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In the second quarter of 2020, China's current account registered a surplus of RMB 847 billion, including a surplus of RMB 1142.6 billion under trade in goods, a deficit of RMB 208.4 billion under trade in services, a deficit of RMB 93.9 billion under primary income, and a surplus of RMB 6.7 billion under secondary income. In the capital and financial accounts, foreign direct investments recorded a surplus of RMB 16.9 billion, and reserve assets increased by RMB 135.6 billion. In the first half of 2020, China's current account registered a surplus of RMB 611.9 billion, including a surplus of RMB 1303.8 billion under trade in goods, a deficit of RMB 536.7 billion under trade in services, a deficit of RMB 173 billion under primary income, and a surplus of RMB 17.8 billion under secondary income. In the capital and financial accounts, foreign direct investments recorded a surplus of RMB 130.7 billion, and reserve assets decreased by RMB 39.3 billion. In the US dollar terms, in the second quarter of 2020, China's current account recorded a surplus of USD 119.6 billion, including a surplus of USD 161.3 billion under trade in goods, a deficit of USD 29.4 billion under trade in services, a deficit of USD 13.3 billion under primary income, and a surplus of USD 0.9 billion under secondary income. In the capital and financial accounts, foreign direct investments recorded a surplus of USD 2.4 billion, and reserve assets increased by USD 19.1 billion. In the US dollar terms, in the first half of 2020, China's current account recorded a surplus of USD 85.9 billion, including a surplus of USD 184.4 billion under trade in goods, a deficit of USD 76.5 billion under trade in services, a deficit of USD 24.6 billion under primary income, and a surplus of USD 2.5 billion under secondary income. In the capital and financial accounts, foreign direct investments recorded a surplus of USD 18.7 billion, and reserve assets decreased by USD 5.9 billion. In SDR terms, in the second quarter of 2020, China posted a surplus of SDR 87.3 billion under the current account, includinga surplus of SDR 117.8 billion under trade in goods, a deficit of SDR 21.5 billion under trade in services, a deficit of SDR 9.7 billion under primary income, and a surplus of SDR 0.7 billion under secondary income. In the capital and financial accounts, foreign direct investments recorded a surplus of SDR 1.7 billion, and reserve assets increased by SDR 14 billion. In SDR terms, in first half of 2020, China posted a surplus of SDR 62.3 billion under the current account, including a surplus of SDR 135 billion under trade in goods, a deficit of SDR 56.4 billion under trade in services. In the capital and financial accounts, foreign direct investments recorded a surplus of SDR 13.8 billion, and reserve assets decreased by SDR 4.6 billion. (End) China's Balance of Payments (Preliminary Data) Unit: RMB 100 million Item Line No. 2020 Q2 2020 H1 1. Current account 1 8,470 6,119 Credit 2 52,457 91,254 Debit 3 -43,987 -85,136 1. A Goods and Services 4 9,342 7,671 Credit 5 46,749 83,061 Debit 6 -37,407 -75,390 1.A.a Goods 7 11,426 13,038 Credit 8 42,776 75,289 Debit 9 -31,350 -62,251 1.A.b Services 10 -2,084 -5,367 Credit 11 3,973 7,772 Debit 12 -6,056 -13,139 1.A.b.1 Processing services 13 222 454 Credit 14 228 469 Debit 15 -7 -15 1.A.b.2 Maintenance and Repair Services 16 54 147 Credit 17 119 254 Debit 18 -65 -108 1.A.b.3 Transport 19 -526 -1,342 Credit 20 994 1,713 Debit 21 -1,520 -3,055 1.A.b.4 Travel 22 -1,428 -4,328 Credit 23 299 620 Debit 24 -1,728 -4,948 1.A.b.5 Construction 25 82 100 Credit 26 206 372 Debit 27 -124 -272 1.A.b.6 Insurance and Pension Services 28 -142 -223 Credit 29 94 163 Debit 30 -236 -387 1.A.b.7 Financial Services 31 12 37 Credit 32 68 137 Debit 33 -56 -100 1.A.b.8 Charges for the Use of Intellectual Property 34 -556 -912 Credit 35 157 311 Debit 36 -714 -1,222 1.A.b.9 Telecommunications, Computer, and Information Services 37 56 88 Credit 38 656 1,249 Debit 39 -600 -1,162 1.A.b.10 Other Business Services 40 141 685 Credit 41 1,062 2,344 Debit 42 -921 -1,659 1.A.b.11 Personal, Cultural, and Recreational Services 43 -34 -67 Credit 44 16 31 Debit 45 -51 -98 1.A.b.12 Government Goods and Services n.i.e 46 36 -6 Credit 47 72 107 Debit 48 -36 -114 1.B Primary Income 49 -939 -1,730 Credit 50 5,115 6,960 Debit 51 -6,054 -8,690 1.C Secondary Income 52 67 178 Credit 53 593 1,233 Debit 54 -527 -1,056 2. Capital and Financial Accounts (Including Net Errors and Omissions for the Quarter) 55 -8,470 -7,696 2.1 Capital Account 56 -1 -7 Credit 57 3 4 Debit 58 -4 -11 2.2. Financial Account (Including Net Errors and Omissions for the Quarter) 59 -8,469 -7,689 2.2.1 Financial Account (Excluding Reserve Assets, But Including Net Errors and Omissions for the Quarter) 60 -7,114 -8,082 Including: 2.2.1.1 Direct Investment 61 169 1,307 2.2.1.1.1 Assets 62 -2,067 -3,323 2.2.1.1.2 Liabilities 63 2,236 4,630 2.2.2 Reserve Assets 64 -1,356 393 2.2.2.1 Monetary gold 65 0 0 2.2.2.2 Special drawing rights 66 11 8 2.2.2.3 Reserve position in the IMF 67 -104 -86 2.2.2.4 Foreign exchange reserves 68 -1,262 471 2.2.2.5 Other reserves 69 0 0 3. Net Errors and Omissions 70 / 1,577 Note:1. The table is compiled according to BPM6. 2."Credit" is presented as positive value while "debit" as negative value, and the balance is the sum of the "Credit" and the "Debit". All items herein refer to balances, unless marked with "Credit" or "Debit". 3.The RMB denominated BOP statement is converted from the USD denominated BOP statementfor the quarter using the quarterly average central parity rate of RMB against USD. 4.The preliminary amount for the first half of 2020 is the sum of the official amounts of the BOP for 2020Q1 and the preliminary amount for 2020Q2. 