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China Balance of Payment Report(2020) 2022-08-11/en/2022/0811/1984.html
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The State Administration of Foreign Exchange (SAFE) has recently released data on foreign exchange settlement and sales by banks as well as cross-border receipts and payments by non-banking sectors in December and the whole year of 2022. The SAFE Deputy Administrator and Press Spokesperson Wang Chunying answered media questions on China’s foreign exchange receipts and payments of 2022. 1. Could you brief us on China’s current foreign exchange receipts and payments? What are the prominent features and new changes? In 2022, under the firm guidance of the CPC Central Committee, with Comrade Xi Jinping as its core, China made significant efforts to coordinate epidemic prevention and control with economic and social development. This was done in response to the complex and grave international situation. With enhanced macro-control efforts and rapid responses to the impacts of unexpected factors, China has made new achievements in its high-quality development and has achieved a good start in the “14th Five-Year Plan”. The RMB exchange rate fluctuated in both directions with increased flexibility, and remained basically stable at a reasonable and balanced level. China’s cross-border capital flows were generally balanced throughout the year, the main features of which were as follows: First, the foreign exchange settlement and sales by banks and cross-border receipts and payments by non-banking sectors both recorded a surplus throughout the year, and the supply and demand in the foreign exchange market remained basically balanced. In 2022, the surpluses registered by the foreign exchange settlement and sales by banks as well as cross-border receipts and payments by non-banking sectors were USD 107.3 billion and USD 76.3 billion, respectively. Recently, driven by both internal and external factors, China’s foreign exchange market has become more stable. In December, the foreign exchange settlement and sales by banks registered a surplus of USD 7 billion, while the foreign-related receipts and payments by non-banking sectors posted a surplus of USD 23.1 billion. Considering other supply and demand factors comprehensively, the overall supply and demand of China’s foreign exchange market maintained a basic balance in 2022. Second, market expectations remained generally stable, and the transactions in China’s foreign exchange market were rational and orderly. Under the complex and changeable internal and external environment, the fluctuation range of relevant indicators reflecting RMB exchange rate expectations in the forward and options markets was under control, with no sustained strong unilateral trend. It showed that market players’ expectations for exchange rates were generally stable. In addition, their foreign exchange settlement and sales, as well as their foreign-related receipts and payments, were reasonable and orderly. The willingness of market players to settle foreign exchange was basically stable, and the rational trading mode of “settling foreign exchange at high prices” was generally maintained. In 2022, the foreign exchange settlement rate, the measurement of customers’ desire to settle foreign exchange, or the ratio of foreign exchange sold by customers to banks to foreign exchange received by customers, reached 67%, which was 1 percentage point higher than that of 2021. Enterprises took the initiative to use their own foreign exchange for external payments, and their willingness to hold foreign exchange was relatively stable. At the end of November 2022, the balance of domestic foreign exchange deposits of market entities such as enterprises and individuals was USD 639.6 billion, a decrease of USD 56.2 billion from the end of 2021. Third, the net inflows of cross-border capital under trade in goods and foreign direct investment played a leading role in stabilizing cross-border capital flows. With a growth rate of 45% from 2021 to 2022, the net inflow of cross-border capital under trade in goods reached a record high in 2022, demonstrating the resilience of development in China’s foreign trade. Besides, the scale of net inflow of cross-border capital under foreign direct investment has remained relatively high, significantly higher than the level in 2019 before the epidemic. Additionally, based on statistics from the Ministry of Commerce, China’s actual use of foreign capital from January to November was USD 178.1 