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The State Administration of Foreign Exchange (SAFE) has recently released the Balance of Payments (BOP) for the third quarter and the first three quarters of 2020 as well as the International Investment Position (IIP) as at the end of September 2020. The SAFE deputy administrator and press spokesperson Wang Chunying answered media questions on relevant issues. Q: Could you brief us on China's balance of payments for the first three quarters of 2020? A: In the first three quarters, the current account surplus hit US$168.7 billion, with its ratio to GDP reaching 1.6%, which fell within a reasonable and balanced range. Cross-border capital flows remained generally stable, and investment and financing continued to be fairly stable. First, trade in goods recorded a higher surplus and trade in services registered a narrower deficit. Trade in goods in the Balance of Payments recorded a surplus of US$340.2 billion, up by 12% year on year, mainly driven by the better-than-expected imports and exports under trade in goods. Trade in services registered a deficit of US$116.8 billion, down by 42% year on year, primarily driven by less cross-border trips during COVID-19 outbreak, with deficit in travel narrowing by 46% from the same period last year. Second, outbound investment and foreign investment in China (excluding reserve assets) were both robust. Inflows and outflows were witnessed under cross-border transactions like direct investment, portfolio investment, deposits and loans. Transactions by foreign investors to hold renminbi assets and by domestic players to allocate global assets were both brisk. In the first three quarters, outbound investment outgrew foreign investment. Assets under the financial account excluding reserve assets grew by US$408 billion net, or an increase of 1.7 times year on year, while external liabilities grew by US$337.6 billion net and became twice that of a year earlier. Overall, China is the only major economy sustaining positive growth this year, but due to considerable uncertainties in COVID-19 and external environment, the foundation for economic recovery has not been solid enough. China’s balance of payments is expected to remain generally stable and balanced throughout the year. Q: What would you say about China's international investment position at the end of 2020? A: By the end of September 2020, China’s international investment position was generally robust. Driven by transactions, changes in asset prices and foreign exchange rate conversion, external financial assets and liabilities both grew and reserve assets remained generally stable. Firstly, the total size of external financial assets increased. By the end of September 2020, China posted external assets of US$8.1666 trillion, up by 3.9% quarter on quarter. Among this, assets under direct investment were US$2.1643 trillion, gaining 1.9%; assets under portfolio investment were US$772.8 billion, up by 10.3%; assets under other investments including overseas deposits and loans hit US$1.9340 trillion, representing an increase of 8.5%; and reserve assets amounted to US$3.2812 trillion, rising by 1.2%. Secondly, total external liabilities went up. By the end of September 2020, China recorded external liabilities of US$6.0128 trillion, up by 6.2% quarter on quarter. Among this, liabilities under direct investment were US$3.1068 trillion, an increase of 5.4%; liabilities under portfolio investment were US$1.5069 trillion, up by 9.3%; and liabilities under other investments including deposits and loans absorbed reached US$1.3878 trillion, rising by 4.8%. 2020-12-25/en/2020/1225/1788.html
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The State Administration of Foreign Exchange (SAFE) has recently released the data on foreign exchange settlement and sales by banks and cross-border receipts and payments by non-banking sectors for November 2020. Wang Chunying, the SAFE’s deputy administrator and press spokesperson, answered media questions on foreign exchange receipts and payments for November 2020. Q: Could you brief us on the changes in China's foreign exchange receipts and payments for November 2020? A: China’s foreign exchange market remained robust in November, with cross-border receipts and payments at an adaptive, balanced level. The major indicators show that banks registered a surplus of US$3 billion in foreign exchange settlement and sales, and non-banking