5.This table employs rounded-off numbers. China's Balance of Payments ( Preliminary Data) Unit: USD 100 million Item Line No. 2020 Q2 2020 H1 1. Current account 1 1,196 859 Credit 2 7,405 12,964 Debit 3 -6,209 -12,105 1. A Goods and Services 4 1,319 1,079 Credit 5 6,599 11,802 Debit 6 -5,280 -10,723 1.A.a Goods 7 1,613 1,844 Credit 8 6,038 10,697 Debit 9 -4,425 -8,853 1.A.b Services 10 -294 -765 Credit 11 561 1,105 Debit 12 -855 -1,870 1.A.b.1 Processing services 13 31 65 Credit 14 32 67 Debit 15 -1 -2 1.A.b.2 Maintenance and Repair Services 16 8 21 Credit 17 17 36 Debit 18 -9 -15 1.A.b.3 Transport 19 -74 -191 Credit 20 140 243 Debit 21 -215 -434 1.A.b.4 Travel 22 -202 -617 Credit 23 42 88 Debit 24 -244 -705 1.A.b.5 Construction 25 12 14 Credit 26 29 53 Debit 27 -17 -39 1.A.b.6 Insurance and Pension Services 28 -20 -32 Credit 29 13 23 Debit 30 -33 -55 1.A.b.7 Financial Services 31 2 5 Credit 32 10 19 Debit 33 -8 -14 1.A.b.8 Charges for the Use of Intellectual Property 34 -79 -129 Credit 35 22 44 Debit 36 -101 -174 1.A.b.9 Telecommunications, Computer, and Information Services 37 8 12 Credit 38 93 178 Debit 39 -85 -165 1.A.b.10 Other Business Services 40 20 98 Credit 41 150 334 Debit 42 -130 -236 1.A.b.11 Personal, Cultural, and Recreational Services 43 -5 -10 Credit 44 2 4 Debit 45 -7 -14 1.A.b.12 Government Goods and Services n.i.e 46 5 -1 Credit 47 10 15 Debit 48 -5 -16 1.B Primary Income 49 -133 -246 Credit 50 722 986 Debit 51 -855 -1,232 1.C Secondary Income 52 9 25 Credit 53 84 175 Debit 54 -74 -150 2. Capital and Financial Accounts (Including Net Errors and Omissions for the Quarter) 55 -1,196 -1,085 2.1 Capital Account 56 -0.1 -1 Credit 57 0 1 Debit 58 0 -2 2.2. Financial Account (Including Net Errors and Omissions for the Quarter) 59 -1,196 -1,084 2.2.1 Financial Account (Excluding Reserve Assets, But Including Net Errors and Omissions for the Quarter) 60 -1,004 -1,143 Including: 2.2.1.1 Direct Investment 61 24 187 2.2.1.1.1 Assets 62 -292 -472 2.2.1.1.2 Liabilities 63 316 659 2.2.2 Reserve Assets 64 -191 59 2.2.2.1 Monetary gold 65 0 0 2.2.2.2 Special drawing rights 66 2 1 2.2.2.3 Reserve position in the IMF 67 -15 -12 2.2.2.4 Foreign exchange reserves 68 -178 70 2.2.2.5 Other reserves 69 0 0 3. Net Errors and Omissions 70 / 226 Note:1. The table is compiled according to BPM6. 2."Credit" is presented as positive value while "debit" as negative value, and the balance is the sum of the "Credit" and the "Debit". All items herein refer to balances, unless marked with "Credit" or "Debit". 3. The preliminary amount for the first half of 2020 is the sum of the official amounts of the BOP for 2020Q1 and the preliminary amount for 2020Q2. 4.This table employs rounded-off numbers. China's Balance of Payments (PreliminaryData) Unit: SDR 100 million Item Line No. 2020 Q2 2020 H1 1. Current account 1 873 623 Credit 2 5,409 9,537 Debit 3 -4,536 -8,914 1. A Goods and Services 4 963 785 Credit 5 4,820 8,684 Debit 6 -3,857 -7,899 1.A.a Goods 7 1,178 1,350 Credit 8 4,411 7,870 Debit 9 -3,233 -6,521 1.A.b Services 10 -215 -564 Credit 11 410 814 Debit 12 -624 -1,378 1.A.b.1 Processing services 13 23 48 Credit 14 24 49 Debit 15 -1 -2 1.A.b.2 Maintenance and Repair Services 16 6 15 Credit 17 12 27 Debit 18 -7 -11 1.A.b.3 Transport 19 -54 -141 Credit 20 102 179 Debit 21 -157 -320 1.A.b.4 Travel 22 -147 -456 Credit 23 31 65 Debit 24 -178 -521 1.A.b.5 Construction 25 8 10 Credit 26 21 39 Debit 27 -13 -29 1.A.b.6 Insurance and Pension Services 28 -15 -23 Credit 29 10 17 Debit 30 -24 -40 1.A.b.7 Financial Services 31 1 4 Credit 32 7 14 Debit 33 -6 -10 1.A.b.8 Charges for the Use of Intellectual Property 34 -57 -95 Credit 35 16 33 Debit 36 -74 -128 1.A.b.9 Telecommunications, Computer, and Information Services 37 6 9 Credit 38 68 131 Debit 39 -62 -122 1.A.b.10 Other Business Services 40 15 72 Credit 41 109 246 Debit 42 -95 -173 1.A.b.11 Personal, Cultural, and Recreational Services 43 -4 -7 Credit 44 2 3 Debit 45 -5 -10 1.A.b.12 Government Goods and Services n.i.e 46 4 -1 Credit 47 7 11 Debit 48 -4 -12 1.B Primary Income 49 -97 -181 Credit 50 527 724 Debit 51 -624 -905 1.C Secondary Income 52 7 19 Credit 53 61 129 Debit 54 -54 -111 2. Capital and Financial Accounts (Including Net Errors and Omissions for the Quarter) 55 -873 -791 2.1 Capital Account 56 -0.1 -1 Credit 57 0 0 Debit 58 0 -1 2.2. Financial Account (Including Net Errors and Omissions for the Quarter) 59 -873 -790 2.2.1 Financial Account (Excluding Reserve Assets, But Including Net Errors and Omissions for the Quarter) 60 -734 -837 Including: 2.2.1.1 Direct Investment 61 17 138 2.2.1.1.1 Assets 62 -213 -347 2.2.1.1.2 Liabilities 63 231 485 2.2.2 Reserve Assets 64 -140 46 2.2.2.1 Monetary gold 65 0 0 2.2.2.2 Special drawing rights 66 1 1 2.2.2.3 Reserve position in the IMF 67 -11 -9 2.2.2.4 Foreign exchange reserves 68 -130 54 2.2.2.5 Other reserves 69 0 0 3. Net Errors and Omissions 70 / 168 Notes: 1. The table is compiled according to BPM6. 2."Credit" is presented as positive value while "debit" as negative value, and the balance is the sum of the "Credit" and the "Debit". All items herein refer to balances, unless marked with "Credit" or "Debit". 3. The SDR denominated quarterly BOP statement is converted from the USD denominated BOP statement for the quarter using the quarterly average exchange rate of SDR against USD. 4. The preliminary amount for the first half of 2020 is the sum of the official amounts of the BOP for 2020Q1 and the preliminary amount for 2020Q2. 5. This table employs rounded-off numbers. 2020-08-07/en/2020/0807/1734.html
