时候贬一些。但无论在什么情况，境外投资者对中国境内的债券市场的相关投资都保持了年均两位数的增长，体现了外资增持国内债券的长期性和稳定性。中国经济社会发展大局保持一贯稳定，主要宏观经济指标持续呈现积极变化，这是外资流入的坚实基础。 第二，从债券市场本身角度来说，具有外资增配的发展空间。到去年年底，外资持有国内债券占整个债券市场托管总量的3%，低于美国28%，日本14%，也低于巴西（9%）等新兴市场国家。未来，债券市场还将持续对外开放，国际接受度和兼容性都会持续提升，外资占比还有较大幅度的提升空间。3月底，富时罗素宣布从10月份开始分阶段把中国国债纳入富时世界国债指数，中国国债在指数中的占比权重将达5.25%。有市场机构预测，按照这个权重，中国的债券市场应该会迎来超过1300亿美元的资金流入。 第三，中国债券的资产收益相对有优势。从收益高低的角度看，截止昨天，中美十年期的国债收益率差是1.6个百分点，还是处于历史中高水平。当前，全球负利率环境下，人民币债券比较高的收益率为境外投资者提供非常好的回报和多元化的投资组合选择。从收益的稳健性来看，今年以来，中国十年期国债收益率波幅26个基点，而美国十年期国债的收益率波幅是87个基点，反映了在此期间，人民币债券相对低的利率风险和比较强的价格稳定性。此外，人民币债券投资者以境外央行和主权基金为主，风格稳健，追求人民币资产长期配置价值，这是债券市场能够保持对外资吸引力的又一个理由。 第四，人民币资产呈现一定的避险资产属性。2015年底，人民币加入了SDR货币篮子，人民币对内对外的币值保持了总体稳定，在全球储备资产、储备货币和交易结算货币中的占比均是稳步上升的。所以，这也是提升了人民币在国际货币体系中的地位。从实际表现来看，在外部环境波动比较大的时候，人民币资产表现是非常良好的。比如，去年3月份国际金融市场大幅振荡时期，全球投资者表现出抛售风险资产，买入避险资产。当月新兴经济体债券市场的外资是净流出的，而中国是净流入。今年3月份，主要发达经济体经济企稳复苏，债券收益率较快上升，新兴经济体债券市场外资流入规模有一个比较大幅的下降，但是净流入中国的占比不仅很高而且比1、2月份占比还有所提升。所以说，人民币资产呈现一定避险属性。对国内债券市场的未来，我们是充满信心的。 总的来看，当前外部环境的阶段性变化和调整，不会改变中国债券市场对外开放的发展大局，也不会改变境外投资者对中国债券的长期投资意愿。 2021-04-23 12:10:48 邢慧娜: 今天的发布会到此结束。感谢王局长，也感谢各位记者朋友们。 2021-04-23 12:12:16 （原文载于中国网） 2021-04-27/xiamen/2021/0427/1709.html