sectors recorded a surplus of US$400 million in cross-border receipts and payments. This indicates transactions on the foreign exchange market are rational and orderly at present with generally balanced cross-border capital flows. By the end of November, the balance of foreign exchange reserves was US$3.1785 trillion, which was basically stable. Generally, market players’ willingness to settle and sell foreign exchange remained stable. In November, the foreign exchange settlement ratio that measures the willingness to settle foreign exchange, or the ratio of foreign exchange sold by customers to banks to customers’ foreign-related foreign exchange receipts, was 63%, consistent with that for the same period of the previous year. The foreign exchange sales ratio, a measure of market players' willingness to purchase foreign exchange, or the ratio of purchase of foreign exchange by customers from banks to the customers' foreign-related foreign exchange payments, was 65%, down slightly by one percentage point year on year. Cross-border capital flows through major channels registered both increases and decreases, showing rational differentiation. In November, driven by foreign trade surplus recorded by the customs, the surplus in foreign exchange settlement and sales under trade in goods registered gains of US$5.5 billion on a year-on-year basis; and the deficit in foreign exchange settlement and sales under trade in services decreased by US$5.6 billion year on year and remained low. Cross-border two-way direct investment remained robust, with net capital inflows consistent with the level of the same period of the previous year. Two-way stock investments stayed stable. Foreign investors bought A-shares worth renminbi 57.9 billion net through northbound trading, and domestic residents bought H-shares worth renminbi 60.1 billion net through southbound trading. Currently the foreign exchange market is stable and orderly, with cross-border capital flows in two-way equilibrium. However, given the spread of COVID-19 and considerable uncertainties in external environment, financial institutions and enterprises need to raise the risk-neutral awareness and effectively manage their operational risks. 2020-12-18/en/2020/1218/1787.html
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The State Administration of Foreign Exchange (SAFE) has recently released the data on external debt at the end of September 2020. The SAFE deputy administrator and press spokesperson Wang Chunying answered media questions on China’s recent external debt situations. Q: Could you brief us on China's external debt for the third quarter of 2020? A: China witnessed continuous growth in external debt for the third quarter of 2020. By the end of September, the full-scale outstanding external debt (including domestic and foreign currencies) hit US$2.2944 trillion, up by US$162 billion or 7.6% quarter on quarter. The growth in external debt was primarily driven by the increase in debt securities. The external debt structure continued to be optimized. As for the type of currency and term structure, the external debt denominated in domestic currency accounted for 39% and mid and long-term external debt, 44%, both rising by one percentage point quarter on quarter. Q: What would you say about China's external debt situations? A: The increase in external debt is aligned with China’s efforts to constantly expand opening-up and its gradual economic recovery. First, international investors have increased their holdings of domestic bonds in a continuous and stable manner, driving external debt under debt securities to rise. In September 2020, FTSE Russell announced to include Chinese Government Bonds in the FTSE World Government Bond Index (WGBI). As for investor entities in debt securities, mainly overseas central banks who allocate long-term assets, are stable to a certain extent. Second, China’s foreign trade has been stabilized with good momentum quarter by quarter, growing at 7.5% in the third quarter year on year, turning its cumulative growth rate from negative to positive. The associated trade credit and prepayment increased by US$25.7 billion, or 8% on a quarterly basis. External debt is expected to stay stable in the future. Despite COVID-19 pandemic and considerable uncertainties in the external environment, China’s economic fundamentals remain favorable for long-term growth, and a general equilibrium is maintained in its balance of payments, which is favorable for the stability of external debt position. Going forward, while advancing reform and opening-up in foreign exchange field, the SAFE will take solid steps to prevent risks arising from cross-border capital flows and safeguard China’s economic and financial security. 2020-12-25/en/2020/1225/1789.html