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In June 2020, China’s international trade in goods and services recorded receipts of RMB 1572.7 billion and payments of RMB 1328.8 billion based on statistics of balance of payments (BOP), registering a surplus of RMB 243.9 billion. Specifically, trade in goods registered receipts of RMB 1441.7 billion, payments of RMB 1123.9 billion, recording a surplus of RMB 317.8 billion; trade in services recorded receipts of RMB 131 billion, payments of RMB 204.9 billion, resulting in a deficit of RMB 73.9 billion. In the US dollar terms, in June 2020, China's BOP-based receipts and payments of international trade in goods and services were USD 221.9 billion and USD 187.5 billion respectively, registering a surplus of USD 34.4 billion. Specifically, the receipts and payments from trade in goods were USD 203.4 billion and USD 158.6 billion respectively, resulting in a surplus of USD 44.9 billion. Trade in services registered receipts and payments of USD 18.5 billion and USD 28.9 billion respectively, recording a deficit of USD 10.4 billion.(End) International Trade in Goods and Services of China (Based on the BOP statistics) June 2020 Item In 100 million of RMB In 100 million of USD Goods and services 2439 344 Credit 15727 2219 Debit -13288 -1875 1. Goods 3178 449 Credit 14417 2034 Debit -11239 -1586 2. Services -739 -104 Credit 1310 185 Debit -2049 -289 2.1Manufacturing services on physical inputs owned by others 69 10 Credit 71 10 Debit -2 0 2.2Maintenance and repair services n.i.e 15 2 Credit 45 6 Debit -29 -4 2.3Transport -217 -31 Credit 331 47 Debit -548 -77 2.4Travel -481 -68 Credit 115 16 Debit -595 -84 2.5Construction 25 4 Credit 62 9 Debit -36 -5 2.6Insurance and pension services -26 -4 Credit 43 6 Debit -69 -10 2.7Financial services 4 1 Credit 22 3 Debit -18 -3 2.8Charges for the use of intellectual property -193 -27 Credit 45 6 Debit -238 -34 2.9Telecommunications, computer and information services 33 5 Credit 207 29 Debit -174 -25 2.10Other business services 32 5 Credit 347 49 Debit -315 -45 2.11Personal, cultural, and recreational services -13 -2 Credit 5 1 Debit -18 -3 2.12Government goods and services n.i.e 13 2 Credit 18 3 Debit -5 -1 Notes: 1. The trade in goods and services in this table refers to the transactions between residents andnon-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 tradeand processing trade with imported materials), while the goods whose ownership is not transferred (e.g. manufacturing services with supplied materials or with exported materials) are included in the statistics of trade in services instead of the statistics of trade in goods; second, as required by the BOP statistics, the goods imported and exported are valued on the FOB basis, but as required by the customs, the goods exported are valued on the FOB basis, whereas goods imported are on the CIF basis. Therefore, for the purpose of the BOP statistics, the international transport and insurance premiums are taken out from the value of imported goods and included in the trade in services; and third, the data on net export of goods in merchanting which are not included in the customs statistics are supplemented. 2. Services: includes manufacturing services on physical inputs owned by others, maintenance and repair services n.i.e, transport, travel, construction, insurance and pension services, financial services, charges for the use of intellectual property, telecommunications, computer and information services, other business services, personal, cultural and recreational services, and government goods and services n.i.e. The credit side records services supplied, while the debit side records services received. 2.1 Manufacturing services on physical owned by others: processoronly provides processing, assembly, packaging and other services and charges service fee from the owner, while the ownership of the goods is not transferred between the owner and the processor. The credit side records the manufacturing services supplied by the Chinese residents on physical inputs owned by non-residents, and vice versa for debit side. 2.2 Maintenance and repair services: refer to the maintenance and repair services supplied by residents to non-residentsor 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 debitside. 2.4 Travel:refers to goods consumed and services purchased by travelers in various economies as non-residents. The credit side records the goods and services provided by the Chinese residents to non-residents who have stayed in China for less than one year, as well as non-residents studying abroad and seeking medical treatment for indefinite period of stay. The debit side records the goods and services purchased by the Chinese residents when traveling, studying or seeking medical services abroad from non-residents. 2.5 Construction services:refer to the establishment, renovation, maintenance or expansion of fixed assets in the form of buildings, land improvement, roads, bridges and dams and other engineering buildings of engineering nature, relevant installation, assembly,painting, pipeline construction, demolition and project management, as well as site preparation, measurement and blasting and other special services. The credit side records the construction services provided by the Chinese residents outside the economic territory. The debit side records the construction services received by the Chinese residents in the Chinese economic territory from non-residents. 2.6 Insurance and pension services: refers to various insurance services and commission to agents related with insurance transaction. The credit side records the life insurance and annuity, non-life insurance, reinsurance, standardized guarantee services and relevant supporting services supplied by the Chinese residents to non-residents, and vice versa for debit side. 2.7 Financial services: refer to financial intermediation and supporting services, excluding those covered 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 to communications services between residents and non-residents and transactions of services related to computer data and news, excluding commercial services delivered via telephone, computer and Internet. The credit side records the telecommunications, computer and information services supplied by residents to non-residents, and vice versa for debit side. 2.10 Other business services: refer to other types of services between residents and non-residents, including research and development services, professional and management consulting services,technical and trade-related services. The credit side records 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. 2020-07-31/en/2020/0731/1732.html