billion, a year-on-year increase of 12%. It indicated that China had a relatively strong appeal to the foreign capital due to its economic development prospects and a huge consumer market. Fourth, foreign investors recently resumed investments in China’s securities market. According to the SAFE’s statistics, in December 2022, the net increase in China’s domestic bond and stock holdings by foreign investors was USD 7.3 billion and USD 8.4 billion, respectively. According to the latest data, the participation of foreign capital in China’s domestic securities market has remained active recently, and in the first half of January 2023, their net purchase of China’s domestic stocks and bonds totaled approximately USD 12.6 billion. 2. In 2022, China’s foreign exchange receipts and payments remained generally stable in the complex and severe external environment. What do you think are the main reasons? In 2022, affected by multiple factors such as “high inflation” and “tight monetary policy” in major economies, the international financial market fluctuated violently. Global stock and bond indices fell sharply, and the US-dollar index hit a 20-year high while the Euro, Yen, Pound, and other major international currencies all hit new lows in the past two to three decades. Nonetheless, the operation of China’s foreign exchange market has generally withstood the test. The RMB exchange rate was relatively stable among the world’s major currencies, and China’s cross-border capital flows became more balanced. This is mainly due to two supporting factors, in the form of two “enhanced resilience”. On the one hand, China’s domestic economy, especially the foreign-related economy, has become more resilient, and the stable operation of the balance of payments has been effectively guaranteed. First, the balance of payments surplus in the current account and direct investment, has played a leading role in stabilizing cross-border capital flows. In the first three quarters of 2022, China’s current account surplus recorded USD 310.7 billion, marking the highest value ever, and its ratio to Gross Domestic Product (GDP) reached 2.4%, which was within a reasonable and balanced range. At the same time, foreign direct investment maintained a net inflow, which was a result of China’s advantages in the industrial chain, supply chain, and the unified national market, as well as positive effect of policy measures such as stabilizing foreign trade and foreign investment. Second, the external debt structure was generally optimized, and risks were generally controllable. In recent years, the external debt type structures, currency structures, and maturity structures have been optimized. The adjustment of traditional external financing, such as deposits and loans, has been relatively stable. On the other hand, the resilience of the foreign exchange market has been enhanced, and its ability to adapt to changes in the external environment has been greatly enhanced. First, the continuous improvement of the RMB exchange rate formation mechanism and the gradual increase in the flexibility of the exchange rate helped release external pressure in a timely manner, and the RMB exchange rate’s role of automatic stabilizers in adjusting the balance of payments also became more obvious. Second, the increasing proportion of RMB in cross-border usage was conducive to reducing the risks of currency mismatch in cross-border transactions. In 2022, RMB payments accounted for nearly 50% of China’s cross-border payments, an increase of more than 20 percentage points from 2016. Third, market entities took the initiative to manage exchange rate risks and carry out more hedging operations, significantly enhancing their adaptability to exchange rate fluctuations. In 2022, the foreign exchange hedging ratio of enterprises reached 24%, an increase of 11 percentage points from 2016. In addition, the two-pronged “macro-prudential management and micro regulation” framework for managing the foreign exchange market has been continuously improved, providing a benign and healthy market environment for the smooth flow of cross-border funds and rational transactions in the foreign exchange market. 