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As at the end of September 2020, China's banking sector recorded external financial assets of USD 1335.4 billion, external liabilities of USD 1415.2 billion, and net external liabilities of USD 79.8 billion including net RMB liabilities of USD 378.2 billion and net foreign currency assets of USD 298.4 billion. Among the external financial assets of the banking sector, by instrument, deposits and loans were USD 976 billion, bonds investment, USD 179.5 billion, and other assets including equity, USD 179.9 billion, accounting for 73 percent, 13 percent and 13 percent of the sector's total external financial assets respectively. By currency, RMB assets were USD 143.3 billion, USD assets were USD 904.8 billion, and other currency assets were USD 287.4 billion, accounting for 11 percent, 68 percent and 22 percent respectively. By counterpart sector, the amount invested in the overseas banking sector was USD 700 billion, accounting for 52 percent; the amount invested in the overseas non-banking sector was USD 635.5 billion, accounting for 48 percent. Among the external liabilities of the banking sector, by instrument, deposits and loans were USD 821.1 billion, bonds investment, USD 264.6 billion, and other liabilities including equity, USD 329.5 billion, accounting for 58 percent, 19 percent and 23 percent of the sector's total external liabilities respectively. By currency, RMB liabilities were USD 521.5 billion, USD liabilities, USD 582.2 billion, and other currency liabilities, USD 311.6 billion, accounting for 37 percent, 41 percent and 22 percent respectively. By counterpart sector, USD 623.8 billion was from overseas banking sector, accounting for 44 percent; while USD 791.4 billion was from overseas non-banking sector, accounting for 56 percent. (End) 2020-12-30/en/2020/1230/1785.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 such changes occurred in December 2020? What will be the future trends? A: China’s foreign exchange reserves hit US$3.2165 trillion by the end of December 2020, up by US$38 billion or 1.2% month on month. In December, China’s foreign exchange market remained stable on the whole, witnessing rational and orderly market transactions. In global financial markets, due to COVID-19 vaccinations as well as monetary and fiscal policies of the major countries, the US Dollar Index fell, while non-dollar currencies and asset prices of the major countries picked up. As China’s foreign exchange reserves are denominated in the US dollar, the non-dollar currencies increased in value after converted into the US dollars, which, coupled with increase in asset prices, contributed to expanding foreign exchange reserves of the month. Looking ahead, as the world economic conditions are complex and challenging, and risks associated with the COVID-19 pandemic cannot be overlooked, global financial markets will still remain considerable uncertainties. But China’s foreign exchange market has the potential to remain at a stable, balanced level and its foreign exchange reserves will be broadly stable. 2021-01-07/en/2021/0107/1790.html
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External Financial Assets and Liabilities of China's Banking Sector (As of September 30 2020) 2020-12-30/en/2020/1230/1786.html
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The branches and administrative offices of the State Administration of Foreign Exchange (SAFE) in all provinces, autonomous regions, and municipalities directly under the central government; the branches in Shenzhen, Dalian, Qingdao, Xiamen, and Ningbo; all designated national Chinese-funded foreign exchange banks; and the China Foreign Exchange Trade System: To further optimize the management of interbank foreign exchange market makers, the SAFE has amended the Guidelines for Interbank Foreign Exchange Market Makers (Huifa No.13 [2013]). Please see the attachment for the amended Guidelines for Interbank Foreign Exchange Market Makers, and implement it. After receiving the Circular, the branches and administrative offices of the SAFE shall timely forward the Cicular to the Chinese-funded and foreign-funded banks within their respective jurisdictions. For any problems arising from implementation, please contact the Balance of Payments Department of the SAFE in a timely manner. Contact Number: 010-68402094. Appendix: Guidelines for Interbank Foreign Exchange Market Makers State Administration of Foreign Exchange January 2, 2021 2021-01-08/en/2021/0108/1792.html