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As shown in the statistics of the State Administration of ForeignExchange (SAFE), in June 2020, the amount of foreign exchange settlement andsales by banks was RMB 1081.6 billion and RMB 1075.5 billion, respectively,with a settlement of RMB 6.0 billion. In the US dollar terms，the amount of foreignexchange settlement and sales by banks was USD 152.6 billion and USD 151.8billion, respectively, with a settlement of USD 0.9 billion. In particular, the amount of foreign exchange settlementand sales by banks for customers was RMB 957.4 billion and RMB 979.1 billion,respectively, with a deficit of RMB 21.7 billion; the amount of foreignexchange settlement and sales for banks themselves was RMB 124.1 billion andRMB 96.5 billion, respectively, with a settlement of RMB 27.6 billion. Duringthe period, newly signed contract amount of forward foreign exchange settlementand sales was RMB 104.3 billion and RMB 66.1 billion, respectively, with a net newlysigned contract amount of forward foreign exchange settlement of RMB 38.2billion. At the end of June, outstanding amount of forward foreign exchange settlementand sales by the end of the current period was RMB 580.9 billion and RMB 464.4billion, respectively, with a net outstanding amount of forward foreignexchange settlement of RMB 116.4 billion; the net Delta exposure of outstandingoptions was RMB -320.6 billion. During January to June 2020, the accumulative amount of foreignexchange settlement and sales by banks was RMB 6702.5 billion and RMB 6149.4billion, with an accumulative settlement of RMB 553.1 billion. In the US dollarterms, the accumulative amount of foreign exchange settlement and sales bybanks was USD 953.5 billion and USD 874.9 billion, with an accumulativesettlement of USD 78.6 billion. In particular, the accumulative amount offoreign exchange settlement and sales by banks for customers was RMB 5696.0billion and RMB 5346.6 billion, respectively, with an accumulative settlementof RMB 349.4 billion; the accumulative amount of foreign exchange settlementand sales for banks themselves was RMB 1006.5 billion and RMB 802.9 billion,respectively, with an accumulative settlement of RMB 203.6 billion. During theperiod, newly signed contract amount of forward foreign exchange settlement andsales was RMB 804.0billion and RMB 393.6 billion, respectively, with a net newlysigned contract amount of forward foreign exchange settlement of RMB 410.4 billion. In June 2020, the amount of cross-border receipts and payments by non-bankingsectors was RMB 2563.8 billion and RMB 2412.4 billion, respectively, with a surplusof RMB 151.5 billion. DuringJanuary to June 2020, the accumulative amount of cross-border receipts and paymentsby non-banking sectors was RMB 13407.0 billion and RMB 13391.4 billion,respectively, with an accumulative surplus of RMB 15.6 billion. In the US dollar terms, in June 2020, the amount of cross-border receiptsand payments by non-banking sectors was USD 361.8 billion and USD 340.4billion, respectively, with a surplus of USD 21.4 billion. During January to June 2020, the accumulative amount of cross-borderreceipts and payments by non-banking sectors was USD 1906.6 billion and USD 1904.5billion, respectively, with an accumulative surplus of USD 2.0 billion. In addition, the State Administrationof Foreign Exchange revised the data on cross-border receipts and payments bynon-banking sectors from January to May 2020 based on the latest data, andreleased it through the “Data and Statistics” section of the official websiteof the State Administration of Foreign Exchange. Addendum: Glossaryand relevant definitions Balance of payments(BOP) refers to all economic transactionsbetween residents and non-residents. Foreignexchange settlement and sales by banks refers to settlement and sale transaction that bank executes for customersand for the banks themselves, including statistic data onsettlements of forward contracts for foreign exchange settlementand sales and the exercises of option, and excludingthe transactions in the interbank foreign exchange market. The statistic reporting date of Foreign exchangesettlement and sales by banks should be the trade day of theForeignexchange settlement and sales transaction. By definition, foreignexchange settlement means foreign exchange holders sell foreignexchange to designated foreign exchange bank, and foreignexchange sales means designated bank sells foreign exchange to foreign exchange buyers. The net position of foreign exchange settlement andforeign exchange sales could be position squared throughtransactions on the inter-bank foreign exchange market, and it is one ofthe major contributors to the country’sforeign exchange reserve fluctuation, though it is not equal to netchange in foreign exchange reserves during the same period Unlikethe principle of balance-of-payments statistics, which cover the transactionsbetween residents and non-residents, foreign exchange settlement and sales bybanks only cover transactions of RMB and foreign currencies between banks and customers or on banks for themselves. Thenewly signed contract amount of forward foreign exchange settlement and sales refers to the binding forward contract between designated foreignexchange bank and client that predetermines foreign exchange currency, amount,exchange rate and tenor which to be executed upon maturity. Thenewly signed forward contract enables corporate to lock inadvance the exchange rate for the purchase or sale of a currency on a futuredate to manage relevant foreign exchange risk arising fromRMB volatility. In general, bank will hedge its foreign exchange risk exposures arise from the newly signed forward contract in the Interbank foreign exchange market. For example,when bank has net foreign exchange long position, bankwill