3. What are your expectations for China’s foreign exchange receipts and payments in 2023? While the outside world’s outlook remains uncertain, China’s domestic economy is anticipated to improve overall in 2023. China’s foreign exchange market has the foundation and conditions to maintain stable operation, and the cross-border capital flows will be more stable. China’s domestic economic fundamentals are the decisive factors in stabilizing cross-border capital flows. China maintained strong resilience, great potential, and vitality in the economy with its sound long-term economic fundamentals unchanged. As the effects of various policies, such as optimizing epidemic prevention and control and stabilizing economic growth, continue to emerge, China’s economic operation is expected to rebound in general in 2023. The latest forecast data from major international organizations and institutions show that China may become the only major economy showing a rebound in economic growth in the context of slowing global economic growth. Meanwhile, China insists on promoting high-level opening up to the outside world, continuously improving the level of cross-border trade and investment and financing facilitation, and increasing efforts to attract foreign investment. Moreover, it will also continue to create a favorable policy environment for cross-border capital flows. In addition, the inflation data of major developed economies have recently fallen, and the downward pressure on the economy has increased. We might see a slowdown in the tightening of monetary policy, and a consequential marginal weakening of the spillover effects. In 2023, the main influence channels of China’s cross-border capital flows are expected to become more stable. On the one hand, the current account will maintain a surplus at a reasonable scale and remain within the equilibrium range. Under the item of trade in goods, as China’s overall planning for epidemic prevention and control with economic and social development have shown results, the stable foundation of the industrial chain and supply chain will be more consolidated. At the same time, the transformation and upgrading of the manufacturing industry and the continuous promotion of regional trade cooperation will also help to improve the competitiveness of trade products, promote the diversification of export markets, and develop new cross-border trade forms. As a result, China’s trade in goods is expected to maintain a relatively high-scale surplus. Under the item of service trade, in recent years, China’s manufacturing and service industries have experienced integrated development. Notably, the rapid development of productive services trade, especially emerging services such as computer information and business services, will drive the growth of related service trade exports. On the other hand, cross-border capital flows under the capital account are expected to be more stable. Foreign direct investment in China has maintained steady development while China’s outward direct investment continues to be reasonable and orderly, which helps direct investment continue the overall surplus pattern. China’s external debt structure has been optimized recently, and the volatility of cross-border company financing has diminished. This trend appears to be stable going forward. Moreover, as China’s economic growth continues to firm up, the attractiveness of RMB assets will be strengthened, and the risk-averse nature of RMB assets will be enhanced. With the support of these factors, foreign capital will continue to invest in China’s securities market steadily. 2023-01-18/en/2023/0118/2046.html
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In the fourth quarter of 2022, China's current account registered a surplus of RMB 759.0 billion, including a surplus of RMB 1166.8 billion under trade in goods, a deficit of RMB 204.4 billion under trade in services, a deficit of RMB 223.1 billion under primary income, and a surplus of RMB 19.8 billion under secondary income. In the capital and financial accounts, foreign direct investments recorded a deficit of RMB 115.7 billion, and reserve assets increased by RMB 301.5 billion. In 2022, China's current account registered a surplus of RMB 2821.0 billion, including a surplus of RMB 4624.0 billion under trade in goods, a deficit of RMB 640.5 billion under trade in services, a deficit of RMB 1299.2 billion under primary income, and a surplus of RMB 136.7 billion under secondary income. In the capital and financial accounts, foreign direct investments recorded a surplus of RMB 183.8 billion, and reserve assets increased by RMB 683.8 billion. In the US dollar terms, in the fourth quarter of 2022, China's current account recorded a surplus of USD 106.8 billion, including a surplus of USD 164.1 billion under trade in goods, a deficit of USD 28.8 billion under trade in services, a deficit of USD 31.3 billion under primary income, and a surplus