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In first two months of 2021, China’s international trade in goods and services recorded receipts of RMB 3241.9 billion and payments of RMB 2682.5 billion based on statistics of balance of payments (BOP), registering a surplus of RMB 559.4 billion. Specifically, trade in goods registered receipts of RMB 2951.6 billion, payments of RMB 2303.9 billion, recording a surplus of RMB 647.7 billion; trade in services recorded receipts of RMB 290.4 billion, payments of RMB 378.6 billion, resulting in a deficit of RMB 88.3 billion. In the US dollar terms, in first two months of 2021, China's BOP-based receipts and payments of international trade in goods and services were USD 501.1 billion and USD 414.6 billion respectively, registering a surplus of USD 86.5 billion. Specifically, the receipts and payments from trade in goods were USD 456.2 billion and USD 356.1 billion respectively, resulting in a surplus of USD 100.1 billion. Trade in services registered receipts and payments of USD 44.9 billion and USD 58.5 billion respectively, recording a deficit of USD 13.6 billion. (End) International Trade in Goods and Services of China (Based on the BOP statistics) January to February 2021 Item In 100 million of RMB In 100 million of USD Goods and services 5594 865 Credit 32419 5011 Debit -26825 -4146 1. Goods 6477 1001 Credit 29516 4562 Debit -23039 -3561 2. Services -883 -136 Credit 2904 449 Debit -3786 -585 2.1Manufacturing services on physical inputs owned by others 136 21 Credit 142 22 Debit -6 -1 2.2Maintenance and repair services n.i.e 48 7 Credit 76 12 Debit -28 -4 2.3Transport -145 -22 Credit 905 140 Debit -1050 -162 2.4Travel -1063 -164 Credit 109 17 Debit -1172 -181 2.5Construction 22 3 Credit 124 19 Debit -102 -16 2.6Insurance and pension services -63 -10 Credit 46 7 Debit -110 -17 2.7Financial services 20 3 Credit 56 9 Debit -36 -6 2.8Charges for the use of intellectual property -241 -37 Credit 72 11 Debit -313 -48 2.9Telecommunications, computer and information services 3 0 Credit 446 69 Debit -444 -69 2.10Other business services 410 63 Credit 903 139 Debit -492 -76 2.11Personal, cultural, and recreational services -10 -2 Credit 10 2 Debit -21 -3 2.12Government goods and services n.i.e 2 0 Credit 14 2 Debit -13 -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. 2021-03-31/en/2021/0331/1820.html
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In March 2021, China’s international trade in goods and services recorded receipts of RMB 1720.3 billion and payments of RMB 1659.4 billion based on statistics of balance of payments (BOP), registering a surplus of RMB 60.9 billion. Specifically, trade in goods registered receipts of RMB 1542.4 billion, payments of RMB 1425.6 billion, recording a surplus of RMB 116.8 billion; trade in services recorded receipts of RMB 177.8 billion, payments of RMB 233.8 billion, resulting in a deficit of RMB 55.9 billion. In the US dollar terms, in March 2021, China's BOP-based receipts and payments of international trade in goods and services were USD 264.4 billion and USD 255 billion respectively, registering a surplus of USD 9.4 billion. Specifically, the receipts and payments from trade in goods were USD 237.1 billion and USD 219.1 billion respectively, resulting in a surplus of USD 18 billion. Trade in services registered receipts and payments of USD 27.3 billion and USD 35.9 billion respectively, recording a deficit of USD 8.6 billion. (End) International Trade in Goods and Services of China (Based on the BOP statistics) March 2021 Item In 100 million of RMB In 100 million of USD Goods and services 609 94 Credit 17203 2644 Debit -16594 -2550 1. Goods 1168 180 Credit 15424 2371 Debit -14256 -2191 2. Services -559 -86 Credit 1778 273 Debit -2338 -359 2.1Manufacturing services on physical inputs owned by others 71 11 Credit 75 12 Debit -3 -1 2.2Maintenance and repair services n.i.e 21 3 Credit 40 6 Debit -19 -3 2.3Transport -84 -13 Credit 574 88 Debit -657 -101 2.4Travel -504 -77 Credit 64 10 Debit -569 -87 2.5Construction 7 1 Credit 64 10 Debit -57 -9 2.6Insurance and pension services -35 -5 Credit 39 6 Debit -74 -11 2.7Financial services 15 2 Credit 32 5 Debit -18 -3 2.8Charges for the use of intellectual property -209 -32 Credit 111 17 Debit -320 -49 2.9Telecommunications, computer and information services 84 13 Credit 308 47 Debit -224 -34 2.10Other business services 141 22 Credit 453 70 Debit -312 -48 2.11Personal, cultural, and recreational services -11 -2 Credit 10 2 Debit -21 -3 2.12Government goods and services n.i.e -55 -8 Credit 8 1 Debit -64 -10 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. 2021-04-30/en/2021/0430/1824.html