short the equivalent amount of foreign exchange in the Interbank foreignexchange market in advance, or vice versa. Therefore, the newly signedcontract amount of forward foreign exchange settlement and sales is also one of contributors to China’s foreign exchange reserve fluctuation. Theunwind amount of forward foreign exchange settlement and sales refers to, where client is unable to perform the original forwardcontract due to change in its real demand, client to fully or partially closeits forward position by executing another deal with opposite direction to theoriginal contract. Therolling amount of forward foreign exchange settlement and sales refers to client to adjust the settlement date of original contract dueto change in its real demand. Theoutstanding amount of forward foreign exchange settlement and sales by the endof the current period refers to the total amount of forwardcontracts accumulated from all non-matured forward contracts with client. Thenewly signed contractamount and the outstanding amount should satisfy the equationthat: theoutstanding amount of forward foreign exchange settlement and sales by the endof the current period = theoutstanding amount of forward foreign exchange settlement and sales at the endof the previous period + the newly signed contract amount of forward foreignexchange settlement and sales for the period - settlements of forwardcontracts for foreign exchange settlement and sales for the period - the unwindamount of forward foreign exchange settlement and sales for the period. The net Deltaexposure of outstanding options refers to the implied foreignexchange spot risk exposure from outstanding option contracts that bank executedwith client. Bank shall hedge such risk in the foreign exchange market for risk management during deal life cycle. The cross-borderreceipts and payments bynon-banking sectors refers to the receipts andpayments between domestic non-banking sectors (including institutional and individual residents)and non-residentsthrough domestic banks, excluding receipts and payments in cash. In particular,the statisticsincludescross-border receipts and payments between non-banking sectors andnon-residents through domestic banks (including RMB and foreign currency), and domesticreceipts and payments between non-banking sectors and non-residents throughdomestic banks (temporarily excluding domestic receipts and payments in RMBbetween individual residents and non-resident individuals). Data are collected whencustomers conduct receipts and payments with non-resident counterparties atdomestic banks. Specifically, the receipts refer to the capitalof non-bankingsectors received fromnon-residents via domestic banks; the payments refer to the capitalof non-bankingsectors paid to non-residents via domestic banks. Thecross-border receipts and payments bynon-banking sectors is basedon cash basis, different from the accrual basis required by the Balance of Payments Statistics. The statistics merely reflectsthe cash flows between non-bankingsectors and non-residents and doesnot include barter transactions or transactions with non-residents conducted by the banks themselves. Therefore, the scope of the statistics is narrower than thatof the Balance of Payments Statistics. 2020-07-17/en/2020/0717/1727.html
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The State Administration of Foreign Exchange (SAFE) has recently released the Balance of Payments (BOP) for the first quarter of 2020 and the International Investment Position (IIP) at the end of March 2020. Wang Chunying, press spokesperson and chief economist of the SAFE, answered media questions on relevant issues. Q: Could you brief us on China's balance of payments for the first quarter of 2020? A: In the first quarter of 2020, due to the economic, trade and investment impact of the COVID-19 pandemic, global financial markets were very volatile. In this context, China recorded a slight deficit under the current account in the first quarter, with its ratio to GDP reaching -1.1%, which was relatively balanced and reasonable though. The cross-border capital flows stayed generally stable and the balance of payments maintained general equilibrium, showing strong stability. First, a surplus was registered under trade in goods and a narrower deficit was recorded under trade in services. In the first quarter, China posted a surplus of US$ 23.1 billion under trade in goods. Due to the impact of the COVID-19 outbreak and the Chinese New Year Holiday, a slight deficit was recorded under trade in goods in January and February. But in March, with the steady progress of the resumption of work and production and the policy to stabilize foreign trade took effect, a surplus was registered under trade in goods again. China posted a deficit of US$ 47 billion under trade in services, down by 26% year on year. In particular, a deficit of US$ 41.5 billion was recorded under tourism, down by 28% year on year, and a deficit of US$ 11.7 billion was posted under transport, down by 6% year on year, which were chiefly because of reduced travel expenses caused by less overseas trips and decreased transport expenses resulting from declining imports under trade in goods during the COVID-19 epidemic. Second, surpluses were registered in direct investment and other investments, and portfolio investment became stabilized after short-term fluctuations. In the first quarter, a net inflow of US$ 16.3 billion was registered in direct investment, a net outflow of US$ 53.2 billion was recorded in portfolio investment and a net inflow of US$ 27.7 billion was recorded in other investments including deposits and loans. Firstly, China posted a net inflow of US$ 34.3 billion in FDI, showing foreign capital had a strong desire to invest in China despite sluggish absorption of direct investments in global markets. Secondly, a net outflow was recorded in portfolio investment, suggesting that global financial markets were more volatile in