of USD 2.8 billion under secondary income. In the capital and financial accounts, foreign direct investments recorded a deficit of USD 16.3 billion, and reserve assets increased by USD 42.3 billion. In the US dollar terms, in 2022, China's current account recorded a surplus of USD 417.5 billion, including a surplus of USD 685.6 billion under trade in goods, a deficit of USD 94.3 billion under trade in services, a deficit of USD 194.2 billion under primary income, and a surplus of USD 20.5 billion under secondary income. In the capital and financial accounts, foreign direct investments recorded a surplus of USD 32.3 billion, and reserve assets increased by USD 100.0 billion. In SDR terms, in the fourth quarter of 2022, China posted a surplus of SDR 81.9 billion under the current account, including a surplus of SDR 125.9 billion under trade in goods, a deficit of SDR 22.0 billion under trade in services. In the capital and financial accounts, foreign direct investments recorded a deficit of SDR 12.4 billion, and reserve assets increased by SDR 32.5 billion. In SDR terms, in 2022, China posted a surplus of SDR 313.4 billion under the current account, including a surplus of SDR 513.9 billion under trade in goods, a deficit of SDR 71.0 billion under trade in services. In the capital and financial accounts, foreign direct investments recorded a surplus of SDR 21.6 billion, and reserve assets increased by SDR 75.4 billion. (End) China's Balance of Payments (Preliminary Data) Unit: RMB 100 million Item Line No. 2022 Q4 2022 1. Current account 1 7590 28210 Credit 2 69752 267169 Debit 3 -62161 -238959 1. A Goods and Services 4 9624 39835 Credit 5 65309 251202 Debit 6 -55685 -211367 1.A.a Goods 7 11668 46240 Credit 8 59288 226497 Debit 9 -47620 -180257 1.A.b Services 10 -2044 -6405 Credit 11 6021 24705 Debit 12 -8065 -31110 1.A.b.1 Processing services 13 255 907 Credit 14 267 963 Debit 15 -12 -56 1.A.b.2 Maintenance and Repair Services 16 71 267 Credit 17 164 559 Debit 18 -92 -293 1.A.b.3 Transport 19 -982 -1597 Credit 20 1996 9765 Debit 21 -2978 -11362 1.A.b.4 Travel 22 -1979 -7234 Credit 23 176 646 Debit 24 -2155 -7880 1.A.b.5 Construction 25 168 451 Credit 26 286 959 Debit 27 -117 -508 1.A.b.6 Insurance and Pension Services 28 -136 -952 Credit 29 106 304 Debit 30 -242 -1256 1.A.b.7 Financial Services 31 33 79 Credit 32 96 344 Debit 33 -63 -265 1.A.b.8 Charges for the Use of Intellectual Property 34 -520 -2096 Credit 35 207 891 Debit 36 -727 -2986 1.A.b.9 Telecommunications, Computer, and Information Services 37 289 1184 Credit 38 917 3731 Debit 39 -628 -2547 1.A.b.10 Other Business Services 40 794 2802 Credit 41 1758 6338 Debit 42 -964 -3536 1.A.b.11 Personal, Cultural, and Recreational Services 43 -35 -85 Credit 44 23 92 Debit 45 -58 -177 1.A.b.12 Government Goods and Services n.i.e 46 -1 -130 Credit 47 26 113 Debit 48 -27 -243 1.B Primary Income 49 -2231 -12992 Credit 50 3864 12874 Debit 51 -6096 -25867 1.C Secondary Income 52 198 1367 Credit 53 578 3093 Debit 54 -381 -1726 2. Capital and Financial Accounts (Including Net Errors and Omissions for the Quarter) 55 -7590 -25538 2.1 Capital Account 56 0 -21 Credit 57 3 14 Debit 58 -3 -35 2.2. Financial Account (Including Net Errors and Omissions for the Quarter) 59 -7590 -25517 2.2.1 Financial Account (Excluding Reserve Assets, But Including Net Errors and Omissions for the Quarter) 60 -4576 -18679 Including: 2.2.1.1 Direct Investment 61 -1157 1838 2.2.1.1.1 Assets 62 -3172 -10643 2.2.1.1.2 Liabilities 63 2015 12481 2.2.2 Reserve Assets 64 -3015 -6838 2.2.2.1 Monetary gold 65 -249 -249 2.2.2.2 Special drawing rights 66 -49 126 2.2.2.3 Reserve position in the IMF 67 -63 -16 2.2.2.4 Foreign exchange reserves 68 -2653 -6699 2.2.2.5 Other reserves 69 0 0 3. Net Errors and Omissions 70 / -2672 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 period average central parity rate of RMB against USD. 4.The preliminary amount for 2022 is the sum of the official amounts of the BOP for the first three quarters of 2022and the preliminary amount for 2022Q4. China's Balance of Payments (Preliminary Data) Unit: USD 100 million Item Line No. 2022 Q4 2022 1. Current account 1 1068 4175 Credit 2 9815 39696 Debit 3 -8747 -35520 1. A Goods and Services 4 1354 5913 Credit 5 9189 37329 Debit 6 -7836 -31416 1.A.a Goods 7 1641 6856 Credit 8 8341 33646 Debit 9 -6700 -26790 1.A.b Services 10 -288 -943 Credit 11 848 3682 Debit 12 -1136 -4625 1.A.b.1 Processing services 13 36 135 Credit 14 38 143 Debit 15 -2 -8 1.A.b.2 Maintenance and Repair Services 16 10 40 Credit 17 23 83 Debit 