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In the fourth quarter of 2020, China's current account registered a surplus of RMB 817.7 billion, and the capital and financial accounts recorded a deficit of RMB 276.8 billion. The financial account (excluding reserve assets) recorded a deficit of RMB 114.3 billion, and reserve assets increased by RMB 162.8 billion. In 2020, China's current account registered a surplus of RMB 1870.9 billion, and the capital and financial accounts recorded a deficit of RMB 726.6 billion.The financial account (excluding reserve assets) recorded a deficit of RMB 538.3 billion, and reserve assets increased by RMB 187.8 billion. In the US dollar terms, in the fourth quarter, China's current account recorded a surplus of USD 123.8 billion, including a surplus of USD 188.6 billion under trade in goods, a deficit of USD 28.5 billion under trade in services, a deficit of USD 40.5 billion under primary income and a surplus of USD 4.2 billion under secondary income. The capital and financial accounts registered a deficit of USD 41.9 billion, including a deficit of USD 42 million under the capital account, and a deficit of USD 17.3 billion under the financial account (excluding reserve assets), and reserve assets increased by USD 24.6 billion. In the US dollar terms, in 2020, China's current account recorded a surplus of USD 274 billion, including a surplus of USD 515 billion under trade in goods, a deficit of USD 145.3 billion under trade in services, a deficit of USD 105.2 billion under primary income and a surplus of USD 9.5 billion under secondary income. The capital and financial accounts recorded a deficit of USD 105.8 billion, including a deficit of USD 77 million under the capital account, a deficit of USD 77.8 billion under the financial account (excluding reserve assets), and reserve assets increased by USD 28 billion. In SDR terms, in the fourth quarter, China posted a surplus of SDR 86.9 billion under the current account, and a deficit of SDR 29.4 billion under the capital and financial accounts. The financial account (excluding reserve assets) registered a deficit of SDR 12.1 billion, and reserve assets increased by SDR 17.3 billion. In SDR terms, in 2020, China posted a surplus of SDR 194.4 billion under the current account, and a deficit of SDR 75.1 billion under the capital and financial accounts. The financial account (excluding reserve assets) registered a deficit of SDR 55.8 billion, and reserve assets increased by SDR 19.3 billion. The SAFE has revised the BOP data for each quarter since 2015 according to the latest data and released it through the section of "Data and Statistics" at the official website of the SAFE. In addition, in order to facilitate understanding of the data of Balance of Payments and International Investment Position among all data users, the BOP Analysis Team of the SAFE released China’s Balance of Payments Report 2020. (End) Abridged Balance of Payments, Q4 2020 Item Line No. RMB 100 million USD 100 million SDR 100 million 1. Current Account 1 8,177 1,238 869 Credit 2 58,457 8,848 6,212 Debit 3 -50,280 -7,610 -5,343 1. A Goods and Services 4 10,579 1,601 1,124 Credit 5 53,705 8,128 5,707 Debit 6 -43,126 -6,527 -4,582 1.A.a Goods 7 12,461 1,886 1,324 Credit 8 49,238 7,452 5,232 Debit 9 -36,777 -5,566 -3,908 1.A.b Services 10 -1,882 -285 -200 Credit 11 4,467 676 475 Debit 12 -6,349 -961 -675 1.B Primary Income 13 -2,678 -405 -285 Credit 14 4,049 613 430 Debit 15 -6,727 -1,018 -715 1.C Secondary Income 16 276 42 29 Credit 17 703 106 75 Debit 18 -427 -65 -45 2. Capital and Financial Account 19 -2,768 -419 -294 2.1 Capital Account 20 3 0.4 0 Credit 21 4 1 0 Debit 22 -1 0 0 2.2 Financial Account 23 -2,771 -419 -294 Assets 24 -14,859 -2,249 -1,579 Liabilities 25 12,088 1,830 1,284 2.2.1 Financial Account Excluding