March due to the global spread of COVID-19 and domestic investors were attracted to invest overseas since the prices of some overseas assets plummeted. Moreover, a net inflow of US$ 8.9 billion was registered in bond investment under foreign portfolio investment that was aimed to allocate mid and long-term RMB assets. Since late March, a net inflow has been recorded in foreign investment in China's capital market again and investments of domestic investors in overseas capital markets have been evidently stabilized. Overall, China's epidemic control has yielded positive results, resumption of work and production has been promoted in an orderly manner, our economic fundamentals are stable and sound and will remain so over the long term, and our confidence and determination in opening up have not changed, all of which have laid a solid foundation for China's balance of payments to maintain general equilibrium. Q: What would you say about China's international investment position as at the end of March 2020? A: Since the beginning of 2020, China has witnessed robust international investment position, with inbound and outbound investments carried out in a good order. As at the end of March, China was ranked the world's No. 1 by reserve assets. First, China's external financial assets and liabilities fell slightly against the end of 2019. Due to a combination of factors like asset prices and exchange rate conversion, China recorded US$ 7.6354 trillion in external financial assets by the end of March, down by a slight 1% quarter on quarter, and registered US$ 5.4981 trillion in external liabilities, down by a slight 1.7%. Second, China's net external assets rose slightly. By the end of March, China posted US$ 2.1373 trillion in net external assets (assets minus liabilities), up by a slight 1% quarter on quarter. Overall, China's net external assets have remained stable, and our reserve assets have been around US$ 3.1 trillion. 2020-06-24/en/2020/0624/1719.html
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The State Administration of Foreign Exchange (SAFE) has recently released the data on external debt at the end of March 2020. Wang Chunying, press spokesperson and chief economist of the SAFE, answered media questions on recent situations of China's external debt. Q: Could you brief us on China's external debt for the first quarter of 2020? A: China witnessed steady growth in external debt in the first quarter of 2020. It posted US$ 2.0946 trillion in full-scale outstanding external debt (including domestic and foreign currencies) at the end of March 2020, up by US$ 37.3 billion or 1.8% quarter on quarter. The increase, primarily driven by the upswings in the balances of bank currencies and deposits, is represented in the balances of deposits of non-resident institutions and interbank placements. The external debt structure continued to be optimized. As for the type of currency and term structure, external debt denominated in domestic currency accounted for 38% and mid and long-term external debt made up 42%, up by three percentage points and one percentage point quarter on quarter, respectively. Q: What would you look at current situations of China's external debt? A: China's external debt has grown steadily in recent years, which is in sync with China's economic growth, reform and opening up. As the two-way opening up of the capital market is advanced, the Chinese market has been further recognized among international investors. On February 28, 2020, China's treasury bond was officially included in JP Morgan Government Bond Index-Emerging Markets. China's external debt is expected to remain stable in the future. Since the COVID-19 outbreak, the People's Bank of China and the SAFE have introduced a series of facilitation policies for cross-border financing to expand the borrowing space for external debt and facilitate financing by enterprises through utilization of domestic and foreign resources and markets, so as to expand access to financing and reduce financing costs. First, the macro-prudential regulation parameter for cross-border financing has risen up from 1 to 1.25, expanding the borrowing space for enterprises from two times to 2.5 times of net assets. Second, a pilot program has been expanded for external debt facilitation, allowing high-tech enterprises in the pilot regions to autonomously borrow external debt within a certain quota and expanding the pilot scope for one-off external debt registration. Third, easy access has been established, allowing enterprises to apply for external debt registration online. Data shows that these facilitation measures have not caused significant increase in external debts and external debt risk has been kept under control. As these policies take effect, it is expected that external debts will remain stable in the future. Currently China's economy still features high potential, strong resilience, great leeway and abundant policy instruments and the foundation for the overall equilibrium of the balance of payments remains strong, which is favorable for external debt to stay stable. Next, the SAFE will continue to deepen reform in foreign exchange administration, advance the opening up of the financial market, and further reduce the financing costs of the real economy while effectively mitigating cross-border financing risks, in an attempt to boost the healthy growth of the real economy. 2020-06-24/en/2020/0624/1718.html