18 -13 -43 1.A.b.3 Transport 19 -138 -228 Credit 20 281 1460 Debit 21 -419 -1688 1.A.b.4 Travel 22 -279 -1076 Credit 23 25 96 Debit 24 -304 -1172 1.A.b.5 Construction 25 24 66 Credit 26 40 142 Debit 27 -17 -76 1.A.b.6 Insurance and Pension Services 28 -19 -142 Credit 29 15 45 Debit 30 -34 -187 1.A.b.7 Financial Services 31 5 12 Credit 32 14 51 Debit 33 -9 -39 1.A.b.8 Charges for the Use of Intellectual Property 34 -73 -312 Credit 35 29 133 Debit 36 -102 -445 1.A.b.9 Telecommunications, Computer, and Information Services 37 41 176 Credit 38 129 556 Debit 39 -88 -380 1.A.b.10 Other Business Services 40 112 418 Credit 41 248 943 Debit 42 -136 -525 1.A.b.11 Personal, Cultural, and Recreational Services 43 -5 -12 Credit 44 3 14 Debit 45 -8 -26 1.A.b.12 Government Goods and Services n.i.e 46 0 -19 Credit 47 4 17 Debit 48 -4 -36 1.B Primary Income 49 -313 -1942 Credit 50 544 1904 Debit 51 -857 -3847 1.C Secondary Income 52 28 205 Credit 53 82 463 Debit 54 -54 -258 2. Capital and Financial Accounts (Including Net Errors and Omissions for the Quarter) 55 -1068 -3771 2.1 Capital Account 56 0 -3 Credit 57 0 2 Debit 58 0 -5 2.2. Financial Account (Including Net Errors and Omissions for the Quarter) 59 -1068 -3767 2.2.1 Financial Account (Excluding Reserve Assets, But Including Net Errors and Omissions for the Quarter) 60 -645 -2768 Including: 2.2.1.1 Direct Investment 61 -163 323 2.2.1.1.1 Assets 62 -447 -1580 2.2.1.1.2 Liabilities 63 284 1903 2.2.2 Reserve Assets 64 -423 -1000 2.2.2.1 Monetary gold 65 -35 -35 2.2.2.2 Special drawing rights 66 -7 19 2.2.2.3 Reserve position in the IMF 67 -9 -2 2.2.2.4 Foreign exchange reserves 68 -372 -982 2.2.2.5 Other reserves 69 0 0 3. Net Errors and Omissions 70 / -405 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 2022 is the sum of the official amounts of the first three quarters of BOP and the preliminary amount for 2022Q4. 4.This table employs rounded-off numbers. China's Balance of Payments (PreliminaryData) Unit: SDR 100 million Item Line No. 2022 Q4 2022 1. Current account 1 819 3134 Credit 2 7526 29700 Debit 3 -6707 -26565 1. A Goods and Services 4 1039 4430 Credit 5 7047 27926 Debit 6 -6008 -23496 1.A.a Goods 7 1259 5139 Credit 8 6397 25177 Debit 9 -5138 -20038 1.A.b Services 10 -220 -710 Credit 11 650 2749 Debit 12 -870 -3459 1.A.b.1 Processing services 13 27 101 Credit 14 29 107 Debit 15 -1 -6 1.A.b.2 Maintenance and Repair Services 16 8 30 Credit 17 18 62 Debit 18 -10 -32 1.A.b.3 Transport 19 -106 -175 Credit 20 215 1088 Debit 21 -321 -1263 1.A.b.4 Travel 22 -213 -804 Credit 23 19 72 Debit 24 -233 -876 1.A.b.5 Construction 25 18 50 Credit 26 31 107 Debit 27 -13 -57 1.A.b.6 Insurance and Pension Services 28 -15 -106 Credit 29 11 34 Debit 30 -26 -140 1.A.b.7 Financial Services 31 4 9 Credit 32 10 38 Debit 33 -7 -29 1.A.b.8 Charges for the Use of Intellectual Property 34 -56 -233 Credit 35 22 99 Debit 36 -78 -332 1.A.b.9 Telecommunications, Computer, and Information Services 37 31 132 Credit 38 99 415 Debit 39 -68 -283 1.A.b.10 Other Business Services 40 86 311 Credit 41 190 704 Debit 42 -104 -393 1.A.b.11 Personal, Cultural, and Recreational Services 43 -4 -9 Credit 44 2 10 Debit 45 -6 -20 1.A.b.12 Government Goods and Services n.i.e 46 0 -15 Credit 47 3 13 Debit 48 -3 -27 1.B Primary Income 49 -241 -1448 Credit 50 417 1429 Debit 51 -658 -2877 1.C Secondary Income 52 21 153 Credit 53 62 345 Debit 54 -41 -192 2. Capital and Financial Accounts (Including Net Errors and Omissions for the Quarter) 55 -819 -2839 2.1 Capital Account 56 0 -2 Credit 57 0 2 Debit 58 0 -4 2.2. Financial Account (Including Net Errors and Omissions for the Quarter) 59 -819 -2837 2.2.1 Financial Account (Excluding Reserve Assets, But Including Net Errors and Omissions for the Quarter) 60 -494 -2083 Including: 2.2.1.1 Direct Investment 61 -124 216 2.2.1.1.1 Assets 62 -342 -1182 2.2.1.1.2 Liabilities 63 218 1398 2.2.2 Reserve Assets 64 -325 -754 2.2.2.1 Monetary gold 65 -27 -27 2.2.2.2 Special drawing rights 66 -5 14 2.2.2.3 Reserve position in the IMF 67 -7 -1 2.2.2.4 Foreign exchange reserves 68 -286 -740 2.2.2.5 Other reserves 69 0 0 3. Net Errors and Omissions 70 / -295 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 period average exchange rate of SDR against USD. 4. The preliminary amount for 2022 is the sum of the official amounts of the BOP for the first three quarters of 2022 and the preliminary amount for 2022Q4. 5. This table employs rounded-off numbers. 2023-02-10/en/2023/0210/2047.html