Reserve Assets 26 -1,143 -173 -121 2.2.1.1 Direct Investment 27 3,730 565 396 Assets 28 -1,963 -297 -209 Liabilities 29 5,694 862 605 2.2.1.2 Portfolio Investment 30 3,580 542 380 Assets 31 -3,738 -566 -397 Liabilities 32 7,318 1,108 778 2.2.1.3 Financial Derivatives (other than reserves) and Employee Stock Options 33 2 0 0 Assets 34 99 15 10 Liabilities 35 -97 -15 -10 2.2.1.4 Other Investment 36 -8,455 -1,280 -898 Assets 37 -7,629 -1,155 -811 Liabilities 38 -826 -125 -88 2.2.2 Reserve Assets 39 -1,628 -246 -173 3. Net Errors and Omissions 40 -5,409 -819 -575 Notes: 1. The statement is compiled according to BPM6. Reserve assets are included in capital and financial accounts. 2. "Credit" is presented as positive value while "debit" as negative value, and the difference is the sum of the "Credit" and the "Debit". All items herein refer to difference, unless marked with "Credit" or "Debit". 3. The RMB denominated quarterly BOP data is converted from the USD denominated BOP data for the quarter using the quarterly average middle rate of RMB against USD. The quarterly accumulated RMB denominated BOP data is derived from the sum total of the RMB denominated data for the quarters. 4. The SDR denominated quarterly BOP data is converted from the USD denominated BOP data for the quarter using the quarterly average middle rate of SDR against USD. The quarterly accumulated SDR denominated BOP data is derived from the sum total of the SDR denominated data for the quarters. 5. This statement employs rounded-off numbers. 6. For detailed data, please see the section of “Data and Statistics” at the website of the SAFE. 7. The BOP data is revised regularly; please find the latest data in “Data and Statistics”. Abridged Balance of Payments, 2020 Item Line No. RMB 100 million USD 100 million SDR 100 million 1. Current Account 1 18,709 2,740 1,944 Credit 2 207,187 30,117 21,658 Debit 3 -188,478 -27,377 -19,715 1. A Goods and Services 4 25,267 3,697 2,629 Credit 5 187,926 27,324 19,651 Debit 6 -162,659 -23,627 -17,021 1.A.a Goods 7 35,311 5,150 3,681 Credit 8 171,737 24,972 17,956 Debit 9 -136,426 -19,822 -14,275 1.A.b Services 10 -10,044 -1,453 -1,052 Credit 11 16,189 2,352 1,695 Debit 12 -26,233 -3,805 -2,746 1.B Primary Income 13 -7,204 -1,052 -753 Credit 14 16,673 2,417 1,736 Debit 15 -23,876 -3,469 -2,490 1.C Secondary Income 16 645 95 68 Credit 17 2,588 376 271 Debit 18 -1,943 -281 -203 2. Capital and Financial Account 19 -7,266 -1,058 -751 2.1 Capital Account 20 -6 -1 -1 Credit 21 11 2 1 Debit 22 -17 -2 -2 2.2 Financial Account 23 -7,260 -1,058 -751 Assets 24 -42,918 -6,263 -4,477 Liabilities 25 35,657 5,206 3,726 2.2.1 Financial Account Excluding Reserve Assets 26 -5,383 -778 -558 2.2.1.1 Direct Investment 27 6,938 1,026 730 Assets 28 -7,572 -1,099 -790 Liabilities 29 14,510 2,125 1,521 2.2.1.2 Portfolio Investment 30 5,912 873 608 Assets 31 -11,472 -1,673 -1,206 Liabilities 32 17,384 2,547 1,814 2.2.1.3 Financial Derivatives (other than reserves) and Employee Stock Options 33 -800 -114 -83 Assets 34 -490 -69 -51 Liabilities 35 -310 -45 -32 2.2.1.4 Other Investment 36 -17,433 -2,562 -1,813 Assets 37 -21,506 -3,142 -2,236 Liabilities 38 4,073 579 424 2.2.2 Reserve Assets 39 -1,878 -280 -193 3. Net Errors and Omissions 40 -11,443 -1,681 -1,192 Notes: 1. The statement is compiled according to BPM6. Reserve assets are included in capital and financial accounts. 2. "Credit" is presented as positive value while "debit" as negative value, and the difference is the sum of the "Credit" and the "Debit". All items herein refer to difference, unless marked with "Credit" or "Debit". 3. The RMB denominated quarterly BOP data is converted from the USD denominated BOP data for the quarter using the quarterly average middle rate of RMB against USD. The quarterly accumulated RMB denominated BOP data is derived from the sum total of the RMB denominated data for the quarters. 4. The SDR denominated quarterly BOP data is converted from the USD denominated BOP data for the quarter using the quarterly average exchange rate of SDR against USD. The quarterly accumulated SDR denominated BOP data is derived from the sum total of the SDR denominated data for the quarters. 5. This statement employs rounded-off numbers. 6. For detailed data, please see the section of “Data and Statistics” at the website of the SAFE. 7. The BOP data is revised regularly; please find the latest data in “Data and Statistics”. 2021-03-26/en/2021/0326/1816.html