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Q: The State Administration of Foreign Exchange (SAFE) has just released the latest data on China's foreign exchange reserves. Could you explain why China's foreign exchange reserves changed in June 2020? What will be the future trends? A: By the end of June 2020, China posted US$ 3.1123 trillion in foreign exchange reserves, up by US$ 10.6 billion or 0.3% month on month. In June, China's foreign exchange market witnessed balanced supply and demand. Due to the COVID-19 pandemic, and the monetary and fiscal stimulus policies in major countries, the US Dollar Index dropped slightly on the international financial market and asset prices in major countries rose. Under the combined impact of exchange rate conversion and asset price changes, China's foreign exchange reserves increased in the month. Currently, as the pandemic still rages abroad, and the world economic conditions are complicated and challenging, global financial markets are becoming increasingly volatile. Yet China's efforts to coordinate epidemic control and resumption of work and production have yielded positive results, and economic indicators have achieved marginal improvements. As a result, the economic conditions are changing for the better. Looking ahead, China will stay committed to deepening reforms and expanding opening-up. Our economic growth will remain resilient and our economic fundamentals will remain sound over the long term, which will be favorable for sustaining overall stability in foreign exchange reserves. 2020-07-07/en/2020/0707/1726.html
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According to the statisticsof the State Administration of Foreign Exchange (SAFE), the Chinese foreignexchange market (excluding foreign currency pairs, the same below) recorded totaltransactions of RMB 17.70 trillion (equivalent to USD 2.50 trillion) in June 2020. Specifically,the transactions volume of the bank to customer market was RMB 2.38 trillion (equivalent toUSD 336.5 billion), the transactionsvolume of interbank market was RMB 15.32 trillion (equivalent to USD 2.16 trillion), the cumulativetransactions volume of the spot market was RMB 6.55 trillion (equivalent to USD 924.7 billion), and that ofthe derivatives market was RMB 11.15 trillion (equivalent to USD 1.57 trillion). From January to June 2020, a total of RMB 92.66 trillion (equivalent to USD 13.17 trillion) was traded in the Chinese foreignexchange market. 2020-07-24/en/2020/0724/1728.html
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Q: The State Administration of Foreign Exchange (SAFE) has just released the latest data on China's foreign exchange reserves. Could you explain why China's foreign exchange reserves changed in July 2020? What will be the future trends? A: By the end of July 2020, China's foreign exchange reserves had reached US$ 3.1544 trillion, up by US$ 42.1 billion or 1.4% month on month. In July, China’s foreign exchange market witnessed smooth operation and maintained basic equilibrium in foreign exchange supply and demand. Major economies including the US and Europe increased the fiscal stimulus and maintained ultra-loose monetary policies. Non-dollar currencies rallied against the US dollar on the international financial market on the whole, with overall rise of asset prices in major countries. Under the combined impact of exchange rate conversion and asset price changes, China's foreign exchange reserves increased in the month. So far, China has made great achievements in epidemic prevention and control as well as economic and social development. However, international economic and financial situations remain complex and severe, showing considerable instability and uncertainty. Looking ahead, China has entered into the high-quality development stage with high economic resilience, and the new development pattern, featured as domination by domestic cycle and mutual promotion between domestic and international cycle, is expected to take shape with a faster pace. The new pattern is conducive to providing continued support for the overall stability of foreign exchange reserves. 2020-08-07/en/2020/0807/1737.html
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In November 2020, China’s international trade in goods and services recorded receipts of RMB 1838 billion and payments of RMB 1453.5 billion based on statistics of balance of payments (BOP), registering a surplus of RMB 384.5 billion. Specifically, trade in goods registered receipts of RMB 1708.2 billion, payments of RMB 1252 billion, recording a surplus of RMB 456.2 billion; trade in services recorded receipts of RMB 129.8 billion, payments of RMB 201.5 billion, resulting in a deficit of RMB 71.7 billion. In the US dollar terms, in November 2020, China's BOP-based receipts and payments of international trade in goods and services were USD 278.2 billion and USD 220 billion respectively, registering a surplus of USD 58.2 billion. Specifically, the receipts and payments from trade in goods were USD 258.5 billion and USD 189.5 billion respectively, resulting in a surplus of USD 69.1 billion. Trade in services registered receipts and payments of USD 19.6 billion and USD 30.5 billion respectively, recording a deficit of USD 10.9 billion.(End) International Trade in Goods and Services of China (Based on the BOP statistics) November 2020 Item In 100 million of RMB In 100 million of USD Goods and services 3845 582 Credit 18380 2782 Debit -14535 -2200 1. Goods 4562 691 Credit 17082 2585 Debit -12520 -1895 2. Services -717 -109 Credit 1298 196 Debit -2015 -305 2.1Manufacturing services on physical inputs owned by others 67 10 Credit 71 11 Debit -3 0 2.2Maintenance and repair services n.i.e 21 3 Credit 42 6 Debit -21 -3 2.3Transport -209 -32 Credit 365 55 Debit -573 -87 2.4Travel -513 -78 Credit 68 10 Debit -581 -88 2.5Construction 22 3 Credit 53 8 Debit -32 -5 2.6Insurance and pension services -42 -6 Credit 28 4 Debit -71 -11 2.7Financial services 3 0 Credit 23 3 Debit -20 -3 2.8Charges for the use of intellectual property -168 -25 Credit 36 6 Debit -205 -31 2.9Telecommunications, computer and information services 2 0 Credit 188 28 Debit -186 -28 2.10Other business services 112 17 Credit 410 62 Debit -298 -45 2.11Personal, cultural, and recreational services -12 -2 Credit 4 1 Debit -15 -2 2.12Government goods and services n.i.e 0 0 Credit 10 2 Debit -10 -2 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-life insurance, reinsurance, standardized guarantee