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As shown in the statistics of the State Administration of Foreign Exchange (SAFE), in January 2023, the amount of foreign exchange settlement and sales by banks was RMB 1191.3 billion and RMB 1174.4 billion, respectively. In the US dollar terms, in January 2023, the amount of foreign exchange settlement and sales by banks was USD 175.3 billion and USD 172.8 billion, respectively. In January 2023, the amount of cross-border receipts and payments by non-banking sectors was RMB 3029.5 billion and RMB 2790.7 billion, respectively. In the US dollar terms, in January 2023, the amount of cross-border receipts and payments by non-banking sectors was USD 445.7 billion and USD 410.5 billion, respectively. Addendum: Glossary and relevant definitions Balance of payments (BOP) refers to all economic transactions between residents and non-residents. Foreign exchange settlement and sales by banks refers to settlement and sale transaction that bank executes for customers and for the banks themselves, including statistic data on settlements of forward contracts for foreign exchange settlement and sales and the exercises of option, and excluding the transactions in the interbank foreign exchange market. The statistic reporting date of Foreign exchange settlement and sales by banks should be the trade day of the Foreign exchange settlement and sales transaction. By definition, foreign exchange settlement means that foreign exchange holders sell foreign exchange to banks, and foreign exchange sales means that banks sell foreign exchange to foreign exchange buyers. The newly signed contract amount of forward foreign exchange settlement and sales refers to the binding forward contract between a bank and its client that predetermines foreign exchange currency, amount, exchange rate and tenor which to be executed upon maturity. The unwind amount of forward foreign exchange settlement and sales refers to, where client is unable to perform the original forward contract due to change in its real demand, client to fully or partially close its forward position by executing another deal with opposite direction to the original contract. The rolling amount of forward foreign exchange settlement and sales refers to client to adjust the settlement date of original contract due to change in its real demand. The outstanding amount of forward foreign exchange settlement and sales by the end of the current period refers to the total amount of forward contracts accumulated from all non-matured forward contracts with client. The net Delta exposure of outstanding options refers to the implied foreign exchange spot risk exposure from outstanding option contracts that bank executed with client. The cross-border receipts and payments by non-banking sectors refers to the receipts and payments between domestic non-banking sectors (including institutional and individual residents) and non-residents through domestic banks, excluding receipts and payments in cash. In particular, the statistics includes cross-border receipts and payments between non-banking sectors and non-residents through domestic banks (including RMB and foreign currency), and domestic receipts and payments between non-banking sectors and non-residents through domestic banks (temporarily excluding domestic receipts and payments in RMB between individual residents and non-resident individuals). Data are collected when customers conduct receipts and payments with non-resident counterparties at domestic banks. Specifically, the receipts refer to the capital of non-banking sectors received from non-residents via domestic banks; the payments refer to the capital of non-banking sectors paid to non-residents via domestic banks. 2023-02-15/en/2023/0215/2049.html
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In January 2023, the export and import of China’s international trade in services totalled RMB 459.5 billion. Of this, the export recorded RMB 177.4 billion and the import recorded RMB 282.1 billion, resulting in a deficit of RMB 104.8 billion. In terms of the major items, the export and import of transport, travel, other business services and telecommunications, computer and information services registered RMB 143.0 billion, RMB 109.1 billion, RMB 87.1 billion and RMB 56.3 billion respectively. In the US dollar terms, in January 2023, China's international trade in services registered export of USD 26.1 billion and import of USD 41.5 billion, resulting in a deficit of USD 15.4 billion. (End) International Trade in Services of China January 2023 Item In 100 million of RMB In 100 million of USD 1. Services -1048 -154 Credit 1774 261 Debit -2821 -415 1.1Manufacturing services on physical inputs owned by others 66 10 Credit 71 10 Debit -5 -1 1.2Maintenance and repair services n.i.e 17 2 Credit 44 6 Debit -27 -4 1.3Transport -419 -62 Credit 506 74 Debit -924 -136 1.4Travel -983 -145 Credit 54 8 Debit -1037 -153 1.5Construction 32 5 Credit 75 11 Debit -43 -6 1.6Insurance and pension services -40 -6 Credit 32 5 Debit -73 -11 1.7Financial services 17 2 Credit 32 5 Debit -15 -2 1.8Charges for the use of intellectual property -114 -17 Credit 36 5 Debit -150 -22 1.9Telecommunications, computerand information services 26 4 Credit 294 43 Debit -268 -39 1.10Other business services 363 53 Credit 617 91 Debit -254 -37 1.11Personal, cultural, and recreational services -8 -1 Credit 5 1 Debit -13 -2 1.12Government goods and services n.i.e -5 -1 Credit 7 1 Debit -12 -2 Notes: 1. As the Customs statistics of trade in goods for January 2022 will be disseminated together with data for February 2022 in March 2022, international trade in goods for January 2022 will be disseminated together with data for February 2022 as well. 2. The trade in 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. 3. The data on international trade in services are prepared in USD, and the RMB data for thecurrent month is derived by converting the USD data at the monthly average central parity rate of the RMB against the USD. 4. This table employs rounded-off numbers. Definition of Indicators: 1. 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. 1.1 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 isnot 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. 1.2 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. 1.3 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 postaland 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. 1.4 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. 1.5 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. 1.6 Insurance and pension services: refers to various insurance services and commission to agents related with insurance transaction. The credit side records the life insurance and annuity, non-lifeinsurance, reinsurance, standardized guarantee services and relevant supporting services supplied by the Chinese residents to non-residents, and vice versa for debit side. 1.7 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. 1.8 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. 1.9 Telecommunications, computer and information services: refer tocommunications services between residents and non-residents and transactions of services related to computer data and news, excluding commercial services delivered via telephone, computer and Internet. The credit side records the telecommunications, computer and information services supplied by residents to non-residents, and vice versa for debit side. 1.10 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. 1.11 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. 1.12 Government goods and services n.i.e: refer to various goods and services provided and purchased by governments and international organizations not included in other categories of goods and services. The credit side records the goods and services not included elsewhere and supplied by the Chinese residents to non-residents, and vice versa for debit side. 2023-02-24/en/2023/0224/2050.html
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Selected Transactions in the Chinese Foreign Exchange Market in 2023 (in RMB) Selected Transactions in the Chinese Foreign Exchange Market in 2023 (in USD) 2024-01-26/en/2023/0224/2051.html
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As shown in the statistics of the State Administration of Foreign Exchange (SAFE), in February 2023, the amount of foreign exchange settlement and sales by banks was RMB 1249.3 billion and RMB 1262.0 billion, respectively. During January to February 2023, the accumulative amount of foreign exchange settlement and sales by banks was RMB 2440.6 billion and RMB 2436.4 billion, respectively. In the US dollar terms, in February 2023, the amount of foreign exchange settlement and sales by banks was USD 182.9 billion and USD 184.8 billion, respectively. During January to February 2023, the accumulative amount of foreign exchange settlement and sales by banks was USD 358.2 billion and USD 357.5 billion, respectively. In February 2023, the amount of cross-border receipts and payments by non-banking sectors was RMB 3211.5 billion and RMB 3237.3 billion, respectively. During January to February 2023, the accumulative