services and relevant supporting services supplied by the Chinese residents to non-residents, and vice versa for debit side. 2.7 Financial services: refer to financial intermediation and supporting services, excluding those covered 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 to communications services between residents and non-residents and transactions of services related to computer data and news, excluding commercial services delivered via telephone, computer and Internet. The credit side records the telecommunications, computer and information services supplied by residents to non-residents, and vice versa for debit side. 2.10 Other business services: refer to other types of services between residents and non-residents, including research and development services, professional and management consulting services, technical and trade-related services. The credit side records 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. 2020-12-30/en/2020/1230/1784.html
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As shown in the statistics of the State Administration of Foreign Exchange (SAFE), in December 2020, the amount of foreign exchange settlement and sales by banks was RMB 1659.7 billion and RMB 1224.0 billion, respectively, with a surplus of RMB 435.8 billion. In the US dollar terms, the amount of foreign exchange settlement and sales by banks was USD 253.7 billion and USD 187.1 billion, respectively, with a surplus of USD 66.6 billion. During January to December 2020, the accumulative amount of foreign exchange settlement and sales by banks was RMB 14100.8 billion and RMB 13022.5 billion, respectively, with an accumulative surplus of RMB 1078.3 billion. In the US dollar terms, the accumulative amount of foreign exchange settlement and sales by banks was USD 2049.3 billion and USD 1890.5 billion, respectively, with an accumulative surplus of USD 158.7 billion. In December 2020, the amount of cross-border receipts and payments by non-banking sectors was RMB 3435.1 billion and RMB 3081.5 billion, respectively, with a surplus of RMB 353.6 billion. During January to December 2020, the accumulative amount of cross-border receipts and payments by non-banking sectors was RMB 30339.4 billion and RMB 29554.8 billion, respectively, with an accumulative surplus of RMB 784.6 billion. In the US dollar terms, in December 2020, the amount of cross-border receipts and payments by non-banking sectors was USD 525.1 billion and USD 471.0 billion, respectively, with a surplus of USD 54.0 billion. During January to December 2020, the accumulative amount of cross-border receipts and payments by non-banking sectors was USD 4412.4 billion and USD 4295.5 billion, respectively, with an accumulative surplus of USD 116.9 billion. 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 foreign exchange holders sell foreign exchange to designated foreign exchange bank, and foreign exchange sales means designated bank sells foreign exchange to foreign exchange buyers. The net position of foreign exchange settlement and foreign exchange sales could be position squared through transactions on the inter-bank foreign exchange market, and it is one of the major contributors to the country’s foreign exchange reserve fluctuation, though it is not equal to net change in foreign exchange reserves during the same period Unlike the principle of balance-of-payments statistics, which cover the transactions between residents and non-residents, foreign exchange settlement and sales by banks only cover transactions of RMB and foreign currencies between banks and customers or on banks for themselves. The newly signed contract amount of forward foreign exchange settlement and sales refers to the binding forward contract between designated foreign exchange bank and client that predetermines foreign exchange currency, amount, exchange rate and tenor which to be executed upon maturity. The newly signed forward contract enables corporate to lock in advance the exchange rate for the purchase or sale of a currency on a future date to manage relevant foreign exchange risk arising from RMB volatility. In general, bank will hedge its foreign exchange risk exposures arise from the newly signed forward contract in the Interbank foreign exchange market. For example, when bank has net foreign exchange long position, bank will short the equivalent amount of foreign exchange in the Interbank foreign exchange market in advance, or vice versa. Therefore, the newly signed contract amount of forward foreign exchange settlement and sales is also one of contributors to China’s foreign exchange reserve fluctuation. 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 newly signed contract amount and the outstanding amount should satisfy the equation that: the outstanding amount of forward foreign exchange settlement and sales by the end of the current period = the outstanding amount of forward foreign exchange settlement and sales at the end of the previous period + the newly signed contract amount of forward foreign exchange settlement and sales for the period - settlements of forward contracts for foreign exchange settlement and sales for the period - the unwind amount of forward foreign exchange settlement and sales for the period. 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. Bank shall hedge such risk in the foreign exchange market for risk management during deal life cycle. 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. The cross-border receipts and payments by non-banking sectors is based on cash basis, different from the accrual basis required by the Balance of Payments Statistics. The statistics merely reflects the cash flows between non-banking sectors and non-residents and does not include barter transactions or transactions with non-residents conducted by the banks themselves. Therefore, the scope of the statistics is narrower than that of the Balance of Payments Statistics. 2021-01-22/en/2021/0121/1791.html