amount of cross-border receipts and payments by non-banking sectors was RMB 6241.0 billion and RMB 6028.0 billion, respectively. In the US dollar terms, in February 2023, the amount of cross-border receipts and payments by non-banking sectors was USD 470.2 billion and USD 474.0 billion, respectively. During January to February 2023, the accumulative amount of cross-border receipts and payments by non-banking sectors was USD 915.9 billion and USD 884.6 billion, respectively. Addendum: Glossary and relevant definitions Balance of payments (BOP) refers to all economic transactions between residents and non-residents. Foreign exchange settlement and sales by banks refers to settlement and sale transaction that bank executes for customers and for the banks themselves, including statistic data on settlements of forward contracts for foreign exchange settlement and sales and the exercises of option, and excluding the transactions in the interbank foreign exchange market. The statistic reporting date of Foreign exchange settlement and sales by banks should be the trade day of the Foreign exchange settlement and sales transaction. By definition, foreign exchange settlement means that foreign exchange holders sell foreign exchange to banks, and foreign exchange sales means that banks sell foreign exchange to foreign exchange buyers. The newly signed contract amount of forward foreign exchange settlement and sales refers to the binding forward contract between a bank and its client that predetermines foreign exchange currency, amount, exchange rate and tenor which to be executed upon maturity. The unwind amount of forward foreign exchange settlement and sales refers to, where client is unable to perform the original forward contract due to change in its real demand, client to fully or partially close its forward position by executing another deal with opposite direction to the original contract. The rolling amount of forward foreign exchange settlement and sales refers to client to adjust the settlement date of original contract due to change in its real demand. The outstanding amount of forward foreign exchange settlement and sales by the end of the current period refers to the total amount of forward contracts accumulated from all non-matured forward contracts with client. The net Delta exposure of outstanding options refers to the implied foreign exchange spot risk exposure from outstanding option contracts that bank executed with client. The cross-border receipts and payments by non-banking sectors refers to the receipts and payments between domestic non-banking sectors (including institutional and individual residents) and non-residents through domestic banks, excluding receipts and payments in cash. In particular, the statistics includes cross-border receipts and payments between non-banking sectors and non-residents through domestic banks (including RMB and foreign currency), and domestic receipts and payments between non-banking sectors and non-residents through domestic banks (temporarily excluding domestic receipts and payments in RMB between individual residents and non-resident individuals). Data are collected when customers conduct receipts and payments with non-resident counterparties at domestic banks. Specifically, the receipts refer to the capital of non-banking sectors received from non-residents via domestic banks; the payments refer to the capital of non-banking sectors paid to non-residents via domestic banks. 2023-03-15/en/2023/0315/2054.html
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According to the statistics of the State Administration of Foreign Exchange (SAFE), the Chinese foreign exchange market (excluding foreign currency pairs, the same below) recorded total transactions of RMB 14.29 trillion (equivalent to USD 2.10 trillion) in January 2023. In terms of markets, the transactions volume of client market was RMB 2.62 trillion (equivalent to USD 0.39 trillion), and the transactions volume of interbank market was RMB 11.67 trillion (equivalent to USD 1.72 trillion). In terms of products, the cumulative transactions volume of the spot market was RMB 5.69 trillion (equivalent to USD 0.84 trillion), and that of the derivatives market was RMB 8.60 trillion (equivalent to USD 1.27 trillion). 2023-02-24/en/2023/0224/2052.html
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国际储备与外币流动性数据模板 Template on International Reserves and Foreign Currency Liquidity 01 02 03 04 05 06 07 08 09 10 11 12 2023-01-31/en/2021/0203/2053.html
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